Local developer buys former Kelowna Costco site for $31.2 million

Photo: Google Street View

The old Kelowna Costco property has been sold.

According to the BC Assessment website, the 11-acre property at 2479 Highway 97 N was sold on April 13 of this year for $31.2 million.

The property had been home to Costco since 1991, but after outgrowing the location, the big-box store moved to the corner of Leckie and Springfield roads in February of this year.

The BC Land Title and Survey Authority lists the new owner of the property as Victor Projects Ltd.

The president of the local development company is Mary Jean Bennett, of the Okanagan's well-known Bennett family.

The company boasts a long list of local development projects, including McCurdy Corner Centre, Orchard Place Mall, Guisachan Village, and Kelowna’s Superstore.

The former Costco property's most recent assessment was $31,207,000 – $27,114,000 for the land and $4,093,000 for the building. This assessment was close to $2.5 million more than the year prior.

Victor Projects also previously owned the site where the new Costco building now resides, and it appears Costco and the local developer have effectively swapped the properties. The most recent assessment of the new 14.7-acre Costco site is $35,453,000.

Castanet has reached out to Victor Projects for more information about their plans for their newly purchased property.