Sale of the property housing New Life Church and Woodfire Bakery on Harvey Avenue is now complete.
News of a pending sale of the 2.76 acre property to Kelowna developer Impact UPstream Ventures first came to light in March.
The sale was made official May 31.
In a news release announcing the sale, the developer says it is committed to making a "measurable impact in our world" by developing innovative, proactive solutions that improve Canadian communities.
IUVI president Al Hildebrandt said the plan is to develop a "family friendly village" incorporating homes, restaurants, a co-working space for social innovators and agencies seeking to make the community a safer, healthier place to live.
"The proposed mixed-use development will feature residential and commercial space and will include New Life Church's newly designed multi-purpose space," the news release states.
"The development of a social impact co-working space for social innovators and social agencies is the first of its kind in Kelowna."
IUVI says it will begin the planning process in earnest with hopes of obtaining a development permit in early 2024.
"This is an exciting day and a new chapter in our lives," says Hildebrandt.
"We want to invite a diverse community to make Vitae Village their new home and workspace, and still be mindful of the affordability gap in our city facing first time homebuyers and renters."