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Local developer buys former Kelowna Costco site for $31.2 million – Kelowna News

Written by Javed Iqbal

Old Costco sells for $31.2 million

The old Kelowna Costco property has been sold.

According to the BC Assessment website, the 11-hectare property at 2479 Highway 97 N 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 large store became moved to the corner of Leckie and Springfield roads in February 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 corporation is Mary Jean Bennett, of the Okanagan’s well-known Bennett family.

The company boasts a long list of local development projectsincluding 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 previous year.

Victor Projects also previously owned the site where the new Costco building now sits, and it appears that Costco and the local developer have effectively traded properties. The latest appraisal for the new 14.7 acre Costco location is $35,453,000.

Castanet has contacted Victor Projects for more information on their plans for their newly purchased property.

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Javed Iqbal

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