The City of Kelowna has acquired three key downtown properties to support the development of a world-class hotel and adjacent marina over the next three to five years.

The $27.8M purchase includes an office building (1440-1460 Pandosy Street), a vacant development site and former city roadway at 289 Queensway Avenue and the Kelowna Marina at 210 Bernard Avenue from Westcorp.

“Kelowna is one of the fastest growing cities in Canada, and with that growth comes the need to expand our capacity to host major events and welcome visitors to our community,” said Mayor Tom Dyas. “Securing ownership of this strategic downtown waterfront site allows us to advance a long-term vision for a vibrant, world-class hotel and marina in the heart of our city. This investment strengthens our local economy, supports our tourism sector, and ensures that as Kelowna grows, we continue to offer the amenities and accommodations expected of a premier destination city.”

The city has undertaken a comprehensive market analysis for a premier waterfront hotel site and will work with Avington Financial Limited to bring together a major hotel flag, a motivated developer and a quality investment group, to partner with the City of Kelowna to bring the vision to life. The partnership redevelopment process will begin immediately and span the next few years.

In the interim, Westcorp will continue to manage the office building, marina and parking lot as revenue generating assets for the benefit of the city.