Massive Penticton subdivision on sale for $27 million before it’s even approved

A huge housing development in Penticton is for sale before city council has even approved it.

Penticton residents have until May 8 to comment on the proposed North Wiltse Block development, billed as the “largest remaining family subdivision” in the city.

But, before that public input session ends and city council considers approving the project, it’s been listed for sale for $27 million, or $39,589 per unit, according to the listing by HM Commercial Group/Macdonald Realty.

“As the largest remaining subdivision for development in Penticton, Wiltse Flats holds approximately 686 future homes with a mix of single family, multi-family and duplex units,” the listing reads. “It is estimated that there are only 1,000 single family lots remaining in all of Penticton.”

It estimates that the lots will sell for $400,000-$500,000 with finished homes selling for $900,000 to $1.6 million.

READ MORE: Penticton considering huge new subdivision proposal with almost 700 new homes

“With such little competition in the market, there will be an upward pressure on lot sales going forward,” it says.

There are 317 acres in two parcels. While 686 housing units are projected and 51.4% of the land is to be designated parks and recreation areas, the listing says there’s also about 125 acres where 50 to 100 estate lots could be built some time in the future.

A brochure attached to the listing says that the project is expected to go to public hearing on June 21 or July 5 with a decision to be made in the fall.

See the full listing here.

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