Unbuilt Vernon ‘Port Okanagan’ development already up for sale
Much of a proposed multi-million dollar hotel and condo development on Okanagan Lake in Vernon is up for sale.
While shovels haven't even gone into the ground for the 700-unit apartment and hotel complex, the developer already has large parts of the 16-acre site on the market.
The site on the corner of Okanagan Landing Road and Lakeshore Road sits on the north end of Okanagan Lake and got the green light from Vernon council in May 2022 when it rezoned the land allowing for a 10-storey residential and commercial development called Port Okanagan.
The Edmonton-based developer, Avillia Lakeside Developments, has proposed a mix-used "waterfront village" that would contain a hotel and conference centre, along with multi-family housing, restaurants, and other commercial space.
Now after rezoning the land, the developer has put three of four lakeside plots up for sale.
Two of the plots up for sale are on Okanagan Landing Road and is slated for multifamily resident apartments, with the other plot on the corner of Okanagan Landing Road and Lakeshore Road set for commercial use.
The three sites go for $6.77 million, $5.45 million and $3.85 million.
The parcel slated for a resort hotel adjacent to Lakeshore Road isn't on the market, and neither are two smaller plots on the north side of Lakeshore Road.
MacDonald Realty realtor Jeff Hudson said Avillia Lakeside Developments is continuing with its plan to build the lakeside resort and hotel.
According to the realtor's brochure, the site is zoned to have up to 700 multi-family units and 150 hotel units. The site itself also contains seven acres of parks, ponds and trail networks.
The land has been on the market for just over one month and if the developer gets the asking price of $16 million for all three sites, they're set to make a tidy profit. When the land was purchased in 2019 it was valued at $3.7 million.
More information on Port Okanagan from the developer can be found here and from the City of Vernon here.
— This story was corrected at 3:50 p.m. Tuesday, Jan. 3, 2023, to say three of four lakeside lots are for sale, not three-quarters of the entire site. The story was also updated to confirm the developer still intends to build the resort hotel.
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