Deal inked for sale of Wharton properties

District to receive $1.9M; Commercialresidential project proposed for site

SUMMERLAND — The District of Summerland has entered into an agreement for the sale of the Wharton Street properties for a proposed commercial-residential project.

The properties, located in the downtown core, have been vacant and awaiting development for a decade, after two previous proposals went off the rails.

Council has now signed an agreement with Alder Heights Holdings Ltd. for a purchase price of $1.9 million.

The proposal includes the construction of a four-storey apartment building with 88 rental units and 4,200 square feet of commercial space on the ground floor.

The pet-friendly apartments would be a mix of one-, two- and three-bedroom units rented at market rates.

The apartments are anticipated to appeal to a variety of residents — students, seniors, families and professionals.

The proposed development would include underground and surface parking, landscape features by roadways, and a public plaza area adjacent to the intersection of Wharton Street and Kelly Avenue.

Seymour Pacific Developments Ltd. would construct the building, and Broadstreet Properties Ltd. would manage the rental units.

Seymour constructs approximately 1,000 multi-family units annually in Western Canada, and Broadstreet currently manages more than 8,400 units in 20 cities, including Penticton.

The companies are both part of a familyowned and operated organization. Alder Heights Holdings, headquartered in Campbell River, has more than 30 years’ experience in land development and construction.

The public will have the opportunity to comment on the proposed development as part of the review process for rezoning and development permit applications.

The district has the option to repurchase the property at the same price should the project not proceed.

Neither a 2008 proposal to develop the site by New Futures Groups nor a proposal in 2012 from Danric Construction came to fruition.