An iconic building along Highway 97 in Kelowna, B.C., for nearly 40 years, may be entering its final one.
The property is in the process of being sold to Impact UPstream Ventures Inc. (IUVI) and would be completely redeveloped within the next four years.
“The building that’s here today was built in 1986, and so you can’t renovate those older buildings and you have to start fresh,” said IUVI president Al Hildebrandt.
New Life Centre, the organization that owns and uses the property, has agreed to sell to the Kelowna-based company.
IUVI would like to completely redevelop the land, which would see two towers, commercial space and an open courtyard built.
“You can set down roots for a young family other ones here that would like some affordable housing, be it ownership or rent. We hope to have enough workplaces around here that it will interest people to want to work here,” Hildebrandt said.
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New Life Centre and the developers plan to work together moving forward. The centre said it has outgrown the space and the new development will allow it to better serve residents.
“It’s an incredible opportunity,” ,” said Matti Koopman, New Life Centre pastor. “To actually build connections into a community and actually be there, that’s really what the heart of church is meant to be about.”
Koopman said the church has been there for over 20 years, but it doesn’t have the capacity to move and redevelop on its own. This led the centre to its current partnership with the IUVI.
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Questions have been raised regarding the future of one of the more popular tenants, Wood Fire Bakery. Hildebrandt said discussions are currently underway.
“That’s been a hallmark. I mean, they’ve been here since 1993, I believe. They’re synonymous with this building, so we would love to have them involved with us in the future,” he said.
One of the things that drew the company to the property is the location, as it hopes to develop towers outside of the downtown core.
“Just like the Innovation Centre is downtown, they’re the center of innovation in our community and we don’t have a single place like that, identified like that for the social sector,” Hildebrandt said.
If the sale is completed, the developers plan to demolish the building next year, build an underground parking facility and have construction completed by 2027.