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New Strata Industrial Project Coming to Kelowna B.C.
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(Posted on Jan 18, 2017 at 07:10PM by Michelle Bogle)
Vancouver-based developer PC Urban has announced plans to build the first strata industrial building in Kelowna in more than five years. This news comes as the developer is finalizing the purchase of the industrial site at 1655 Dilworth Drive – the former home of the now-defunct Enterprise Steel Fabricators.Â
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The property is located at the corner of Enterprise Way and Dilworth Drive, just one block from Highway 97 — the main link between the North, Central and South Okanagan. According to B.C. Assessment, 1655 Dilworth is valued at $7.125 million.
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Once the sale is final, PC Urban plans to redevelop the eight-acre site into a commercial strata business complex zoned for light industry. The company is already engaged in talks with the City of Kelowna regarding their plans.
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The units would range from 2,700 sq. ft. to 4,200 sq. ft. and would be built to suit industrial businesses with office and retail components with bay doors, windows and mezzanines. PC Urban is currently doing market research to determine how many units the market could handle at the site.
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For now, pricing is not fully determined; but, in an interview with the Vancouver Sun, Garry Fawley, Principal with PC Urban, was quoted as saying that, "the price of the small bay units would likely start in the high $200s; meaning, a 3,000 sq. ft. unit priced at $280 per sq. ft., would sell for approximately $840,000." Â Â
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Construction is anticipated to begin in approximately eight months and take one year to complete.
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This new strata industry project is already generating a lot of buzz and excitement, especially from small business owners and entrepreneurs who have been chomping at the bit to purchase commercial real estate as a place to conduct business. The timing for the build couldn’t be better; the current supply of strata industrial space is very limited in Kelowna, while the demand remains very strong.
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If you or someone you know is in need of light industrial space in Kelowna, Vancouver or other parts of the Lower Mainland, please contact Marcus & Millichap to speak with one of our highly skilled commercial real estate advisors. You can also visit our Property Search Portal to view active listings across British Columbia.Â
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