A Penticton developer is hoping to pass off its $15-million mixed-use project slated to build up four storeys on Penticton’s characteristic Front Street.
Chase Valley Group Trevor Caine confirmed in a press release that the group has listed 123 Front St., the proposed home for the project with a sleek design not characteristic of much of the street’s more historic features. According to the Re/Max website, the property is up for $1.8 million.
“This listing of the site was a very tough decision; our team has spent over two years working on the project and we are very excited and proud of the scheme produced,” Caine said. “A lot about investment is seeing potential, identifying land, its best use and then working on how to bring those components together.”
However, Caine said Chase Valley Group already has a combined $10 million in various projects ongoing, and “with current workloads we are unable to look at a realistic start for this $15 million project until late next year.”
Caine said he hopes another developer would take the helm of that project, and the Re/Max ad attempts to drive home that aspect of the property.
“BONUS! There is a development permit and architectural plans in place for what could be the most stunning commercial and residential mix building in the South Okanagan,” the listing reads.
“Developers can also choose to do an original and/or smaller project to suit their needs. The City of Penticton is anxious to develop this property as the project will have an immense impact on the downtown core.”
Caine said the project “will be a high priority for us later next year” if no one purchases the land.