Property saga continues in Penticton

The saga of the Eckhardt Avenue “proposed dormitory property,” in Penticton continues.

The saga of the Eckhardt Avenue “proposed dormitory property,” continues.

In recent weeks, there has been activity on the property. It is, in essence, a try to make it more appealing to any prospective developer. The craters have been filled in and the ground made level. The monster pile of fill has miraculously disappeared.

“How did this happen,” you might ask?

It happened as a result of more of your tax dollars at work. Two large loaders; a grader and several trucks have made this “miraculous transformation.” What the cost of this project would be is anybody’s guess. All I know is that taxpayers’ dollars will be paying for it … again.

The ground is level now and looks a little more appealing. However, it is still easy to have a mind’s eye picture of the debacle that was. Just because the area looks appealing, doesn’t necessarily mean that the floodgate will open with offers to develop it. We might think of it as paying full price for damaged goods. Of course, there are the lien issues to contend with as well.

The questions that need to be answered might be: “How much must the city ask for this property in order to recoup its financial loss?” “What developer would or could meet the conditions and liens of the property?” “What concessions, if any, might be offered to prospective developers and at what cost?” “How much more will the city have to invest to make the property very saleable?” “What would be considered as viable building conditions?” These are but few questions that need to be answered. Will prospective buyers have the “caveat emptor” attitude?

The ground work (no pun intended), has been done. Now the hurry-up and wait game starts.

What suitors will come a-calling? Will there be a wedding of property and developer, and if so, when? More importantly, if and when this takes place, will the taxpayers have the option of “speaking now or forever holding their piece?”

Stay tuned, folks.

Ron Barillaro

Penticton

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