The proper way to use a golf course...Industrial.This property, which managed to charge $100 a round last year is changing hands.
The estimated price is $45 million for 106 acres.
The City of Kelowna bought a similar property for $5.4 million, 84 acres, in 2016.
The Shadow Ridge property is next to the City owned airport.
A staple within the Kelowna golfing network of courses may soon disappear.
After 32 years, Kelowna Spring Golf Course may be about to change hands.
A Vancouver developer recently signed a contract of purchase and sale for the property with the intention of eventually turning it into industrial land.
Changing the property from a golf course to industrial is possible because the land itself is not protected within the Agricultural Land Reserve.
The future land use designation for the 106.5 acre property is industrial as contained within the city's Official Community Plan.
Commercial realtor Chad Biafore tells Castanet News a deal is pending, but indicates regardless of what transpires, immediate operation of the course will not be affected.
"They are going to operate this year for sure," said Biafore.
"They could operate for a number of years."
If the purchase goes through, Biafore confirms the developers intention is to turn it into industrial land.
However, that could take several years.
"Commercial real estate is every bit as hot as residential," added Biafore," and residential remains as hot as it has ever been."
While the course itself is not within the ALR, Kelowna planning manager Ryan Smith says there is a lot of ALR land around it.
He says buffering and setbacks from that land would impact the future industrial development potential of the golf course.
Chad Biafore, VP of Land Sales at Colliers International – Kelowna, was the exclusive agent representing the sellers in this transaction.