Kelowna’s Aqua Resort project looking for new development partner

A prime piece of lakeshore property in Kelowna has been listed for sale, but only a half interest in the 6.14-acre parcel of land is up for dibs.

The listing is for property at Truswell and Capozzi roads that’s already been approved for a multi-unit residential/ commercial development by the City of Kelowna.

The offering has been listed at a whopping $60 million, which comes to about $10 million per acre, but the current owner is using that number to attract a new development partner.

“We are not flipping the property,” Mission Group president Randy Shier told Global News. “We are looking for a new partner.”

A silent partner has been working with Mission Group with the intention of selling their interest once the project was ready to break ground, according to Shier.

“The city is aware of this agreement,” he said.

The three-tower Aqua Resort project will have 319 residential units that include a waterfront hotel, a separate boat storage/ valet and retail units on the shore of Okanagan Lake up to Lakeshore Road beside the Cook Road boat launch.

Those who express interest in the property will be offered more information about the partnership the Mission Group is seeking, Shier said.

Mission Group is currently involved in three high-rise projects in Kelowna, including Ella, Urbana and Brooklyn at Bernard Block.

It has been involved in developments in Kelowna since 2004.