$40 million asking price for part of Okanagan Lake Resort grounds | infonews


Lake Okanagan Resort itself does not appear to be for sale, but some of its land is.

Image credit: MCLrealestate.ca

05 May 2022 – 07:00

Anyone interested in developing 12.6 acres, or a quarter of the land connected to Lake Okanagan Resort, can have it for just $39.9 million.

A new listing from Sandra Ritchie Howe of Sage Executive Group Real Estate shows photos of resort buildings, tennis courts and swimming pools.

But it is unclear exactly what is for sale.

“The resort is not for sale,” Ritchie Howe said when contacted by iNFOnews.ca.

She did not provide any details when asked if part of the station was for sale.

“It’s private and I don’t have a listing for the entire resort,” she said. “It’s private. Are you interested in buying this? Is that what you’re telling me? I’m not interested in talking to reporters.

Listing is for Lot 4, Westside Road. The resort’s address is 2751 Westside Road and identified on some Central Okanagan Regional District documents as Lot 1.

There is a land use contract dating from the 1970s on 50.26 acres which authorizes up to 500 units, of which 217 have been built.

“220 fabulous units as townhouses/condos/multi-family residential development opportunity,” the listing reads. “This property sits on the hillside of Lake Okanagan at the Lake Okanagan Resort offering spectacular views of the lake. The seller would consider a joint venture.

Image credit: MCLrealestate.ca

In March, when iNFOnews.ca visited the complex, there was a real estate sign with Ritchie Howe’s name on it indicating that a 12-room hotel was for sale. When contacted at that time, she said she was not for sale.

Last month, iNFOnews.ca interviewed Constantine Nip, general manager of the Lake Okanagan Resort, on the site.

He talked about the company’s plans to revitalize the station and talked about the need to develop more units in order to improve the station’s revenue stream.

READ MORE: Trying to make Lake Okanagan Resort exciting again

But, when contacted by iNFOnews.ca today, May 4, he had no details to share about the list.

“I don’t have answers in my head,” Nip said. “Unfortunately, I don’t have any information to share with you.”

In 2019, before Nip’s time, the resort asked the regional district to build 14 duplexes on an area of ​​the property that was not listed in the land use contract as future land for development.

It was rejected.

READ MORE: Decaying Lake Okanagan Resort loses chance for rebirth

The resort has its own water and septic system.

The listing indicates that a developer will need to discuss water and sewer with the resort in terms of updating or improving in order to increase the number of units or build new ones.

This shows two darker development areas, on the left, which are marked as complete.  The third area, near the middle, is marked as ongoing, and the rest of the darker area is marked as future phases.

This shows two darker development areas, on the left, which are marked as complete. The third area, near the middle, is marked as ongoing, and the rest of the darker area is marked as future phases.

Image credit: MCLrealestate.ca

At least one of the larger station buildings is connected to a portable sewer system. Nip said construction is under the control of a strata board and not the Lake Okanagan Resort Company.

READ MORE: Lake Okanagan Resort: Rapid Decline and Glory Days

There are five strata councils at the resort, some private homes, timeshare units, and Lake Okanagan Resort has a few units.

Nip, interviewed in April, could not say how many units the company had.

The list can be viewed on the Ritchie Howe website, here.

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