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Old Bargain Store Rezoning Application

Old Bargain Store Rezoning Application

Postby Scrobins94 » Jan 13th, 2018, 1:14 pm

Looks like Mission Group is looking to rezone the former Bargain Store property. 24 story tower. Not bad, it is far away enough from the waterfront. As long as they can provide sufficient parking for their retail and residential components this should be good.

http://apps.kelowna.ca/CityPage/DevApps ... 201471.pdf
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Re: Old Bargain Store Rezoning Application

Postby GordonH » Jan 13th, 2018, 1:28 pm

Based on the drawing 4 levels of above ground parking is hopefully enough for everyone in the building, plus those who will be working in the stores/retail areas.

likely 1 parking stall per/condo.
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Re: Old Bargain Store Rezoning Application

Postby Jflem1983 » Jan 13th, 2018, 1:44 pm

Who is buying all these condos ..
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Re: Old Bargain Store Rezoning Application

Postby GordonH » Jan 13th, 2018, 1:47 pm

Jflem1983 wrote:Who is buying all these condos ..


Investors hopping to make a profit
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Re: Old Bargain Store Rezoning Application

Postby Fancy » Jan 13th, 2018, 2:13 pm

Guess those that were parking monthly there will have to find a new spot.
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Re: Old Bargain Store Rezoning Application

Postby GordonH » Jan 13th, 2018, 2:15 pm

Fancy wrote:Guess those that were parking monthly there will have to find a new spot.


Yep that impark lot is going bye.. bye once construction beings.
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Re: Old Bargain Store Rezoning Application

Postby forumdoug » Jan 13th, 2018, 5:23 pm

GordonH wrote:Yep that impark lot is going bye.. bye once construction beings.


Impark might own a number of their parking lots/parkades (major cities maybe?) but, as far as I know, they just manage them on behalf of the current property owners, which, in this case, is Mission Group. As far as I understand their pay structure, they basically take a flat percentage as their "fee" (probably the typical 10% of Net Operating Income or something) but for the fines they levy, they get to take almost all of it. :)

I know the CPPIB or Ontario Teachers Pension Plan majority owns it - it's a good business. I'd like to know who owns Diamond Parking Service, though.

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Re: Old Bargain Store Rezoning Application

Postby forumdoug » Jan 13th, 2018, 5:25 pm

Is "The Tower" its actual name or just a placeholder name?

If that's its actual name, well done Mission Group on such an original, well thought out name. Kudos to your creativity and ingenuity! ;)

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Re: Old Bargain Store Rezoning Application

Postby GordonH » Jan 13th, 2018, 5:38 pm

GordonH wrote:Yep that impark lot is going bye.. bye once construction beings.

forumdoug wrote:Impark might own a number of their parking lots/parkades (major cities maybe?) but, as far as I know, they just manage them on behalf of the current property owners, which, in this case, is Mission Group. As far as I understand their pay structure, they basically take a flat percentage as their "fee" (probably the typical 10% of Net Operating Income or something) but for the fines they levy, they get to take almost all of it. :)

I know the CPPIB or Ontario Teachers Pension Plan majority owns it - it's a good business. I'd like to know who owns Diamond Parking Service, though.

Cheers,
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Diamond Parking Service, head office is in Seattle
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Re: Old Bargain Store Rezoning Application

Postby forumdoug » Jan 13th, 2018, 5:41 pm

GordonH wrote:Diamond Parking Service, head office is in Seattle


I could've found that out! Who are its shareholders, though? That's what I asked!

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Re: Old Bargain Store Rezoning Application

Postby GordonH » Jan 13th, 2018, 5:44 pm

GordonH wrote:Diamond Parking Service, head office is in Seattle

forumdoug wrote:I could've found that out! Who are its shareholders, though? That's what I asked!

Cheers,
Doug


It does not appear to be publicly traded company, that tells me the Diamond Family owns complete control.
https://www.seattletimes.com/seattle-ne ... ies-at-99/
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Re: Old Bargain Store Rezoning Application

Postby Anonymous123 » Jan 13th, 2018, 6:40 pm

This application is for the parking lot on St. Paul St., not the "Old Bargain Store".
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Re: Old Bargain Store Rezoning Application

Postby vinnied » Jan 13th, 2018, 7:06 pm

Jflem1983 wrote:Who is buying all these condos ..

Probably the same people who made a mess out of vancouver, cause we all know the wages in kelowna don't support the prices
http://business.financialpost.com/real- ... ing-market

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Re: Old Bargain Store Rezoning Application

Postby GordonH » Jan 13th, 2018, 7:12 pm

Anonymous123 wrote:This application is for the parking lot on St. Paul St., not the "Old Bargain Store".


Yep, future phases include the old bargain shop. See drawings on page 4 within the link on OP
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Re: Old Bargain Store Rezoning Application

Postby Anonymous123 » Jan 13th, 2018, 11:47 pm

Yeah, I saw that. Key word is future. They may decide something totally different for the Bargain Store property. Look at Central Green, just as far from the lake.
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