Kelowna: City buys Carney Pond

[Urban Cowboy]

Lakestone is 550 acres and the developer only paid 16 million for it as it went bankrupt after 2008 crash.
Most of it has amazing views of the lake and it is not in the alr. Totally different.
It seems very expensive to me but the actual purchase makes sense just not the price.

The original developer put a lot of money into servicing especially water, as DLC put quite a wish list on the table.

The developer that took it over though, has spent additional millions on reshaping the original parcel so that each lot retains a view. Lots of money into retaining walls too.

It's also a DLC development not CoK as someone suggested earlier.

[spooker]

Interesting piece of information that I heard this morning ... this purchase for $11MM was actually a flip from the original owner to someone (unknown as of yet) to the City ... the person in the middle paid $7MM ... then turned around and sold it to the City for a nice 57% profit ...

[rojigga]

Bet it's for the highway bypass plan. Clement up to the rail trail to the airport.

[Bsuds]

Interesting piece of information that I heard this morning ... this purchase for $11MM was actually a flip from the original owner to someone (unknown as of yet) to the City ... the person in the middle paid $7MM ... then turned around and sold it to the City for a nice 57% profit ...

Proof or hearsay?

[spooker]

Proof or hearsay?

At the moment it comes from a developer who is plugged in and I trust ... but I'm waiting on more information before I claim proof ...