City of Kelowna buying land around the landfill.

Re: City of Kelowna buying land around the landfill.

Postby gman313 » Jan 11th, 2019, 1:17 pm

60-YEARS-in-Ktown wrote:As far as I know , when Troika bought or got an interest in that land, they did not have a guarantee that they could build their style of development.
Correct me if I am wrong, but owning the land does not mean you can always build your vision on it.


It was zoned A1 so some building could happen - for the wealthy.

“If the Area Structure Plan isn’t approved, the property is already zoned for Agricultural 1 (A1) so we would proceed with developing seventeen 10-acre lots that only the wealthy could afford, and the public parks, lookouts and trails would be lost,” says company CEO Renee Wasylyk in a news release.
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Re: City of Kelowna buying land around the landfill.

Postby LANDM » Jan 11th, 2019, 5:30 pm

gman313 wrote:
60-YEARS-in-Ktown wrote:As far as I know , when Troika bought or got an interest in that land, they did not have a guarantee that they could build their style of development.
Correct me if I am wrong, but owning the land does not mean you can always build your vision on it.


It was zoned A1 so some building could happen - for the wealthy.

“If the Area Structure Plan isn’t approved, the property is already zoned for Agricultural 1 (A1) so we would proceed with developing seventeen 10-acre lots that only the wealthy could afford, and the public parks, lookouts and trails would be lost,” says company CEO Renee Wasylyk in a news release.

I don’t recall if it is in the ALR....if so, that would be infinitely more difficult.
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Re: City of Kelowna buying land around the landfill.

Postby Grandan » Jan 11th, 2019, 6:43 pm

gjohns87 wrote:Hopefully some of the land is sold off for commercial use - could use a few smaller stores similar to what is on Yates road across from The Verve apartment complex.


The city has planned a new firehall for N Glenmore, perhaps some of this land would suffice.
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Re: City of Kelowna buying land around the landfill.

Postby Grandan » Jan 11th, 2019, 6:52 pm

60-YEARS-in-Ktown wrote:As far as I know , when Troika bought or got an interest in that land, they did not have a guarantee that they could build their style of development.
Correct me if I am wrong, but owning the land does not mean you can always build your vision on it.

gman313 wrote:It was zoned A1 so some building could happen - for the wealthy.

“If the Area Structure Plan isn’t approved, the property is already zoned for Agricultural 1 (A1) so we would proceed with developing seventeen 10-acre lots that only the wealthy could afford, and the public parks, lookouts and trails would be lost,” says company CEO Renee Wasylyk in a news release.

Troika may have held an option on that land but it usually comes without any guarantee so they lose their planning costs.
The owners of the land would negotiate for the best price they could get based on a lawful rejection by city council.
I did not see any lawsuit over this. Maybe they recover their costs on the sale of the land. It is easy to speculate but that does not make it so.
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