Do you remember Kelowna Mountain? For those of you who are new to Kelowna it was an ambitious project started by Mark Consiglio that aimed at building a large recreation park above Kettle Valley. The developer, Consiglio, claimed that Kelowna Mountian would boast a range of activities from skiing to mountain biking - and even a large suspension bridge.
The 320-acre property has since fallen into foreclosure and will be up for sale soon. A 160-acre section of the property is already listed with the list price of $7,995,000. Consiglio is reported to owe $4 million on the property.
This is not the first time Consiglio has been in trouble with a bank. He is reported to owe money on other development projects in the Okanagan and in Ucluelet.
As it is a court ordered sale once a qualified buyer is found the sale will go before the courts for approval. On that day, in court, any member of the public will be able to step forward and submit a sealed bid. However, unlike a conventional real estate transaction, once a bid is accepted by the courts the deal is firm and binding. There is no subject removal period and all due diligence must be done before hand.
It will be interesting to see what the next developer will try to bring to Kelowna Mountain. There is no promise of what they will do but I do not expect a sprawling residential development. The City of Kelowna is trying hard to create density near the downtown area and prevent the expanse of urban sprawl up into the hill side. This is evident in the new RU7 zoning recently created by the city (RU7 allows upto 4 residences on a single parcel).
What do you hope to see done with Kelowna Mountain? Leave your comments below!