The 3.2-hectare former Enterprise Steel property at the corner of Enterprise Way and Dilworth Drive will be reinvented as IntraUrban commercial condos.
The new use is exactly as it sounds — commercial spaces businesses can buy rather than lease, the same way they would a condominium.
Vancouver-based PC Urban’s plan calls for numerous units in two-storey contemporary buildings that can be used for light industrial, office, retail or any combination of the three.
“(They) will be flex spaces . . . featuring bay doors, windows, mezzanines, natural glazing for light and a higher-end, funkier look than anything that’s ever been built in the city,” said Garry Fawley of PC Urban.
“With small and medium-sized businesses thriving in Kelowna, we believe there’s a growing need for business owners to build through ownership in real estate. The tech scene in Kelowna is exploding and the city was just voted No. 4 for top cities in B.C. to work. There’s huge potential for bringing commercial strata into the industrial real estate Kelowna market where there is pent-up demand.”
PC Urban just bought the land where Enterprise Steel had been for decades, first as an active heavy industrial business and then an abandoned space with several buildings and yards.
The new owner will first get the land rezoned from heavy to light industrial, remove the old buildings and then start building the commercial flex spaces with frontages on Enterprise Way and Dilworth Drive or frontages on new streets built into the site.
If all goes well, rezoning could be obtained soon, construction would start within months and completion could come a year after.
Units will range in size from 2,700 to 4,200 square feet and sell for about $285 a square foot, so prices will be in the range of $750,000 to $1.2 million.
As they are commercial condos, there will be a monthly strata fee to cover site maintenance.
The Kelowna redevelopment will share the IntraUrban name with a similar commercial project PC Urban is putting up in Vancouver’s Marpole neighbourhood.
The location is in Vancouver proper, not the suburbs, something PC Urban wanted to replicate in Kelowna.
Usually, light industrial and flex spaces are pushed to the fringes of cities so they can get the space they need and not disrupt residential neighbourhoods or established retail enclaves.
“Currently, it’s heavy industrial located on a trophy site in the centre of town, one block from Orchard Park mall. People are excited to see this site reclaimed and redeveloped,” said Steve Laursen, the Royal LePage Kelowna broker who is marketing the Kelowna PC Urban project.
“It’s the most central industrial site in the city. The businesses moving in will be one block from the main highway and all the amenities nearby. It’s a perfect location for businesses to locate.”
As such, employees will have easier access to work and nearby shops and restaurants, and the businesses will be central for customers.
Laursen said he already has 15 businesses interested in space, including an auto parts dealer and furniture distributor.