The City of Kelowna has sold a downtown parking lot to a developer for a new highrise.

The lot at the corner of Ellis Street and Leon Avenue was bought by the city for $1.97 million in 2012. It was sold to the Mission Group for $2.6 million for a mixed-use development.

The new building, with a mix of commercial and residential space, will be at least 12 storeys tall, city officials say. Detailed plans for the project are expected to come before council later this year.

Recommended for you