A Kelowna real estate group estimates the land of the now-closed Tolko mill is worth nearly $50 million.

MCL Real Estate Group, a subsidiary of RE/MAX Kelowna, believes the 39.68 acres of prime industrial land left behind in the mill乌鸦传媒檚 closure on Jan. 8, 2020, will see the price skyrocket if it becomes ready to be developed.

This is despite BC Assessment乌鸦传媒檚 valuation of the Tolko lands at $19.1 million.

乌鸦传媒淥nce this land becomes available and hits the market there should be a ripple effect throughout the industrial market. Unfortunately, the realization of the Tolko Lands becoming available is more of a longer-term proposition,乌鸦传媒� said Ken McLaughlin a senior partner and commercial specialist with the MCL Real Estate Group in a year-end report.

乌鸦传媒淭he current mill will need to be decommissioned, and some of the land will require extensive remediation. But once complete, this large piece of industrial land will see its value rise.

乌鸦传媒淏ased on average price per acre for other I4 zoned lands in downtown Kelowna乌鸦传媒檚 north end, a more realistic value for the land is closer to $48,000,000乌鸦传媒�

The report also states there will be pressure for more non-industrial uses in this area of Kelowna.

乌鸦传媒淭ime will tell what the eventual redevelopment of the Tolko lands looks like, but when it happens it will be an interesting time in Kelowna乌鸦传媒檚 industrial market,乌鸦传媒� said McLaughlin.

READ MORE: Kelowna-Lake Country MP calls for end to softwood lumber dispute

READ MORE: Kelowna乌鸦传媒檚 Tolko mill to permanently close in 2020

michael.rodriguez@kelownacapnews.com
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