A plan to revitalize the area between the Capri Centre and the Landmark business towers in Kelowna is moving forward.
A presentation will be made to council Monday about the transportation improvements, parks improvements and funding initiatives for the Capri-Landmark Urban Centre Plan which was initially approved by council in January.
If additional projects are added to the city’s current infrastructure plan, council will face decisions either about what currently scheduled projects would be further delayed or to expand the overall program which raises taxation revenue budget issues on how to pay for that.
The urban zone renewal plan, nearly a year in the making, is designed to guide future development in the area and encourage an increase in residential development around the multi-tower Landmark business campus.
The plan calls for more multi-family residential development, a re-aligning of Sutherland Road, a major park, the establishment of Dickson Avenue as the main street in the area with commercial development along it, priority for pedestrians and cycling, the introduction of transit to the area and a pedestrian pathway along Richie Brook.
“Based on staff’s analysis, the total cost to implement the identified transportation infrastructure improvements is $52.5 million and is estimated to be completed by 2040. Of this total, $36.7 million falls under the 2030 time frame and represents 11 per cent of the city’s current 2030 infrastructure plan,” said a report which will be presented to council.
The plan also proposes 4.23 hectares of park space for the area from the existing 0.9 hectares at Pacific Court Park and Mary-Ann Collinson Park.
The total cost of the transportation, parks and utility improvements is estimated at $95 million which would be funded through the city’s development cost charges program and taxation.
If council approves of the implementation strategy, a final plan will be presented to council later this summer. The plan gives a time frame with an estimated development completion in 2040.