The Tolko mill in Kelowna permanently closed on Jan. 8, 2020. (File)

Kelowna Tolko mill land could be worth nearly $50M

BC Assessment valued the land at $19.1M but MCL Real Estate Group says it could be worth far more

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’s closure on Jan. 8, 2020, will see the price skyrocket if it becomes ready to be developed.

This is despite BC Assessment’s valuation of the Tolko lands at $19.1 million.

“Once 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,” said Ken McLaughlin a senior partner and commercial specialist with the MCL Real Estate Group in a year-end report.

“The 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.

“Based on average price per acre for other I4 zoned lands in downtown Kelowna’s north end, a more realistic value for the land is closer to $48,000,000”

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

“Time will tell what the eventual redevelopment of the Tolko lands looks like, but when it happens it will be an interesting time in Kelowna’s industrial market,” said McLaughlin.

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

READ MORE: Kelowna’s Tolko mill to permanently close in 2020


@michaelrdrguez
michael.rodriguez@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Top employers give tips to succeed at Black Press Career Fair in Kelowna

The Black Press Extreme Education and Career Fair takes place Mar. 12. at the Rutland Soccer Dome

Four ride hailing applications rejected by Transportation Safety Board in Okanagan

Decision means Kabu Ride is still only company to be approved for ride hailing in region

Multi-vehicle collision creates congestion along Harvey Ave in Kelowna

Accident occurred at approximately 4:50 p.m on Friday

GoFundMe launched to help Kelowna girl who battles mysterious migraines

Greta Friesen has been battling reoccurring migraines for last three and a half years

WATCH: Team Capital News spices it up with ‘Ladies’ Choice’

If you missed them at Swinging With the Stars, you can watch the team’s performance here

It’s Treat Week at Kelowna’s BC SPCA branch

Get some treats and meet some furry friends

Developer of RV resort west of Revelstoke ordered to stop selling lots

The Superintendent of Real Estate has serious concerns that buyers may not receive their purchase

North Okanagan prays for women of Zimbabwe

World Day of Prayer celebrated in 2,000 Canadian communities, one of 170 countries

Two law enforcement trucks ‘deliberately’ set on fire in northern B.C., RCMP say

Police say they have video evidence of a person in the area of the truck fires

Trans Canada east of Revelstoke to be closed overnight

The highway will reopen at 10 a.m. Feb. 29

Leap Year means we get an extra day in February, so how are you spending it?

People online have a number of suggestions and plans on how they will be spending Saturday

Greta sticker that drew outrage in Alberta not child pornography: RCMP

X-Site Energy Services has denied having anything to do with the stickers

Local vocal talents sought for Okanagan stage

Okangan Singer-Songwriter Competition auditions underway

Bald eagle hit by train in northern B.C. has a chance of survival

The raptor has been taken to OWL in the Lower Mainland for recovery

Most Read