The Turtle Bay Crossing development, at the north end of Lake Country, has been sold and a new Kelowna-based developer is expected to begin construction on the commercial development in the spring.
Axsiom Developments Inc. purchased the property at the corner of Oceola and Highway 97, taking over the 41,000 square foot proposed development from another Kelowna developer.
“We think it’s a great location being right by the Lake’s community and right on the lake,” said Toni Illingworth, construction administrator for Axsiom Developments. “I think Lake Country could use another development in that area.”
Formerly home to AGM Steel, the property has been earmarked for commercial development as far back as 2007. In 2011 the district changed the designation on the property to pave the way for development and Compass Developments, out of Kelowna, had been pushing forward with the development for the past several years.
Construction never got started however, and now Axsiom says it hopes to break ground in the spring of this year and have tenant occupancy by the summer.
“We are very excited to be able to become a new corporate citizen of Lake Country and to accelerate the construction and development schedule of Turtle Bay Crossing,” said Axsiom CEO Graham Illingworth. “We thank those people affected by the project for their patience.”
Axsiom wouldn’t confirm any potential tenants for the development, which includes up to 20 units, ranging from stand-alone to end cap with patio as well as other retail units. The company says 45 per cent of the development is pre-leased to anchor tenants and it is in negotiations with several other national tenants. Without naming any potential tenants, Toni Illingworth noted there will likely be restaurants and a smaller more niche-like grocery store among the retail operators.
“I think there is huge potential there,” she said. “This is one of the fastest growing cities in B.C. in the last few years and we think it’s a fantastic community to be a part of.”