KELOWNA – The Kiwanis Tower is being sold in Kelowna but not to the purchaser that was first announced earlier this year.
The deal to sell the 146 suite high-rise on the corner of Gordon Drive and Lawrence Avenue to a company involved with the Kelowna Foundation for Hope and Social Innovation did not go through.
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Now, the Central Okanagan Kiwanis Community Service Society says a privately held real estate holding company, owned by a Vancouver family, has bought the tower.
“The buyer’s experience and long-term approach to real estate ownership and our expertise as property managers in the Okanagan will lead to operational efficiencies that will help us continue to deliver housing for existing Tower tenants,” said the buyers agent, Daniel Lobsinger of Associated Property Management in a news release.
The society is selling the building, which has low-cost rents and opened in 1976, to focus on helping youth in the community.
“In today’s business environment, building ownership and management has become increasingly more complex and we know that special skill sets are required to effectively manage a building like the Tower, said Kiwanis spokesperson Bob Bissell. “The new owners and property manager will bring those skill sets and more to Tower operations, securing a positive future for the building and its tenants.”
The purchase of the apartment building to 1110 Lawrence Holdings Ltd. will be completed before Christmas.