Two more developers appear to have bailed on building in Peachland.
A 2.65 acre property at 4641 Princeton Avenue recently hit the market for $4.09 million. The listing describes the lot as having the 鈥減otential for 46 townhomes and comes with a shovel-ready development permit package.鈥�
Significant financial contributions have already been made according to the listing. They include $90,000 in community amenity contributions and $94,000 toward transportation and transit improvements, paid to the district. BC Assessment lists the value of the property at $2.02 million.
In March 2023, a developer proposed a townhouse development on the site. During a public hearing on potential rezoning, the developer鈥檚 representative said the cost per unit to build was significantly higher than a typical townhouse project.
Another property, located at 5948 Highway 97, rezoned for a 14-unit townhouse development in March 2024, was also recently put back up for sale with a price tag of $2.9 million. BC Assessment values that property at $700,000. The listing states that the 0.99-acre site is ready for immediate development, offering the potential for up to 23 units.
At council鈥檚 March 11 meeting, Mayor Patrick Van Minsel expressed disappointment about other recent broken promises by developers to build in the community.
A property at 5971 Princess Street, another potential townhouse development, has been listed at $6.75 million. The property sold for just over $3 million in 2023, according to BC Assessment.
A parcel of land approved for a large apartment complex at 5481 Clements Avenue, next to Peachland Elementary School, was put back on the market in Apr. 2023 for $4.9 million. The current price is $3.9 million. It sold in Aug. 2020 for $1.6 million according to BC Assessment.
