One Of Kelowna’s Last Major Waterfront Development Sites Sells
One of Kelowna’s last large-scale waterfront redevelopment sites has changed hands following a court-ordered sale tied to Vancouver developer Minglian Group.
The 1.295-acre property at 3854 and 3858 Truswell Rd. sold for $8.5 million, according to Kelowna-based real estate appraisal and consulting firm NCA Commercial. Colliers had marketed the site for $9.98 million. The purchaser has not been publicly identified.
The property has approximately 153 feet of frontage on Okanagan Lake and sits beside Mission Group’s Aqua Waterfront Village, near Hotel Eldorado and Manteo Resort. Its VC1 zoning within the Cook-Truswell Village Centre permits residential, commercial and mixed-use development.
Minglian acquired the two parcels for $7.1 million in 2017 and subsequently pursued a 12-storey, 56-unit apartment hotel containing approximately 84,500 SF. The development did not proceed.
The reported sale price is about 20% above Minglian’s purchase price nearly nine years ago and $1.48 million below the property’s latest asking price.
The Truswell property was among the assets Minglian had considered selling as it worked through creditor protection proceedings that began in 2025.
Minglian is also behind Vancouver’s troubled Duet development, where National Bank was owed approximately $35.4 million.
Colliers brokers Stephen Webber, Sawyer Hunt and Arjan Thouli marketed the property and announced the completed sale following a Sept. 2 court date.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout