Colin Dacre, Castanet — The courts have approved the sale of a motel and vacant lot adjacent to Kelowna’s Parkinson Recreation Centre.

Traine Construction and Development and Aligned Properties announced Wednesday that they have purchased the Recreation Inn at 1891 Parkinson Way and an empty lot at 1864 Harvey Avenue.

The properties were sold as a part of the ongoing liquidation of Witmar Holdings. Castanet reported earlier this month that numbered companies associated with Traine had placed an offer of $6.36M on the Recreation Inn property and $3.4M for the Harvey Avenue lot.

“As two Kelowna-based companies, we know this area well and saw an opportunity to make a long-term investment in an exceptional central location,” said Chad Davidson, COO of Traine. “The significant investment the city is making in Parkinson Recreation Centre and the surrounding area gives us additional confidence in the long-term potential of these properties.”

Traine and Aligned Properties, which have different ownership groups, do not have immediate redevelopment plans for the properties. A news release says the partners will take a “patient and thoughtful approach while evaluating the sites’ long-term potential.”

In the near term, the partners are speaking with local hotel operators about the possibility of operating the 50-room Recreation Inn while longer-term options are considered. Hotel operators interested in discussing the opportunity are encouraged to contact Traine directly.

“We do not have a specific redevelopment timeline or finalized plan today, and we are not in a rush to determine what comes next,” Davidson said. “This was an opportunity to acquire a sizeable property in a central location next to an important city investment. We believe the area has strong long-term potential and that, when the time is right, the properties will support a successful redevelopment.”

Witmar Holdings has been undergoing liquidation over the past several months after being ordered to sell its assets because four siblings—Walter Weisstock, Antony Weisstock, Albert Weisstock and Silvia Gerard—could not decide how to run the company after the passing of their parents, who incorporated the business in 1981.

A large portion of Pandosy was also listed for sale as a part of the Witmar liquidation.

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Read the full article published by Castanet.