• New Monaco LP

Billions of dollars in construction projects proposed for the Thompson-Okanagan

From highway bridges and hydroelectric projects to massive housing developments, there are 39 major projects worth $4.4 billion proposed for the Thompson-Okanagan regions.

Some may never come to fruition, others have already started. Some have been on the books for more than a decade while others are expected to start this year or early next year, according to information provided to by the Chartered Professional Accountants of B.C.

This is in addition to 55 projects worth $13 billion already under construction.

Leading the way for the new projects are two valued at $1 billion each.

One is called New Monaco and is located on 125 acres stretching three kilometres south from the junction of Highway 97 and the Okanagan Connector. It's located between the two highways.

According to the Chartered Professional Accountants list, the development is proposed to have 255,000 square feet of retail and office space and a maximum of 2,800 housing units.

The New Monaco website says the project has already been incorporated into Peachland’s Official Community Plan. The Peachland District Municipality website says the community plan was amended to include the project in 2011.

“Commercial services in retail and tourism will include an innovative shopping, entertainment and recreation complex, a variety of restaurants and food markets, a full service hotel as well as expansive convention and trade pavilions,” the New Monaco’s website says. “Institutional and cultural resources will include a university centre and high school, a tech hub, a health centre and an arts quarter.”

Also priced at $1 billion is the Shelter Bay Residential Neighbourhood on Westbank First Nation land.

The project was first put on the list in 2007 and updated in September 2020. It says a developer is negotiating with the Westbank First Nation for a 125-year lease that will allow for up to 1,500 condos, high rise towers and a marina.

In December, Westbank First Nation confirmed that it was building a 1.5 km cycling trail along Campbell Road. That’s expected to be part of this development.

Published by Rob Munro, Kelowna News

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