The City of Penticton has purchased the old Greyhound bus station for $1.2 million.
The property is downtown on Ellis Street.
“The opportunity to purchase the land on which the former Greyhound Bus Depot is located emerged as a priority for the City of Penticton, as it would contribute to a larger holding that the City has assembled over the last few years,” Mayor John Vassilaki said in a news release.
“With this additional piece of land now owned by the city, council is in a strong position to reshape that section of Ellis Street and have greater influence over how that area may be developed in the future.”
Greyhound is selling off its properties after shuttering almost all bus routes in B.C. at the end of October.
“The site was in high demand, and we believe there were eight or nine different offers that Greyhound was considering as part of their process,” Anthony Haddad, director of development services, said in a statement.
“When we look at comparable sales in this area, we believe the accepted value represents fair market value for this property, in what is a long-term investment for our community.”
The final long-term use of the property hasn’t been determined yet, according to the city.
“Following the demolition of the terminal building, staff have proposed that the site be converted into a parking lot in response to increasing development activity and demand for employee parking downtown,” Haddad said.
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