An "eyesore" at one of Surrey's busiest corners will soon be developed into commercial and residential development, if council approves submitted plans.
A numbered company purchased the old market for $7.3 million last month, ending more than a decade of desertion for the property.
In 1998, the Surrey Public Market, located at 64 Avenue and King George Boulevard, was a bustling spot to purchase fresh produce, knick-knacks and crafts.
Then, amid some leasehold disagreements, the multiple tenants at the property packed up and left, with many leaving an active lease.
By September, 1998, the market was empty – and it's remained that way since.
Now, for the first time since then, the property has a new owner who plans to lease the northern portion of the property to a developer looking to build office, retail or housing.
The numbered company that purchased the property is run by a Daisy Da Silva.
Surrey's planning department has already received an application to change the zoning on the north side of the property to allow for a mixed development.
According to the application, that would allow for commercial development on the bottom floor, and 108 apartments built on a single floor above it.
The 40,000-sq.-ft. existing building on the south side of the property is up for lease, at $12 a square foot.
Todd Bohn, of Front Line Real Estate Services, said he's looking for a single tenant for the building, maybe two.
"It's a wide-open 40,000-square-foot building," Bohn said in an interview with The Leader Wednesday. "We've been getting tons of action from different people, whether it's retailers, assembly groups... because there's 135 underground parking stalls there."
He expects about $1 million will need to be spent fixing up the existing building and making it rentable.
"So we want to make sure we've got appropriate tenants in the before we fix it up," Bohn said.
Asked if the owner is entertaining the idea of a casino, Bohn didn't know.
"I have not had that conversation at all," Bohn said. "I don't know what the city's thoughts would be on that."
Coun. Barinder Rasode is thrilled to see the property in new hands.
"We are so excited that eyesore is finally going to be developed," Rasode said, adding the city will be working closely with the builder. "That is a significant corner in that neighbourhood. It's been sorely neglected for way to long."