144 condos in future downtown Kelowna tower sell out within 48 hours

Jul 29 2021, 5:05 pm

There is yet another sign that a strong rebound in BC’s condominium market is underway, with the latest project showing underlying demand located in downtown Kelowna.

The first tower of the Water Street by the Park complex sold all of its launched units within 48 hours this past weekend, after commencing sales on Friday.

This 24-storey tower will have 156 condominium homes; 144 units were launched and sold over the short period, and the remaining 12 penthouses in the top three floors will be released separately in an upcoming launch.

Orchard Park Properties, the developer of the project, claims about 10,000 people from across Canada, United States, and overseas registered their interest in the three-tower project.

One-bedroom units started at roughly $350,000, two-bedroom units started at just under $600,000, and three-bedroom units with a den started at about $900,000. Average home prices in Kelowna have increased by 27% over the last five years.

Water Street by the Park 234-278 Leon Avenue 1620-1630 Water Street Kelowna

Artistic rendering of Water Street by the Park at 234-278 Leon Avenue and 1620-1630 Water Street in downtown Kelowna. (HDR Architecture/Orchard Park Properties)

Water Street by the Park 234-278 Leon Avenue 1620-1630 Water Street Kelowna

Artistic rendering of Water Street by the Park at 234-278 Leon Avenue and 1620-1630 Water Street in downtown Kelowna. (HDR Architecture/Orchard Park Properties)

Located at the sites of 234-278 Leon Avenue and 1620-1630 Water Street, the entire redevelopment features approximately 650 condominium homes. Following the success of the first tower, the developer has decided to move up Water Street by the Park’s second tower, The Eli, to start in a few weeks later this summer.

With a height of 435 ft (132.6 metres) containing 42 storeys, The Eli will be a landmark in the emerging downtown Kelowna skyline — the tallest building in the BC Interior.

Another building, the third tower, with 28 storeys will launch at a future date.

Water Street by the Park 234-278 Leon Avenue 1620-1630 Water Street Kelowna

Artistic rendering of Water Street by the Park at 234-278 Leon Avenue and 1620-1630 Water Street in downtown Kelowna. (HDR Architecture/Orchard Park Properties)

234-278 Leon Avenue 1620-1630 Water Street Kelowna Orchard Park Properties

Artistic rendering of Water Street by the Park at 234-278 Leon Avenue and 1620-1630 Water Street in downtown Kelowna. (HDR Architecture/Orchard Park Properties)

The development site is located next to the lakefront Kelowna City Park, near the eastern end of the William R. Bennett Bridge. Residents will have views of Okanagan Lake, the urban landscape, and the surrounding mountains.

In addition to the amenities provided on the lakefront and city centre, the complex’s homes have large private balconies, as well as common amenities such as a outdoor swimming pool heated year-round, golf simulator, fitness gym, and outdoor lounge space.

“This weekend’s response confirms that there just aren’t enough homes at the right price on the market in Kelowna, especially when you consider the growing number of homebuyers from major cities like Toronto, Vancouver, Calgary and Edmonton that are moving here to live a healthier lifestyle without losing any ‘big city’ amenities,” said Anthony Beyrouti, co-founder of Orchard Park Properties.

Artistic rendering of Water Street by the Park at 234-278 Leon Avenue and 1620-1630 Water Street in downtown Kelowna. (HDR Architecture/Orchard Park Properties)

Water Street by the Park 234-278 Leon Avenue 1620-1630 Water Street Kelowna

Artistic rendering of Water Street by the Park at 234-278 Leon Avenue and 1620-1630 Water Street in downtown Kelowna. (HDR Architecture/Orchard Park Properties)

The developer moved quickly on this project after receiving final approval by Kelowna City Council in January 2021.

The first and second towers will be located on the north side of Leon Avenue, while the third tower will be on the south side. Both sites are connected by a striking mass timber bridge spanning over Leon Avenue.

The residential towers will sit above a five-storey podium that contains 45,000 sq ft of retail and restaurant space on the ground level, and 727 vehicle parking stalls in a parkade structure largely within the podium. Altogether, the redevelopment will create a total floor area of about 559,000 sq ft. HDR Architecture is the design firm.

The initial application submitted to the city in late 2019 incorporated a 216-room hotel into the shortest tower on the south site, but this was later removed in a revision.

Water Street by the Park is just one of a growing number of tower projects intended to revitalize Kelowna’s city centre.

Water Street by the Park 234-278 Leon Avenue 1620-1630 Water Street Kelowna

Artistic rendering of Water Street by the Park at 234-278 Leon Avenue and 1620-1630 Water Street in downtown Kelowna. (HDR Architecture/Orchard Park Properties)

234-278 Leon Avenue and 1620-1630 Water Street Kelowna

Artistic rendering of Water Street by the Park at 234-278 Leon Avenue and 1620-1630 Water Street in downtown Kelowna. (HDR Architecture/Orchard Park Properties)

234-278 Leon Avenue and 1620-1630 Water Street Kelowna

Artistic rendering of Water Street by the Park at 234-278 Leon Avenue and 1620-1630 Water Street in downtown Kelowna. (HDR Architecture/Orchard Park Properties)

Kenneth ChanKenneth Chan

+ Real Estate
+ Architecture & Design
+ Development
+ Urbanized
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT