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  • Kelowna’s creative development means building skywards

    Kelowna is in the process of growing up into a modern metropolis, and it's doing it by reaching skywards.

    The city is going through a revitalization of its downtown core with more and more urban centres shooting up all over the place.

    Photo Credit: Mission Group

    As more focus is put on densifying downtown Kelowna with various creative developments, Community Planning Manager for the City of Kelowna, Ryan Smith, says that it’s all a result of high demand for growth in the downtown core.

    Kelowna is going through a boom, says Smith, which means we will have to continue to build skywards.

    Smith says that the City of Kelowna is focusing on creative development and infill housing, like carriage housing, duplexes, apartment buildings, and condos.

    Photo Credit: North American Development Group

    According to a report from HM Commercial, Kelowna’s growth is partially contributed to overflow from Vancouver, which isn’t hard to see as a younger demographic is starting to populate the city.

    Research shows that up to 90 to 95% of condo buyers plan to occupy the units themselves, instead of for investment purposes.

    When you compare that to 10 years ago, when up to 70% of those buyers were investors, HM Commercial says that it’s a sign of a strengthening market with more people being enticed into the vibrancy of urban living.

    To name a few of the many new multi-family developments that will soon dot the Kelowna skyline, One Water Street, Ella, and the 21-storey 1151 Sunset Drive will soon help in densifying the downtown core.

    Photo Credit: Mission Group

    According to HM Commercial, One Water Street and Live at Ella are anticipated to achieve average sales of more than $600 per square foot, with upper floor expected to reach more than $900 per square foot.

    Other developments included with the likes of One Water Street, Ella, and 1151 Sunset Drive include 1232 Ellis Street, Sole 2, 1800 Richter Street, Sopa Square, The Shore, Aqua, Cambridge House, The Stockwell Downtown, and Green Square.

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