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Industrial strata launches

Industrial and commercial strata opportunities are extremely rare in Kelowna, especially in a central retail location, but they are an increasingly popular choice for businesses that understand the value of building equity in their own company. With continued low interest rates, increasing land prices and very little opportunity to purchase land in central Kelowna, now is a good time to think about buying industrial strata for your business.

IntraUrban Enterprise is one of the city’s few industrial strata opportunities. And it’s set in an unparalleled location, in the heart of the city’s Okanagan shopping centre district. The centrally located, 2.6-acre site will host 23 new industrial strata units on the major intersection of Enterprise Way and Dilworth Drive, one block off of Highway 97.

The entire building will be 66,000 square feet, with the new IntraUrban units ranging from 2,000 to 3,900 square feet and offering quality flex space for general industrial use with office and retail components. The development will feature bay garage doors, built-in upper mezzanines, generous glazing for natural light and a modern, high-end product that is rarely found in other industrial projects in Kelowna.

“Rents in the Kelowna market are on the rise, and in the long-term owning is a prudent and more profitable idea,” says PC Urban principal Brent Sawchyn. “For Kelowna companies, owning means they can have more capital to invest in tools and growing the business, rather than throwing the money away at rent. Believe it or not, it tends to cost 25% more to rent rather than to own.”

“The attractiveness of commercial condos is that, with a low interest environment, small business owners see real value in ownership,” says Steve Laursen, a broker with Royal LePage in Kelowna who is co-marketing the project with CBRE. “These businesses are able to grow equity through their real estate. They’re able to improve space and reinvest in it knowing that they’ll benefit once the time comes to sell the property. There are tax breaks for them if they own their own property. They’re able to control their costs and expand or contract their business instead of being at the whim of a landlord. They control their own destiny.”

In 2016, PC Urban launched a commercial strata development in the heart of Vancouver called IntraUrban Laurel. It was the first commercial strata within city limits in more than five years and it was a huge success, selling out before construction started–an unprecedented feat in the Vancouver market, one that highlighted the need for ownership opportunities for the city’s small and medium-sized businesses. PC Urban had a similar experience selling its second industrial strata project on Mitchell Island, called IntraUrban Rivershore and its third, IntraUrban Brentwood, in Burnaby. The company is now bringing their experience with industrial strata to Kelowna’s burgeoning commercial real estate market.

“There is a rapidly closing window of opportunity for businesses to invest in their own commercial property in central Kelowna,” Laursen says. “IntraUrban Enterprise will be a premier industrial development due to its location, featuring unparalleled access to retail, downtown and main transportation routes for business space, as well as for recreational storage.”

Named by Western Investor magazine as the number one city to invest in real estate in Western Canada over the next year, Kelowna’s land values are set to rise again in the coming years. For more information on industrial strata in the heart of Kelowna, check out www.intraurban.ca/enterprise.

Contributed


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Live, work and enjoy life

If you’re tired of commuting, own a small business, want to live in a beautiful new building with many amenities that make you never want to leave, ONE Water Street has the perfect solution.

This week, the downtown Kelowna project named the city’s best seller, is introducing the Live-Work Collection. It will consist of six business spaces at street level of the ONE Water Street towers along with a luxury home on the second level. They will be connected by a staircase.

“It’s a great place to work and live,” Kerkhoff Construction president Leonard Kerkhoff says. “It’s an opportunity for business owners that have a smaller practice, whether it’s an accounting firm, consultant, hairstylist or an art studio person ... just those smaller businesses that want that interface with the public at street level and want to live in that same space.”

The commercial spaces, which range from 1,400 to 2,000 square feet, will be unfinished and ready for business customization. They will feature primed walls, open ceilings, a commercial-grade aluminum door, a washroom wood door, 100-amp electrical service, and a roughed-in washroom and wet bar.

The living area on the second storey will have one bedroom and a large den, or a flex space, and the finishes will be consistent with the interiors throughout ONE Water Street.

Anyone who purchases a Live-Work Collection space will also have access to all the amenities on The Bench, the 1.3-acre space on the four-storey podium between and around the two towers. The outdoor features include two swimming pools, generously sized hot tub, patio with tables and couches, grilling stations and harvest picnic tables, fire pit enclaves, dog park and pickleball court.

Indoor amenities include private health club with fully equipped gym, dedicated yoga/Pilates studio plus secondary rooms available for stretching, multi-purpose entertainment room with kitchen, seating and dining areas, business centre and guest suites.

Best of all, both your business and your home will be in the middle of all the action downtown, just steps from everything you could ever want.

“It’s a great spot,” Kerkhoff says. “Ellis is a busy street, across from The Train Station Pub and the Central restaurant. It’s a great interface with a dynamic downtown Kelowna city core.”

Not only that, but you will also have a network of hundreds of people living in the ONE Water Street community.

“You’ve got, in-house, 426 homes in the property at ONE Water Street alone,” he says. “You’ll be able to tap into that and have a built-in clientele. It’s phenomenal.”

ONE Water Street, which is being co-developed by North American Development Group and Kerkhoff Construction, is currently under construction. The first tower is scheduled to be completed by late 2020, with the second one expected to be done nine months later.



McKinley adding vineyard

Local development McKinley Beach will join the Okanagan wine industry in the very near future.

The development team behind McKinley Beach, which includes G Group Land Development and North American Development Group, recently confirmed the sale of 42 acres of the McKinley Beach development land to a local Okanagan family and vintner.

McKinley Beach is thrilled to announce this partnership with a local vintner who will bring a high level of business expertise and vision to this winery and vineyard,” G Group Land Development's Andrew Gaucher says. “The winery-vineyard has long been part of the vision and story for the McKinley Beach development, spanning back over a decade ago.”

While the new winery's official name is being finalized, phase one of the build has already begun with site services, utilities and soil preparation. Twelve acres of vineyard will be planted in spring 2019, featuring pinot noir, riesling and merlot grapes.

Future plans for the new winery and vineyard include a restaurant and tasting room. The new owner is planning to construct a best-in-class facility, a "place of gathering, gratitude, celebrating nature" designed to be a "calm sanctuary" set within the surrounding forest with the endless lake views for which McKinley Beach has become known.

In addition to the winery, the McKinley Beach development team will be releasing Vineyard Lots, also in spring 2019. These exclusive lots will feature views of the vineyard and lake, and will be unlike anything previously offered at McKinley Beach. These will complement the remaining lots available on the Hillside, and be released alongside plans for future townhomes and single-family homes in the new Hilltown community.

“We aim to curate an experience of 'Okanagan in a day' within the McKinley Beach community,” Gaucher says. “With a kilometre of beachfront, a marina and now a vineyard-winery, this creates an unparalleled community for all McKinley Beach residents and visitors alike. We have more announcements regarding this vineyard-winery to come, as well as other announcements related to new home types and more, in the spring.”

With the 2018 expansion of the private marina now complete along with phase one of the Beachhouse, the community will look forward to seeing both a lakefront coffee shop and wine bar launching in summer 2019.



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Homes to provide stability

Contributed

We know from the 2018 Homeless Count that there are at least 286 homeless individuals in Kelowna and many more who are less visible because they live in their cars or couch surf. This year the Province of British Columbia introduced the Rapid Response to Homelessness program to help homeless individuals in Kelowna and throughout the province move into housing.

On behalf of the Province, BC Housing, in partnership with the John Howard Society of the Central and South Okanagan, is proposing to build up to 52 units of supportive housing at 2025 Agassiz Rd. If this project is approved, individuals who are homeless or at risk can apply for housing and, following a rigorous assessment process, will be able to move in and start their journey towards more stable lives.

We must understand that for many of these individuals, having a safe, secure and private room will be a big adjustment. Therefore, the proposed housing will also provide support services from Interior Health and local non-profit service providers. Residents will be required to pay rent equivalent to the province’s income assistance shelter rate of $375 and adhere to a program agreement that will ensure respectful behaviour.

BC Housing wants to provide more information to the neighbours and business community who live and work near Agassiz Road. If you’re interested in learning more about this proposed housing, we encourage you to attend an open house on Thursday, Nov. 8, from 5:30 p.m. to 8 p.m. in the Redwood Room at the Ramada Hotel at 2170 Harvey Ave.

There will also be a demonstration modular unit, similar to the proposed housing available for touring, in the parking lot of the Sandman Hotel at 2130 Harvey Ave. from 2 to 8 p.m. on Thursday and 9 a.m. to 1 p.m. on Friday, Nov. 9.

If you require more information or want to provide feedback directly to BC Housing, please send it to [email protected]

Click the video above to hear Lori’s story about her journey to supportive housing.



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