Ground has officially been broken on a 207-unit multi-family development in Kelowna.
Five Crossings development says their goal is to provide affordable housing to the younger generation.
Centrally located in the Capri-Landmark district, the studio, one-and two-bedroom condo building will offer prices starting in the mid-$200,000s.
"This development is geared towards the 20 to 34 year-olds, so younger and first-time homebuyers who have currently been shut out of the market," said Millennial Developments CEO Ryan Tamblyn.
Tamblyn says the living spaces will include a wide variety of communal areas that encourage living beyond one’s four walls.
"So we have a lounge and golf simulator with a pool table. We have a co-working space, we have a 5,000 square-foot rooftop patio. We also have a 4,000 square-foot private park on the second level. In total, we have over 27,000 square feet of programmed amenity spaces."
Tamblyn says it is important to help young Kelowna residents work towards purchasing a home.
"We looked at the market and we could see that there is obviously a need for this type of development. You know when I was in my 20's I was able to purchase my first home for $178,000 and use that purchase to springboard to a townhouse and then a single-family home and today young people aren't afforded that same opportunity. So we wanted to create that opportunity in our community," Tamblyn added.
Occupancy is anticipated in the Spring of 2024.
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