Construction can now begin in earnest on UBC Okanagan's downtown campus after receiving a building permit Thursday from the city.
The $262 million building permit becomes the most valuable ever awarded by the city. The previous high, $140.6 million, was issued to the Mission Group in June for the final phase of its Aqua project.
While prep work has been going on at the Doyle Avenue site, issuance of a building permit means actual building can now take place.
Once complete, the UBCO tower will become the tallest building in Kelowna at 43 storeys.
City council initially approved a 46-storey tower following a public hearing in July of last year but applauded a decision by the university to lower it by three storeys when it came time to approve a development permit two months later.
The uniquely designed three-sided building will include a four-storey underground parkade which will allow for more creative street level amenities, the university's school of nursing and social work as well as 500 units of residential housing for students and staff.
The university stated housing within the downtown campus would be available only for students and staff of the university.
The building is being solely funded by the UBC Properties Trust.