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About 18 months after unveiling plans for a 33-storey mixed-use tower at the corner of Lawrence Avenue and Water Street, developers will bring those plans to city council for debate.
A public hearing for the project will be held Tuesday, Nov. 5.
The tower is being developed by the Bennett-family-controlled Victor Projects and Mission Group.
Initial plans were brought to city hall in April of last year, however the project was put on hold as the condo market sagged due to restrictive legislation and high interest rates.
Those interest rates have been coming down over the past several months, with the Bank of Canada dropping its prime rate 50 basis points to 3.75 per cent last week.
The project in question would encompass the surface parking lot at the corner of Lawrence and Water as well as the adjacent Commissionaires office building.
The tower would include 173 market condos and 89 long-term rental units to be situated between levels six and 12.
There would be amenity space specific to the rental units on the sixth level with an indoor lounge, co-working space along with a landscaped outdoor space.
The condo units would feature narrower floorplates and a variety of unit sizes from studio to three bedrooms.
Amenity space above includes an outdoor pool, indoor sauna, lounge and fitness room.
A number of variances are being proposed including a parking reduction from 283 to 266 which reflects a parking reduction of 20 per cent for both residential and visitor requirement for the rental units only.
Variances to increase the maximum floorplate on the rental portion of the project and tower setbacks are also sought.
It would include commercial space on the ground floor with four levels of parking above creating a five-storey podium.
While the maximum height for the property is 26 storeys, staff says the OCP does make provisions for additional height if there are significant benefits to Kelowna residents including an affordable, supportive or rental housing component.
If approved by council, the development and development variance permits would be valid for two years.
