New owner takes over Savoy development in Kelowna

Photo: Contributed

A new development company has taken over construction of the Savoy condo project on Clement Avenue.

Kelowna-based 5th Avenue Properties purchased the property from Alliston at Home.

Earlier this week, the company re-applied for a development permit for the project after the previous development permit, issued in 2022, expired.

“As the development team was working to gather funds, the development permit application fees lapsed. As such, this re-application is required,” the new permit application stated.

The city is in the process of reviewing that application but notes a building permit has yet to be issued.

While that process moves along, some work has taken place on the site of what will be a six-story, 66-unit condo building across from the RCMP detachment.

In an email, the company says work began in June of last year and, to date, the lane move has been completed, excavation is well underway and piles are almost complete.

They say permits were in place that allowed for the ground work to begin last year.

They also indicate financing has since been secured with approximately 75 per cent of the units sold during the first sales launch.

The final sales release is expected to begin in the spring.

The building is expected to be complete sometime in 2026.

*this story has been corrected to reflect the new ownership of the project