According to recent results released by Statistics Canada, Kelowna is the fastest growing city in British Columbia and is on the rise as one of Canada’s most sought-after cities, a trend reflected in the booming Central Okanagan real estate market.
Year-round outdoor recreation on the lake, surrounding golf courses, bike trails, world class wineries, and Big White Ski Resort, as well as a top-tier economy with low unemployment, affordable housing, and a rapidly growing healthcare and tech industry account for just some of the reasons the demand for Kelowna real estate has skyrocketed.
A new development, Water Street by the Park, is creating a landmark new residential development in downtown Kelowna in response to this trending interest in the Okanagan lifestyle that is gaining momentum across Canada, particularly in large urban centres like Vancouver and Toronto. Water Street by the Park boasts an unmatched location on the corner of Water Street, one block from Kelowna City Park and stunning Okanagan Lake. The project will consist of three towers of 24, 26, and 42 storeys, the largest to become an icon on the Kelowna skyline as the tallest building in the British Columbia Interior. Connecting the three towers will be a visually stunning mass timber bridge to allow easy access between buildings, while adding an impressive architectural feature that embraces Kelowna’s push towards sustainability and contributing esthetic appeal to the neighbourhood.
The project will consist of 650 residences, ranging from one- to three-bedroom homes, highlighting sweeping lake, valley and city views. In addition, the property will offer luxurious indoor and outdoor amenities exclusive to Water Street by the Park. The amenity space will span 43,000 square feet and feature a year-round pool, golf simulator and putting green, on-site office space, and a fully equipped workout facility overlooking Okanagan Lake, with street level commercial space for restaurants and grocery stores to enhance the community, which already boasts a walk score of 95.
With too little inventory on the Kelowna real estate market to meet projected demand, developments like Water Street by the Park are critical for the continued growth and economy of the city, particularly as buyers from other parts of Canada turn their eye to the affordability and lifestyle of the Central Okanagan. Residents are leaving Ontario in the highest numbers reported since 2015. Media outlets across Canada, like the Financial Post, are tracking the “urban exodus” of young people and families leaving Vancouver, Toronto and Montreal for smaller, more affordable cities.
“We have had an incredibly positive response from the local market in Kelowna and the surrounding Okanagan region, but we are also seeing a lot of interest from buyers wanting to relocate from larger cities, like Vancouver and Toronto, looking for the sort of building features and amenities found in urban residential developments, but wanting to make the change to the incredible and more affordable Kelowna lifestyle,” Orchard Park Properties developer Anthony Beyrouti says.
In addition, the University of British Columbia Okanagan, which ranked 45th globally in the 2021 QS World University Ranking, is expanding, and the new campus will be only blocks away from Water Street by the Park, which was an additional incentive for Orchard Park Properties to choose Kelowna as the location for this standout project.
“We are so excited for the city of Kelowna, and we know we will create something extraordinary that will add tremendous value to Kelowna’s downtown core, particularly with UBCO bringing in students and faculty who will be looking towards this part of the city,” Beyrouti says.
This exciting new project is certain to transform the Kelowna skyline as the first thing seen when traveling over the William R. Bennett Bridge and will bring elevated living to downtown Kelowna.
To learn more about the Water Street by the Park project, visit www.waterstbythepark.com.
This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.