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New development proves high demand in downtown Kelowna

Sales dominate in Kelowna

Orchard Park Properties has once again proven that the Kelowna real estate market shows no sign of slowing down, with the second successful launch in their Water Street by the Park development. After releasing their first tower in late July and selling out all 144 available units in less than 48 hours, the second tower, The Eli at Water Street by the Park, saw 175 eager owners sign contracts over its launch weekend, beginning Aug. 26.

Between these two releases, buyers from both the local area and from across Canada, snapped up more than 300 units priced from the mid-$300,000s to $1,600,000, resulting in a huge influx into the downtown Kelowna economy and a tremendous sales success for Water Street by the Park that generated national news headlines.

“It’s been a major success by any measure, and we’re still working our way through processing a lot of contracts for The Eli,” says Chad MacTavish, sales director of ACE Project Management, which is representing the development. “We knew with having over 11,000 people registered for the project that we were set up to succeed, but how fast buyers moved on securing these properties as soon as they became available shows how the developers, Anthony Beyrouti and Apriano Meola, really brought the exact product that people want in Kelowna right now and how strong the market is. Selling over 300 homes that quickly makes it obvious how much people want to live and invest in Kelowna, and The Eli is tracking to sell out even faster than we anticipated.”

While Kelowna living is very appealing to Canadians, Water Street by the Park certainly upped the lifestyle offer for condo developments in the city. In part of what will be a three building development located in downtown Kelowna next to Kelowna City Park, The Eli will be the tallest tower between Vancouver and Calgary, offering outstanding lake, city and valley views, and will become a landmark on the Kelowna skyline. Orchard Park Properties created an impressive amenities package for their residents to enjoy year-round, including a heated pool, hot tubs, community green space with outdoor dining and entertainment areas, co-work centre, fully equipped fitness facility, a screening room, golf simulator, putting green and more—all in a location with a convenient 95 walk score and 98 bike score.

If there have been questions about the booming real estate market softening in Kelowna, the overwhelming success of selling upwards of 300 homes and counting during two fast-moving launches at Water Street by the Park should reconfirm that the city is showing no signs of slowing down, particularly in the downtown area. As for The Eli at Water Street by the Park, there are still homes in the 340-unit tower available starting in the mid-$400,000s, but buyers will need to move as quickly as the marketplace.

“We’re still around-the-clock with contracts,” MacTavish says. “We had a lot of buyers that didn’t purchase in time to get into Tower One and were disappointed, so we’re trying to make sure that people are getting their preferred homes in The Eli as quickly as we can. We’ve really had to make sure people understand this isn’t a ‘we’ve got time’ project. It’s a ‘buy now or it’s gone’ development.”

Those looking to secure a home in Kelowna’s tallest tower can schedule an appointment at www.waterstbythepark.com, or contact [email protected] or 250-763-7275 for immediate assistance, while units are still available at The Eli at Water Street by the Park. Further announcements regarding the launch of Tower Three in the development are anticipated this fall.

This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.

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