Fifth Avenue Properties wanted to do something unique when it came to creating much needed new homes in downtown Kelowna.
The last thing the city needed was another boring building that looked like many of the ones that came before it.
And with that, Nolita was born.
“We wanted to design a building that we could be really proud of,” Fifth Avenue Properties president Johannes van Leenen says. “With striking curb appeal, so when you see it, you think, ‘Wow, I’d love to live there.’ Kelowna has beautiful buildings with great architecture, so it’s important for us to maintain the unique character of this downtown location with a building that will stand the test of time.”
Nolita offers unique and stylish studio, one- and two-bedroom condos, as well as a limited collection of garden-style townhomes for a total of 60 homes. It will be located at 620 Coronation Ave., putting it in the heart of the cultural district and within a short walking distance of the new UBCO campus.
Nolita will feature an art deco feel, with unique colours, curves and textures that are not normally seen in a six-storey wood frame structure. It even hopes to add more colours once the building is complete.
“It has a unique vibe that I have not seen in many Kelowna developments yet,” says partner and managing director Taylor Musseau of MLA Okanagan, which is marketing and selling Nolita. “With it being in the cultural district, we included the prevalent brick facade and envision adding graffiti art down the alley once it’s complete. We want this building to feel truly special for both residents and the community.”
Kelowna is one of Canada’s fastest-growing cities, and it needs much more housing to keep up with that growth. Nolita will be one of the few projects coming to market this spring.
Combine that with the fact it will look like nothing else in the city as well as its convenient spot, and the homes are expected to move quickly.
“The location is so strong being a block away from the new UBCO campus, a block from Kelowna’s best restaurant scene, and just a few minutes from the beach,” van Leenen says.
If you want to stay in, you will have plenty of fun as well, as Nolita will feature amenities that will excite residents and guests alike.
“We utilized what Kelowna already had to offer,” van Leenen says. “We have great weather and stunning views, so we chose to build the Terrace Lounge, an outdoor space with a grilling station and sitting areas for residents to gather with friends and neighbours.”
Pet owners at Nolita will also have access to a dedicated dog run from the outdoor amenity space. “Dogs are a huge part of our community now, and adding a dog park in the building, that’s important to me,” van Leenen says.
Nolita will also feature junior two-bedroom homes that hit the rare Okanagan price point between normal one- and two-bedroom units. The junior two-bedroom has one bedroom and a second bonus room that could be used as a guest bedroom, a workout space or an office.
Another incentive for buying at Nolita is the pre-sale advantage. Pre-sale purchasers are subject to a different financial opportunity than resale buyers. A homebuyer purchasing a new build does so with an initial deposit of just 10% on pre-construction pricing, which provides an additional 18 to 24 months to save for a larger down payment. For two years, while the projects are being built, a pre-sale purchaser does not carry any mortgage obligation or property expenses beyond the deposit.
“This gives buyers the ability to capitalize on market appreciation without any overhead while the building is being constructed.” Musseau says. “You have an opportunity to purchase and close at today’s prices, often times resulting in a significant appreciation in your investment by the time you close.”
To learn more about Nolita, visit its website here.
This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.