KELOWNA – It’s been an eyesore in the north end of Kelowna’s downtown core for more than six years. Now it looks like construction on the failed Lucaya Condo project on Sunset Drive will begin this spring.
The 21-storey project barely got off the ground in 2008 before going into receivership. The site was purchased by Vancouver developers two years ago but with no action on site, many wondered if the project would ever resume.
“The developers wanted to make sure the real estate market had turned in Kelowna, which it definitely has, and all the excess condo inventory was getting cleaned up before they came to market with this,” says Don Warkentin with Fortune Marketing.
The company has been hired to market the new condo tower. Warkentin says the tower will be a concrete and glass structure with potentially some commercial space on the ground floor. Pre-sales will begin in April with construction to start about a month later.
It’s welcome news to area residents and nearby businesses. At Waterfront Wines Restaurant, they’ve been putting up with the perpetually delayed development for too long.
“I am very pleased something is actually happening across the street from us. It will be two years of dusting the patio every night but in the end it will be worth it for sure,” says Waterfront Wines Executive Chef Mark Filatow.
Condos in the new building will start at about $225,000. The project is expected to take two years to complete.
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