There appears to be high interest in a downtown Kelowna highrise that hasn’t even broken ground yet.
Slated to be constructed along the 200 block of Leon Avenue, which is the city’s seediest area, sales for Water Street by the Park began last Friday.
And on Thursday, the developer announced that all 144 units that were up for grabs had been spoken for in just 48 hours.
According to a press release, one-bedroom units start around $350,000, with two-bedroom units at $500,000 and up, plus three-bedroom-plus-den units starting at $900,000.
Notably, the developer said 12 penthouse and sub-penthouse units, with tall ceilings and enhanced amenities, were reserved and will soon be released in an upcoming launch.
Many believe the development — which will feature three towers and 650 units — is needed to return Leon Avenue to being a busy street again.
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In recent years, numerous businesses have packed up and left. At one point, the city block even became a homeless camp.
The developer says because pre-sales went swimmingly well for the first tower, sales for the 42-storey second tower will be moved up.
“This weekend’s response confirms that there just aren’t enough homes at the right price on the market in Kelowna,” said developer Anthony Beyrouti, co-founder of Orchard Park Properties, “especially when you consider the growing number of homebuyers from major cities like Toronto, Vancouver, Calgary and Edmonton that are moving here to live a healthier lifestyle without losing any big-city amenities.”
Those pre-sales are expected to begin later this summer, with construction on both towers slated to begin later this year.
The project will include a sky bridge over Leon Avenue that will connect the two towers.
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