LAKEFRONT TOWERS HAVE UNIQUE APPEAL
Aqua is a new waterfront village project in Kelowna that will offer concierge boat service
Aqua is hoping to make a splash with Albertans.
The new Kelowna, B.C., project, a waterfront village, has become a strong draw for Kelowna residents but not yet for Edmontonians or Calgarians.
“Judging by our registrants we can tell that the most significant portion are not from outside Kelowna as has been the case traditionally for downtown offerings,” said Jon Friesen, chief executive of Mission Group, which is behind the development to be located off the shore of Okanagan Lake. “The majority are from folks in Kelowna and that tells us that the folks in Kelowna would love to own a secondary summer residence, or a resort residence, right in their own city.”
Situated on 6.25 acres in the Lower Mission area, Aqua Waterfront Village will initially offer 154 lakefront homes in the first concrete highrise tower. Also in the first phase, Aqua will include boat facilities and retail space on its boardwalk.
Sales begin in June with construction set to start this fall. Overall, there will be three towers and some 400 units right off the lake, with a cruise-ship like look once completed.
“Waterfront highrise condominiums with a boat valet service attached to the community is unheard of,” said Friesen. “I think that's the reason why we're seeing a lot of local interest.”
The boat club, boat valet service and the ability to share a boat instead of buying your own are some of the reasons for that interest.
“The ease with which our residents will access lake time in their own boat, or in one of our shared vessels through Aqua Boat Club is unique,” said Friesen. “We know of no other resort waterfront condominium community where an indoor boat storage facility has been seamlessly integrated into the residents' daily experience.”
You can have your boat fuelled and ready via the valet services, or forgo boat ownership entirely with unlimited access to seven top-ofthe-line vessels through the club's boat-sharing program, which will include strict cleaning protocols as a result of COVID-19.
Other reasons, according to Friesen, for the strong interest — Mission says it's the most active response it has seen on any condominium offering the company has done — is that there is no opportunity for any other projects to be built between Aqua and the lake, and buyers will be able to rent out their units if they wish to.
While there is interest from Alberta about the lakeside resort, Friesen said it's not what it used to be.
“There was a time in Kelowna when Albertans dominated our condo purchase contingent but that is no longer true,” he said, noting there is larger interest locally and from Vancouver these days.
“Unfortunately, Alberta has been hit hard because of the energy sector and I believe that when fundamental core industries are suffering, people are less likely to be looking for real estate in other provinces,” said Friesen. “It's truly discretionary for most of them. It's a like to have, not a must have.”
But he said the good news is that when Albertans are interested, they are buyers. About seven per cent of the early registrants so far (about 300 people) — Aqua's marketing campaign has yet to shift into high gear — are Albertans.
“We love Albertans,” added Friesen. “We hope they don't forget about Kelowna when the situation improves.”