Homebuyers, not investors, targeted for condo sales
Sales centre for 104-unit Glenmore Central project in Kelowna opens this weekend
IThe Okanagan Weekend n a bold move, Glenmore Central is not marketing its 105 condominiums in Kelowna to investors. “We’re creating a community here,” said co-developer Sam Brovender of West Point Projects.
“We want home ownership, not investors. We’re expecting buyers who will live here from the Okanagan, Calgary and Edmonton, singles, couples, downsizers and those that want a second home.”
It’s a brave stance in a market that usually depends on investors from across the country to sell out projects.
However, with B.C.’s two per cent speculation tax taking the wind out of investment purchases and incredible demand from homeowners after affordable product, Glenmore Central is well positioned to sell out without investors.
West Point’s partner in Glenmore Central is Traine Construction.
The two developers have construction well underway at The Apartments at Glenmore Central, the 166-unit, four-storey rental complex at 722 Valley Rd., off Summit Drive and Glenmore Road.
Renters will start moving in there this fall.
Site preparation has already started for the adjacent fourstorey, 104-unit Glenmore Central condo project.
Construction will start next month for completion in early fall 2019.
“Our vision is simple,” said Brovender. “Build contemporary, affordable rental and condo homes for people in a central location.”
Brovender says prices at Glenmore Central are affordable enough that, after making a down payment, monthly mortgage payments won’t be much more than average monthly rents.
Prices at Glenmore Central start at $190,000 for a studio, $271,00 for a one-bedroom unit, $276,000 for a one-bedroom unit with den and $345,000 for a twobedroom unit.
On Thursday, Glenmore Central had a preview event for media at its new show suite at 110-1924 Summit Dr., in the same plaza where the new Dairy Queen is located.
The grand opening for the sales centre is from noon to 5 p.m. today and Sunday. Then it will be open from noon to 5 p.m. daily, except Tuesdays.
Christian Brandt from Ogo Car Share was also on hand to announce it will have a car permanently at both the apartment and condo sites upon completion.
“Easy access to a co-op car makes it easier to be a one-car household or maybe even a nocar household if residents capitalize on the central location to walk, cycle or take transit most of the time and use a co-op car when they really need a vehicle,” said Brandt.
The Glenmore Central projects are part of the reimagined plan for the 4.2-hectare Conservatory lands.
Original plans for The Conservatory called for a massive condo development with eight-storey buildings surrounding a 0.4-hectare enclosed atrium that would grow tropical plants year-round and make balconies facing it usable yearround.
The complex, as originally conceived, never came to fruition.
The first Conservatory building was turned into rental apartments years ago and a second rental building is under construction.
The rest of the site is being taken up by the retail plaza, Glenmore Central and two other developers who will build some townhouses and seniors homes.