6-storey residential building kicks off Penticton’s Innovation District
Nothing less than “the dawn of a new era” is being promised with the release of plans for the first residential building in Penticton’s new Innovation District.
The companies behind the project at 1704 Government St. are planning to invest $800 million over the next decade to raise 11 buildings, some as tall as 12 storeys, boasting upwards of 1,500 homes, plus office and retail space.
First up is the Nikola building, which will be sited on the southwest corner of the property beside Ellis Creek.
“The inaugural residential building, Nikola, marks the dawn of a new era in Penticton’s urban landscape. Offering 128 homes spanning from studio to three-bedroom configurations across six storeys, Nikola epitomizes Scandinavian-inspired design, nestled creekside,” states a press release issued this week by project partners Tien Sher Group and Stryke Group.
Sales are expected to open in June, starting at $299,900.
The site of the project – formerly known as the Penticton Innovation and Health District – languished after its last occupant, a modular construction company, went under in 2020.
To unlock its potential for development, Stryke Group in February won final approval from city council to rezone the land and change its designation in the Official Community Plan to break with its industrial heritage.
The 10-acre plot changed hands in October 2023 for $23 million, which the developers claimed was the Okanagan’s largest land deal of the year.
This marks the Richmond-based developers’ first foray into the Okanagan, a region on which they’re bullish due to the usual factors that draw people here, such as population growth and a mild climate.
Stryke and Tien Sher have previously developed master-planned communities together in Calgary, Edmonton, Vancouver and Surrey.