Westcorp seeking changes to its design
Some minor changes have been made to the design of a new downtown hotel and luxury high-rise.
Kelowna city council will today consider amendments to a development permit already issued for Westcorp's 33-storey building at the base of Queensway overlooking Okanagan Lake.
Changes relate to such things as a sixthfloor setback, which planners say will improve the look of the high-rise, and the interior of the residential suites.
City council approved the project in late February, the same day the NDP government introduced a provincial budget which included the controversial speculation tax.
Aimed mainly at people who keep second homes or investment properties empty for at least six months of the year, the tax will be charged annually at the rate of one per cent of a property’s assessed value.
Mayor Colin Basran has said the tax could be “devastating” to the city’s economy, with negative consequences like abandoned development projects, a slowdown in the construction industry with significant job losses, and less taxation and fees coming into City Hall.
Gail Temple, a vice-president of Westcorp, said in March the company was “quite concerned” about the speculation tax depressing demand for the luxury suites in the new tower.
“We know that some of the buyers will be purchasing a second home, one they will potentially retire to, or use part-time,” she said at the time. “And yes, this tax will cause those buyers to back away. We will have to seriously assess the impacts to our project.”