Kelowna’s lifestyle and amenities resonating with homebuyers from Metro Vancouver
Two-tower ONE Water Street takes it place in a vibrant location just a block from the beach
From its famous, glittering lake to its sun-drenched vineyards and a thriving downtown core, Kelowna is attracting new residents more than ever. Whether the newcomers are empty nesters seeking an affordable alternative to Metro Vancouver or the young professionals who are rapidly making tech one of the region’s biggest economic contributors, Kelowna continues to gain popularity as a place to call home.
Kelowna’s outdoor lifestyle, combined with urban amenities, also makes it an especially popular destination for retirees or those wanting to downsize – and many of those people have caused the two-tower ONE Water Street development, from North American Development Group (NADG) and Kerkhoff Construction Ltd., to become the city’s best-selling new residential project in a remarkably short space of time.
Henry Bereznicki, managing partner of NADG, says: “The east tower is under construction, and over 140 homes in the west tower were sold on opening weekend last month, which is especially satisfying considering our construction schedule was bumped ahead by one year from our original projections.”
While the buyers range from people in their late twenties to those in their later years, the majority of those who purchased 340-plus ONE Water Street homes at a collective value of $200 million to date (in just eight months) are downsizers and retirees from both the Lower Mainland and the Okanagan.
But ONE Water Street is hardly the only new residential development to grace this part of B.C. Why is it capturing the public’s imagination? “Because the towers were designed to give residents the best opportunity to experience the terrific Kelowna lifestyle, beginning with our location that is only a block from the beach and waterfront boardwalk. Also situated right in the middle of the city’s cultural, dining, and shopping district,” says Bereznicki.
=For even more convenience, the towers will be connected by “The Bench” – a three-storey podium featuring retail, commercial and restaurant space, topped by a 1.3-acre landscaped park with two swimming pools, hot tub, fire pits, barbeque stations, a pickleball court and a dog run. Indoors are first-class amenities, including a large private health club, yoga/stretch studios, entertainment room and two guest suites.
Plus, Kasian Architecture ensured that the 29- and 36-storey glass and concrete towers will give residents maximum exposure to Kelowna’s natural beauty via supersized balconies that can each accommodate a dining table for six with plenty of room left over. “About half of the east tower homes have these 250-square-foot grand balconies affording panoramic views; they were so popular that we decided all of the west tower homes would have them,” says Bereznicki.
As for affordability, ONE Water Street enables retirees and young professionals alike to own an urban-style highrise home at substantially less the cost than a comparable residential tower in downtown Vancouver. Bereznicki notes: “ONE Water Street has attracted so many different types of buyers because you can get a truly opulent residence for between $500,000 and $950,000, which is still a fraction of the cost of a new home in the Lower Mainland.” Recently released in the west tower is the Reserve Collection of two- and three-bedroom lake-view homes, priced from the mid-$700,000s to $1 million.
Bereznicki, who has been visiting Kelowna since the 1960s and is now a resident, created a partnership between NADG and Kerkhoff to deliver homes and amenities to his adopted city that simply can’t be found elsewhere — and even though buyers in the second tower won’t be moving into ONE Water Street until early 2022, he says the wait will be worth it. “Kelowna’s upward trajectory is such that it will be an even more exciting place to live in the years to come.”
Better still, despite ONE Water Street’s success, many prime homes are still available. Registrations for pre-construction pricing are still being accepted online, in person or by phone.