Kelowna’s skyline set to continue rise
Construction starts next month on 1st of 3 highrises in downtown block
Despite a softening real estate market, plans are surging ahead for the three-highrise downtown Kelowna development known as the Bernard Block.
“Downtown Kelowna is still a great place to invest,” said Luke Turri, vice-president at Mission Group, the company that will build the towers.
“There will be market cycles that can impact sales, but it’s still an exciting time, and downtown is desirable for both residential highrise living and office space.”
As such, Mission Group will break ground next month on the previously announced 25-storey condominium called Brooklyn, facing St. Paul Street, which will have retail space on the ground floor. Completion is expected in 2021. “We always had plans for three towers on the site (the former Bargain Shop building bordered by Bernard Avenue, St. Paul Street and Bertram Street),” said Turri.
“But today we are announcing the plans for the second and third buildings.”
A 13-storey office tower and a 33floor condo building, both fronting Bernard Avenue, will share a 4 1/2-storey podium containing parking and retail space.
An office building wasn’t part of the original plans, but Mission Group became convinced over the past year there’s enough demand for 80,000 square feet of downtown highrise office space.
“There’s good demand for Class A office space downtown, at Landmark (where there’s already six office towers) and on South Pandosy,” said Turri.
“The strength of this downtown site is we’ll have lots of amenities and plenty of parking for the companies and people that work for them in the office tower.”
Mission Group hasn’t figured out yet if the office tower or the second condo highrise will be built first. That will be determined by what the market demands.
Either way, construction on one of the buildings will start in early 2020 for early 2022 completion.
Mission Group is selling the condos in the two residential highrises, but will lease and manage the space in the office tower.
Mission Group is bullish on highrises and downtown.
It is also building the 20-storey Ella condo at the corner of Ellis Street and Lawrence Avenue.
Highrises are springing up all over downtown. Construction is underway at One Water Street, which will sport 29- and 36-storey condo towers. Building has also commenced at Ellis Parc, a 14storey condo and commercial tower beside Prospera Place.