Kelowna, B.C. is one of the fastest growing cities in Canada, only trailing Oshawa and Kitchener–Cambridge–Waterloo in Ontario and Halifax, Nova Scotia. It also boasts one of the lowest unemployment rates in the country at 7.2 per cent.
Anthony Beyrouti, co-founder of Orchard Park Properties, believes the city’s boom is only beginning as major institutions like the University of British Columbia are poised to set up shop in its downtown and low interest rates are encouraging families to take the home ownership plunge.
“There are so many attractive things here,” said Beyrouti, who has spent that last three years purchasing property and making plans to build a massive three tower development in the city.
After having to do virtual presentations for the city due to COVID-19 restrictions, the project recently received the green light and Beyrouti is working to get the sales centres set up.
Water Street by the Park is a three-tower multi-phase development next to Kelowna City Park in downtown Kelowna. In addition to featuring views of both the city and Okanagan Lake, the 559,000-square-foot mixed-use development will add 650 residential condominiums, including 45,000 square feet of retail and office space to the city.
Beyrouti’s plans also include lots of amenities like fire pits, a movie theatre, putting green, golf simulator and a year-round pool. Two of the towers will be connected by a mass timber bridge.
He also believes the hundreds of homes the project will create could inject the downtown with more life.
“Low interest rates changed everything,” said Beyrouti. “It has allowed people to move and many have been coming to Kelowna. Lots of people have picked now to do it because they can work remotely. Year over year we are seeing crazy numbers in real estate here. Similar things are happening in Victoria. Lots of young families are moving.”
Beyrouti also noted the city has grown into a tech hub, another contributor to its growth. According to a study commissioned by Accelerate Okanagan, in 2019 there were 693 technology businesses operating in the Okanagan, employing more than 12,470 employees.
“It has all the boxes checked,” said Beyrouti. “We are very excited. We think the potential and future is bright and we are grateful to be part of it.”
He added those interested in the project can visit www.waterstbythepark.com.
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