With the benefits of a big city and the feel of a little town, Kelowna combines the best of both worlds.
Located in the Okanagan Valley along the famed Okanagan Lake and some of the most stunning mountains Interior British Columbia has to offer it comes as no surprise Kelowna's population is rising at an alarmingly fast rate. It is a district for business, culture, and both indoor and outdoor activities. However, due to the lack of new buildings in the area and the high demand for rental houses and properties, the rent and property price in this neighbourhood has dramatically risen in price, making it unaffordable for both present and potential tenants.
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With an estimated 153,148 residents, Kelowna is now the third-largest metro region in the popular province of British Columbia and the 22nd-largest city in all of Canada. In 2021, 620,000 people were living in the larger Thompson-Okanagan region, which is growing at a pace of around 1.6％ annually. Kelowna, the largest city in the Okanagan Valley, seems to be under increasing pressure to be able to help accommodate the overflow of these additional residents. With a lack of housing and properties to rent, all eyes are now on the property development in this area to avoid a housing catastrophe.
Johannes Van Leenen founder of award-winning group Fifth Avenue Properties reveals his plans for a multi-family development in the downtown cultural district of Kelowna. He intends to introduce an updated ‘Okanagan Art-Deco’ style to this transforming area. “We want our buildings to stand out amongst the ‘West Coast Modern’ style that has become repetitive in the Kelowna housing market. We believe that Kelowna is ready to embrace a new take on this contemporary design style, and are showcasing this through NOLITA, the ultimate blend of luxury townhomes and sophisticated condos.” says Johannes.
Fifth Avenue properties promise to meet the demand for price point housing while offering their purchasers' executive-level finishes matched with modern design. Nolita is the epitome of affordability and luxury. It features beautiful townhouses and upscale condos with floor plans to accommodate every lifestyle, income level, and stage of life. Bespoke to the modern-day lifestyle, Nolita has first-rate amenities and was built with the community in mind. Located at the northern edge of downtown Kelowna in the city's thriving cultural area it is conveniently located nearby restaurants, craft brewers, urban wineries, boutique shops, and the waterfront promenade.
Nolita is not the only development that promises to bring a more modern concept to downtown Kelowna. The University of British Columbia is giving its design idea for its news campus a more contemporary makeover. With a daring facade concept and the addition of the building's height, UBCO's new campus has the potential to become a recognizable landmark in the evolving skyline of downtown Kelowna. The St. Paul's Street (northwest) front of the building, has been designed by Vancouver-based architectural firm HCMA, and will have a pattern of golden-coloured metallic panels entwined with blue glass. Students, renters in the building, and members of the public will all be welcomed in the campus courtyard that boasts a fireplace and seating area.
With a real estate market that is heavily influenced by a tight housing supply and strong migration to the Central Okanagan, this fast-growing metropolitan area has never been in more need of property development. Fifth Avenue Properties is answering this fast-paced market with its stylish mid-rise condo buildings at an attainable price point, with the idea of being able to meet the different lifestyle requirements of this city and the next generation. With their cutting-edge craftsmanship, they undoubtedly hope to serve a variety of purchasers, tenants, and investors in the vibrant City of Kelowna.
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