A Kelowna development company is hoping to begin construction on two apartment buildings in Kelowna and West Kelowna which will bring 528 homes to the region.
Highstreet Ventures has developed over 2,000 homes in communities outside of Kelowna, but for the first time, they will be able to see a project built in their own community. The developments will feature the largest private investment in renewable energy in a multi-family project in Western Canada.
“Our rental communities, in addition to the other 600 apartments proposed in Kelowna, should help put a dent in the need for quality rental housing in Kelowna and West Kelowna and help increase the local vacancy rate, making housing more attainable for people,” said Scott Butler, president of Highstreet Ventures.
The development project in Kelowna will be built on KLO Road, adjacent to Immaculata High School, while the community in West Kelowna will be developed between Majoros Road and Carrington Road. The rental price for each apartment will be at market rent value which is determined closer to opening, according to Scott Campbell, director of sales and leasing.
Campbell said the company's approach to rent is to always offer great value and they typically offer condo level quality at rental prices. The project in Kelowna will be named Mission Flats, said Campbell, and will feature 288 suites in six buildings. These will include one, two and three-bedroom suites and the community is valued at $63 million.
In West Kelowna, Carrington Ridge will feature 240 suites in three buildings and offer a mix of one and two-bedroom suites. This project is valued at $49.5 million.
Having completed 10 rental apartment projects with an average of over 150 apartments in each community since 2010, Highstreet said it works continually to improve its homes. This new project will not only be energy efficient but also feature the largest solar installation on a multi-family project in Western Canada, officials said. The company is partnering with Okanagan Solar to make this a reality.
Typical projects for Highstreet include amenities such as a gym, community centre, bike parking, dog run, and community garden. There will be a number of different floor plans available in the communities including one to three bedroom apartments, and townhomes. In the past, typical floor plans would see two-bedroom suites around 900 sq. ft.
"For the last few years, we've had lots of positive feedback about how nice our suites are and how we really pay attention to the little things. Tenants always get excited about our kitchens and ask to buy our show suite furniture because they love how it all comes together," Campbell said.
These new buildings will look much different than other projects undertaken by Highstreet, and will feature a flat roof line as well as the solar component, Campbell added. Highstreet is still working with city council to complete the development process. The Campbell added that they are still tweaking building plans to meet West Kelowna and Kelowna development process approvals. If everything goes according to plan, construction is scheduled to begin this summer with completetion slated for fall of next year.
Highstreet’s projects and the previously announced rental apartment projects will add 1,128 apartments to the Kelowna area, representing 25 per cent of the existing 4,545 rental apartments in Kelowna.
A unique feature for the company, every time a project is completed, the community benefits. Highstreet always makes a $10,000 donation to the local Habitat for Humanity in the community, and Campbell said they will do the same for Kelowna.
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