As the Kelowna real estate market improves several new condo and townhome projects have launched sales or are planning to launch soon. The following is a summary of new projects in Kelowna’s downtown, Kelowna South and Lower Mission neighborhoods.
Construction at SOLE Kelowna is moving briskly with a planned completion date of mid December for the residential units and November for the commercial spaces. Currently 17 of the 40 homes have sold with sales activity increasing as construction progresses and the Kelowna condo market continues to improve. “Sales are looking excellent as we move into the Fall with many buyers ready to purchase after the summer ends and we move into the Fall selling season” says Mark West, President of Epic Real Estate. “There are very few affordable new condos available in downtown Kelowna that are ready to move into in the next few months making SOLE a natural choice” adds West. More information is available here.
Nelson Landing Developments Ltd, the developer of Nelson Landing has submitted a rezoning proposal to the City of Nelson for the 13 acre former Kootenay Forest Products site located within the Nelson City limits and one of Nelson’s few remaining lakefront sites. “The rezoning will give our homeowners certainty about the type of homes and neighborhood character Nelson Landing will develop over the life of the project” says Allard Ockeleon, President of Nelson Landing Developments Ltd. A Development Variance Permit has been issued by the City of Nelson allowing Nelson Landing Developments to apply for a building permit to construct the first eight-plex and other townhomes that are part of the Phase One sub-division. Construction is expected to commence in spring 2015. More information is available here. In August 2013 Epic Real Estate Solutions Inc. was awarded the opportunity to manage the marketing & sales of the planned residential Tower and Townhomes at Sopa Square which is located in Kelowna’s vibrant South Pandosy neighborhood. In December 2013 Sopa Square was placed in Receivership by one of the projects lenders. From August to December 2013, our team got to know the project and many of the buyers and potential buyers of the project. Since then we have received many requests for information with the most common question being “what’s happening at Sopa Square?” Epic is not currently contracted to manage the marketing and sales for the project, however the following is a summary of public information available at the Ernst & Young website.
During the course of the spring and summer, Ernst & Young acting as the Receiver completed the Phase One commercial components of the project and completed commercial lease agreements with three businesses. In the Spring an affiliated company of the Aquilini Investment Group, an established Vancouver based real estate developer expressed interest in the community and has spent the ensuing months working through a process to acquire the property with court approval. They have established a “floor price” that they would be interested in purchasing the project for however to maximize the potential return to the creditor who petitioned the Receivership, a process involving Colliers International marketing the project en bloc to other potential buyers is proposed. The process could complete with a buyer for the project in the late fall of 2014. The proceeding is subject to BC Supreme Court approval in September 2014. If approved a new developer would likely be announced in late fall 2014.
Epic Expands in Vancouver BC
Epic is broadening its reach into the metro Vancouver real estate market commencing September 2014. “We’ve owned a great space in Gastown for about 15 years and now see an opportunity re-establish a presence in Vancouver primarily to be physically closer to our clients and to create a launch pad to the Seattle and Portland new condo sales market,” says Mark West President of Epic Real Estate Solutions Inc.
“Vancouver has an extremely competitive real estate project marketing community however there are niche opportunities for smaller more nimble companies like Epic,” adds West. In addition Epic is receiving requests from Canadian real estate developers looking to expand into the US Pacific Northwest condo market. They are seeking a high level of project marketing and sales expertise and because Epic operates in both Canada and the US already, they see Epic as a good strategic partner. Epic’s Vancouver office is located 412 -289 Alexander Street.
Epic Real Estate Solutions, Inc. and Edgecombe Enterprises have partnered to create ML Holdings acquiring their first Downtown development site. ML Holdings plans to develop Kelowna’s first San Francisco themed row home project on St Paul Street near SOLE Kelowna. “ Edgecombe Enterprises is already an Epic client and we see ML Holdings as a natural extension of our current relationship. We look forward to being an equity partner with Kevin’s company under the ML Holdings flag,” says Mark West, President of Epic Real Estate. “ We are working closely with Epic now on SOLE Kelowna. I believe our different but very complimentary backgrounds along with shared equity in this new project is powerful mix and will result in spectacular community enhancing Kelowna’s downtown core. The project site requires rezoning and is subject to City and community approval. If received a project launch would be announced in Spring 2015.
For more information on how Epic can help you with your new condominium and townhouse needs contact Mark West at 1.866.679.3742 or email firstname.lastname@example.org.