The housing market in Penticton is so tight that a six-storey apartment building sold out in 72 hours and the foundations for the development haven’t even been laid yet.
According to a press release from Epic Real Estate Solutions, the first phase of a development called ‘Sokana’, located on the former Ogopogo motel site on Riverside Drive, sold out in record time.
The project as it went through city council is a six-storey, 234-unit strata apartment built in two phases on the site of the former motel. The website for Sokana boasts one, two and three-bedroom units.
“We are thrilled by the overwhelming reception Sokana has received, and we are actively working on preparing for the release of the second and final building,” said Bruno Jury, vice president of development for Kerkhoff Develop-Build, the project’s developer. “Penticton’s appeal as a top investment opportunity continues to grow, and we are excited to offer buyers a chance to be part of this amazing community.”
Western Investor named Penticton as one of the hot spots for real estate investment in 2023.
The website for the project also states pricing starts in the high $300,000s, though it does not explicitly state what size of unit that starting amount covers.
The project site is still, as of July 12, a bare lot outside of a showroom for the project on Riverside Drive.
While most of the units will be set for owners who either live in them or rent long-term, up to 25 per cent of the total 234 units will be designated for short-term rentals, a point of contention that had Coun. James Miller oppose the project when it went before city council in 2022.
The developer has promised to include a number of amenities, including an outdoor pool and hot tub, coworking space and fitness centre.
Plans for a food truck pad, bike repair station and an outdoor kitchen were also included in a presentation to city council.
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