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Kelowna highrise sells out within 48 hours of going on sale

Rendering of Water Street by the Park
Rendering of Water Street by the Park
Image Credit: Submitted/Anthony Beyrouti

The first of three residential highrise towers in the Water Street by the Park development in downtown Kelowna sold out almost as soon as they came on the market.

The sales started on Friday, July 23 and contracts were signed for the 144 units offered for sale in the 24-storey tower within 48 hours, according to a news release from the developer, Orchard Park Properties.

Twelve penthouse and sub-penthouse units will be available for purchase shortly.

“This weekend’s response confirms that there just aren’t enough homes at the right price on the market in Kelowna, especially when you consider the growing number of homebuyers from major cities like Toronto, Vancouver, Calgary and Edmonton that are moving here to live a healthier lifestyle without losing any ‘big city’ amenities,” Orchard Park Properties co-founder Anthony Beyrouti said in the release.

Prices started in the mid-$300,000 price range for one-bedroom units, the upper-$500,000’s for two bedrooms and low $900,000’s for three bedroom units.

Because of the quick sales and high demand – almost 10,000 people have registered to receive promotional packages – the launch of sales of the second tower have been moved up to this summer.

READ MORE: Kelowna's Water Street by the Park has 10 times more interest in suites than actual suites

That tower, called The Eli, will be 42 storeys and it will be the tallest building in Kelowna when it’s finished. One Water Street, just now being completed, is 36 storeys.

READ MORE: iN VIDEO: Kelowna's One Water Street penthouse could be yours for $10 million

Water Street by the Park is being marketed by ACE Project Marketing.

“ACE has marketed over 2,000 units in the Okanagan in the past years, and we have never seen registration levels as high as for Water Street by the Park,” Chad MacTavish, ACE’s sales director said in the news release. “Kelowna locals who understand how extraordinary this development is were very eager to buy. We also had a large number of investment buyers from cities like Vancouver, Calgary and Toronto.”

Construction of both towers is expected to start before the end of the year.

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