An artist's rendition of the Glenmore Central development in Kelowna.
Image Credit: SUBMITTED
April 27, 2018 - 5:00 PM
KELOWNA - Developers worried about the much-maligned speculation tax could look to a new condo project in Glenmore for marketing inspiration.
West Point Projects is going against the grain of the usual condominium marketing tactic of selling internationally or nationally before turning to the local market.
Instead, the company has vowed to give local residents first crack at buying into the development — buyers who are less likely to be hit with the proposed annual one per cent speculation tax.
It’s not how the company planned it — in fact, one of the principals of West Point Projects Sam Brevender says he’s firmly opposed to the tax — but rather, a happy coincidence.
“We’re focused on creating sensible choices for people, attainable, affordable options,” West Point Projects Sam Brevender says. “This was our strategy long before the speculation tax.”
Still, Brevender says because their market is local, most buyers will likely be exempt.
“That’s our target audience so presumably they are not speculators,” he added.
Contrast that with the much-touted Westcorp hotel and condominium project on Kelowna’s waterfront, long planned for the former Willow Inn hotel site.
The company only recently received approval from Kelowna city council for a development variance that allows it to add 40 luxury condominiums on top of its 174-room hotel.
The penthouse suite is said to be worth in excess of $10 million, meaning an out-of-province buyer would be on the hook for an additional $100,000 a year — and that’s on top of condo fees.
An out-of-country buyer would be subject to an additional $2 million through the foreign buyers tax of 20 per cent.
Westcorp Developments did not respond to a request for an interview but company representative Gail Temple has warned publicly the company may have to delay construction because of the uncertainty they say is generated by the speculation tax.
Granted, the 105-unit Glenmore Central project doesn’t hit the same price points as the yet-unnamed Westcorp hotel and condo project.
Glenmore Central has already seen plenty of interest in the project on Valley Road which will feature studio, one- and two-bedroom units starting at $189,000 and topping out below $400,000, according to the company’s website.
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