Zolo Homebase: Property Report
Local Kelowna, B.C. developer, Azura Management, spent the last quarter of a century helping to redevelop communities in some of the west coast’s best cities. Led by Ewan Stewart, the firm’s forward-thinking president, Azura Management (Kelowna) Corp. is, once again, turning its attention, to the Riverside neighbourhood in Penticton, a city less than an hour south of Kelowna in the B.C.’s sun-drenched interior. This time the build plan was for a luxury townhouse development in the heart of the downtown core, but with enough glamour that and high-end finishes that even empty-nesters and vacationp-property owners would find the project appealing.
The Okanagan interior is well-known as a popular vacation destination. Cities in this area typically boast quaint main streets, artisan-inspired mom and pop shops, along with the advantages of big-city amenities, such as large grocery stores, chain big-box stores, movie theatres, waterslides and even golf courses. One of the biggest draws, however, is the area’s world-class vineyards.
Grapes help the region to grow
The Okanagan Valley wine region is Canada’s second-largest wine-producing area, behind Ontario’s Niagara Peninsula. There are 182 licensed wineries in the area with many located on the shores of Okanagan and Skaha Lakes
The area’s growth took decades but not all neighbourhoods benefitted from the ongoing progress — including a largely neglected waterfront district on the south end of Okanagan Lake and the west side of Penticton’s downtown core. While developers focused on building yet more condos and commercial units in other parts of Penticton, this eastern side of Penticton’s downtown core languished — until Stewart realized the opportunity.
Redefining downtown living
Just minutes from the Penticton River Channel — the waterway that connects the Okanagan and Skaha Lakes — the 35-luxury townhouse project, known as Riverside, started being built in early 2019. Eighteen months later the contemporary project is now complete, right on time.
But getting to this place, took a bit of foresight and work.
In an interview last year, Stewart stated that the project would “totally rejuvenate” the entire neighbourhood. And it did.
The project, known as The Riverside, offers 35 townhomes built on the site of the former Highland Motel and the adjoining Park Royal RV and camping park, located near Riverside Drive, Wylie Street and Burnaby Avenue in Penticton, B.C.
The proverbial shovel hit the dirt at the start of 2019 and now, 18 months later, the project is wrapping up — right on schedule. The result is a new face of Penticton’s east side and 35 large, luxury townhomes in the heart of downtown.
Standards at Riverside are high. All 35 townhomes offer a two-car garage, open plan living and dining, and rooftop and master bedroom decks.
Stewart explained that the vision was to build 35 family-size homes that were suitable for urban professionals, amenity-seeking downsizers, as well as second-property owners who wanted upscale finishes and a worry-free investment.
The units are finished in a contemporary, modern style that includes selected designer finishes, like floor-to-ceiling glass doors that can be folded out of the way to bring the outdoors in or the choice between double master suites or three-bedroom layouts, as well as the rooftop deck equipped with gas barbecue and hot tub.
To optimize suitability, the townhomes come in four distinct layouts and range in size from two-bedroom to four-bedroom units.
“This is the ultimate in luxury living at an affordable price,” says Dylan Nihte, a Zolo Realtor.
The developer hired top-end designers so that each townhome boasts finishes typically found in higher-end Vancouver properties.
The community is minutes away from the waterfront, the city’s events centre, the Penticton Golf & Country Club, and walking distance to downtown restaurants and pubs. While the development began as a potential opportunity for urban professionals to live and work in the city’s core, the development’s flexibility and luxury ended up appealing to a variety of buyers.
Urban professionals love the community’s proximity to downtown; families love the large layout and plenty of storage space; retirees and those looking for a vacation home that is easy to rent out, love the designer, luxury finishes as well as the freedom from home maintenance and yard work. Plus, each unit owner will get access to a fitness centre and a community lounge area.
Units range in size from 2,300 to 2,800 square feet, plus a roof deck that’s approximately 800-square feet and a balcony that’s about 200-square feet.
Prices start at $889,900 plus GST.
For more information, check out the Penticton MLS details.
Developer is familiar with the area
It’s not as if Azura Management is a new kid on the Okanagan block. Azura Management is the same company responsible for building the impressive Sendero Canyon subdivision, a 231-unit single-family home master-planned community on the western edge of Penticton, as well as Sendero Gates Townhomes, a project with 44 townhomes high in the east hills of Penticton.
Both projects are almost sold-out.