Artistic rendering of Water Street by the Park at 234-278 Leon Avenue and 1620-1630 Water Street in downtown Kelowna. (HDR Architecture/Orchard Park Properties)

By Pete McIntyre

Water Street By The Park

New Kelowna development seeks building permit from city

Jan 13, 2022 | 3:00 PM

A proposed new lakeside development in Kelowna has seen record-setting sales according to the company behind it.

Water Street by the Park is a three-tower, multi-phase development next to City Park in the heart of the downtown.

Orchard Park Properties has submitted a building permit application to the city for the first two towers and site clearing and preparation has now begun.

Construction of Tower One and Two (The Eli) is expected to begin in early 2022.

“To date, 345 units have been sold at the 650-unit development with numerous other purchases currently in the contract process,” said developer Anthony Beyrouti . “Among the notable recent sales in The Eli is the purchase of a 1,383-square foot three-bedroom plus den unit for $1.65 million by a West Kelowna resident.”

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Beyrouti said the sale of that unit, which includes a 435 sq.ft. balcony and views of downtown Kelowna and Okanagan Lake, sets a new pricing benchmark at Water Street by the Park at approximately $1,200 per square foot.

“The demand for new homes in Kelowna is just incredible and it’s coming from all directions,” said Beyrouti, co-founder of Orchard Park Properties. “Our buyers include Kelowna residents who already know and love this city and want that magnificent view they’ve dreamed about for years, as well as people who have vacationed here before or have heard all about Kelowna’s healthier lifestyle, recreation opportunities and its high ranking on national and worldwide livable city rankings.”

For more information, visit www.waterstbythepark.com.