PC Urban is launching a new flex commercial and office strata development, part of a larger mixed-use project in the emerging Packing District in downtown Kelowna.
Powerhouse at Packer’s Junction will be the Vancouver-based company’s fourth project in the past seven years in the central B.C. city. The two-building, 56,000-square-foot commercial and office site will be built on 1.5 acres at Clement and Richter Streets.
Located at the gateway to The Packing District, Powerhouse at Packer’s Junction is part of a larger development that includes 19,000 square feet of for-lease retail space and 158 units of residential rental called The Lodges.
Packer’s Junction is the name of the full development, which will be constructed in five phases. Phase 1 is the apartment complex with retail, which is now under construction with occupancy planned for late 2020.
Phase 2 is Powerhouse, with construction to commence in February and occupancy also slated for late 2020.
With mixed zoning allowing for multiple uses, the site will ease the transition between existing residential to the west and heavier industrial to the north, as well as providing new job creation space in the area.
“It’s really exciting to be part of developing something that will really offer the area an opportunity to grow and to be part of the renaissance happening at the north end of downtown Kelowna,” said PC Urban CEO Brent Sawchyn in a release Monday.
“Growth area of downtown Kelowna”
The neighbourhood is becoming a more vibrant area which is planned as a district where people can live, work and play, says Steve Laursen, a broker with Royal LePage Kelowna.
The area has more than 750 new residential rental and strata units planned to come on-stream during next few years.
That means local businesses are recognizing the need for services and amenities in the area. He said the development is seeing interest from tech, medical, health and fitness, breweries and other retailers.
“This is the growth area of downtown Kelowna,” Laursen said in the release. “We are offering a rare opportunity for local businesses to purchase high-end, funky, office and retail strata space in the Yaletown of Kelowna.
“This is something that really appeals to local businesses and investors that want to own their own real estate in the new village of downtown Kelowna’s north end.”
Powerhouse will offer small-bay, commercial flex strata properties for retail on the main floor and upper floor office space with pricing starting at $379,000 for about 950 square feet of office space.
All units have grade loading, 20- to 22-foot ceiling heights, high-efficiency lighting, sprinkler systems and features such as built-in, upper-floor flex space.
The company is kicking off sales of the units this week.
“Kelowna shows strong economic fundamentals and PC Urban expects the city and this particular neighbourhood to grow,” says Sawchyn.
“We’ve always liked Kelowna because it has a diversified economy, in-migration and a burgeoning tech scene drawing young professionals.”
About PC Urban:
PC Urban is a real estate development and investment company specializing in re-imagining commercial and residential properties. Its projects span all asset classes – retail, office, industrial and multifamily.
Previous projects include a heritage industrial building redevelopment in Mt. Pleasant and industrial strata developments in Vancouver, Kelowna and Calgary.
Currently, the company has more than 750,000 square feet of commercial and retail under construction, and 440 residential units, across Western Canada.