A developer building a townhouse project on Kelowna’s Knox Mountain says the homes offer an unbeatable combination of excellent location and prices, plus an opportunity for buyers to nearly eliminate their utility bills by harnessing solar energy.
Promontory, which is opening its presentation centre on the property on June 19, is a phased development of 120 one-level and stacked townhomes overlooking Dilworth Bluff and Kelowna’s downtown, says Bob Fraser, who is developing the property.
The homes, which will be built in phases with the first group of homes completed by winter 2020, will be constructed in separate buildings of between nine and 11 units in a neighbourhood of upscale single-family homes. While some townhouses will be stacked three-level homes, one-level townhouses will be built on the upper reaches of Promontory’s property, he said.
All homes will come with stainless steel appliance packages, quartz countertops and luxury vinyl planking flooring in the living areas. The development also takes advantage of the Okanagan’s legendary sunshine. “We are planning to put a solar system on the property and it’s going to be quite a robust system,” Fraser said. “I think we are unique in having location, price point and innovation. It is one of the first green and clean (multi-family) solar projects out there.”
Fraser, who has been building homes throughout B.C. for more than 25 years, said the solar energy system will feature solar panels on each roof of the development. There will be a minimum of four panels in the “builder’s package” that will supply sufficient power to heat and cool the homes without relying on utility companies. Additional panels will be offered to provide energy for the stove and other appliances, including an air-purification system. Also being offered is the option of installing an electric car charger, which will draw energy from the solar panels. The solar panels will come with a 25-year warranty.
Buyers will also have the option of having installed lithium batteries that would enable them to store energy that would see them through a four or five-day interruption in power supplied through the local power grid, Fraser said.
So far, Promontory has attracted a lot of interest from investors, mainly from Metro Vancouver, with nine contracts for homes already signed and nine more awaiting finalization, Fraser said. Investors, who are paying an average price of $350,000 for a two-bedroom home, are attracted to Kelowna’s strong economy and low vacancy rate, hovering around 1.2 per cent.
Todd Farrer, Promontory’s sales director, said the development is also drawing interest from local first-time buyers, as well as young people considering a move to the Okanagan from Metro Vancouver.
“We have young people who don’t own anything in Vancouver who are looking to move to Kelowna to purchase a nice home in a great location,” he said. He said they know they will be able to move here and get a job and make the same amount as they would in Vancouver after their lower expenses are taken into account.
The development will ultimately feature walkways, lawns, and landscaped areas, including a community garden, gazebo, and children’s play area. There are nine layouts available, ranging in size from 460 to 1,348 square feet.
Aldergrove’s Dawn Krepinak and her husband first heard of Promontory when they attended the B.C. Home Show in Vancouver earlier this year. They ended up purchasing an 839-square-foot unit with one bedroom and a den.
“Ours is purely an investment. If the rent can cover the mortgage, then we thought we should try it. And if the rent is going to help with our retirement, then we should go for it,” she said. The couple figured a home with one bedroom and a den townhouse was their safest bet because it gives a tenant the option of taking in another in the den if it was necessary to reduce rental costs.
Project address: 685 Boynton Place, Kelowna
Project scope: a total of 120 one-, two- and three-bedroom one-level and stacked townhomes on Knox Mountain overlooking Kelowna Golf and Country Club, Dilworth Bluff and downtown Kelowna, a five-minute drive away
Prices: homes range from 460 sq. ft. to 1,348 sq. ft. with prices starting at $249,900 and ranging up to $539,900
Developer: Promontory Developments Inc.
Architect: Riddell Architects
Interior designer: Hatch Interior Design
Sales centre: 685 Boynton Place, Kelowna
Hours: noon — 5 p.m. daily (opens June 19)
Sales phone: (250) 685-8811
First phase completion: Winter 2020