Today we know a little more about 285 Westminster Ave., the .76-acre downtown Penticton property that'll soon bring 75 new residential units into the suddenly surging neighbourhood anchored by the Westminster Avenue and Winnipeg Street intersection.
Just last year, the address didn’t even exist. It was merely part of the much larger 1.5-acre 249 Westminster Ave. parcel, which stretched from Winnipeg to Brunswick. But it's since been subdivided off and work has now begun in earnest.
The development, which will ultimately feature four residential storeys perched above an on-grade level with 2400 square feet of retail space and a parkade, is the first Penticton foray for Kelowna-based property developer Mission Group -- a company known for some rather sophisticated projects in its hometown.
And the developer seems happy with its new Penticton toehold, which will be named "285 Westminster" in honour of its address.
"We've been looking at Penticton for some time," said Mission Group executive vice president Luke Turri late last week in an exclusive interview.
"And we're very excited about this location. There's some great energy and momentum occurring in and around Penticton's downtown, and this location we feel is at the heart of that transforming urban core."
With the exception of four "bachelor" (studio) apartments, the 75 units will be divided almost equally between one-bedroom/one-bathroom and two-bedroom/two-bathroom suites. Each will have a sprinkler-equipped outdoor balcony.
The development will not be stratified. All units are rental only, and Mission Group will handle property management.
"It's definitely part of our long-term portfolio," explained Turri. "We develop, own, and manage our apartment rental portfolio, so we see this as something we'll own in Penticton for a long, long time."
Turri believes the project's high walkability factor is a strong asset.
"We think a missing component in Penticton is modern rental housing in the urban core. I think this will attract people who work downtown and want to live where they don’t have to get in their car every day."
Perks will include a "large landscaped amenity terrace" situated above the parkade that'll incorporate community gardens, a barbecue area, and more. Also in the cards are bike wash and pet wash facilities and an indoor "community amenity room."
Turri sees the ground-level retail space, which can be divided and modified to suit prospective businesses, as "value-added to the residents above and to the surrounding community."
"We'll want to curate the retail environment," he said. "I can see perhaps a food and beverage space, perhaps personal services. We think they'll be become quite sought after."
Though the site is quiet now, there's been no shortage of activity -- and big machinery -- in recent weeks. One of the primary early jobs was sinking large steel piles deep into the dirt.
"When you're in that area near the lake, it requires a little more site preparation," said Turri. "So steel piles were being driven into the ground to create a more stable building platform."
Project completion is estimated for early 2022, with occupancy expected that spring. Unit pricing and interior artist renditions are not yet available.
To enquire about residential rentals at 285 Westminster, head here.
