Major development project near PRH enters next steps
The Okanagan’s largest commercial transaction is now complete, and paves the way for a mixed use master planned community adjacent to Penticton Regional Hospital.
The property was approved for an OCP amendment in October, by unanimous approval of City Council, and is the first step of an $800-Million investment program over next 10 years. The OCP was amended to permit redevelopment for housing, retail and office development, and will create several hundred jobs locally when under construction, and a further 300-permanent jobs, when completed. It will also increase the tax base significantly, by more than 10-fold once complete, and deliver much needed infrastructure upgrades in addition to development cost charges totaling over $2M.
“Our investment in the City of Penticton and the Okanagan underscores our faith in one of the fastest growing regions in Canada,” says Stryke Group’s managing director Rocky Sethi. “We are proud to be working with local businesses and consulting firms to ensure a true regional understanding of design. We are also thrilled to work with local lender Valley First on financing, to bring this project to life.”
“With Penticton voted one of the most livable cities in Canada, the secret is getting out that this is a great place for young professionals,” says Penticton Mayor Julius Bloomfield. “The City of Penticton is pleased to be working with some of the best developers to bring much needed housing to accommodate our growing needs. The City prides itself on being proactive in the planning and approval processes to ensure we have a balanced supply of housing to fit the large variety of demands of our community.”
The development will be spearheaded by two developers – Stryke Group and Tien Sher Group of Companies (Richmond, BC), who have an experienced and visionary partnership, with over 58 years of combined experience. They will construct 11 buildings ranging from six- to 12-storeys, in wood frame and mass timber. This will result in up to 1,500 residential homes (condos and rental), retail space, medical professional offices, independent living and hotel uses, all located directly across the street from the Penticton Regional Hospital. Stryke and Tien Sher have developed master-planned communities in Downtown Calgary, Edmonton, Whalley - Surrey City Centre and Vancouver and have an ongoing commitment to community values.
“We have enjoyed a strong working relationship with the City of Penticton and look forward to bringing this project to construction in 2024, when both commercial leasing & residential opportunities will begin,” says Rocky Sethi. “The process in Penticton has been very efficient and we thank both City Council and staff for being open and proactive in their approach to the project. We are not just building structures, we are cultivating a community, that reflects the best of Penticton, and the Okanagan.”