More Development in Penticton

More Development in Penticton

Postby Rosemary1 » Jan 30th, 2013, 12:33 am

Work seems to have started for the approved high end retirement complex at the corner of Wilson and Yorkton.
I am puzzled by developers who continue to be build condos etc. given the inventory of condos and townhouses that remain vacant or for sale at greatly reduced prices or end up with rentals. Just does not seem like good business decisions.... I am also surprised that our Council continues to approve more development.

Does anyone have any thoughts on rationale behind all this?

Who are the target retirees for this latest development? In my personal experience the retirees that can afford a higher end retirement accomodations seem to be mostly from cities like Vancouver . For this group, Kelowna and Osoyoos seem to be their preferred destination. We do have lots of retirees from prairies who prefer to be in their own home with some private outdoor space it seems. I must be missing something . Can anyone enlighten me? Who is the target group of retirees this latest development is hoping to attract?
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Re: More Development in Penticton

Postby glassmaster » Jan 30th, 2013, 9:12 am

The new retirement complex sounds like it will be an upscale retirement home. I believe it is more along the lines of 'assisted living' with some care being available ... and some nice amenities. Resort style living - but for folks that need some care. If I have read that correctly, it would provide a different option for those that need some care but don't want to go in to the types of facilities now available.

As far as the market goes ... I also believe that these units will be rentals ... but I'm not positive about that. There are plenty of retirees from Vancouver, Alberta, and even the North Okanagan that would like to live in a resort-style Retirement complex in this area. It sounds like it is entirely different than 'just a condo complex' ... and I think there will be a market it.
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Re: More Development in Penticton

Postby fluffy » Feb 1st, 2013, 2:58 pm

I've been hearing quiet rumblings about people getting pushed out of Riva Ridge. Anybody else?
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Re: More Development in Penticton

Postby nepal » Feb 3rd, 2013, 10:31 am

Could be that there are people from the Prairies and Coast who are looking to Penticton as the relaxed, warm, community in the Okanagan valley to retire to. Also, there are some people already in the South Okanagan who are at a stage in life where they can afford the lifestyle this project will provide. Maybe some will come from Kelowna, who now find Kel too big and congested with traffic etc (I've recently met a few couples who have moved to Pent from Kel). I think this developer has already done a very nice and successful development in that end to town...Sandbridge? They know Penticton is a good place to be, as do many already here.
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