There's wow factor.
And then there's WOW factor.
And the just-finished 42-storey Eli condominium tower downtown on Leon Avenue definitely has WOW factor.
Not only is it Kelowna's tallest building, it's a curved black-and-white architectural showpiece, an address that redefines Kelowna's skyline.
"Of course, it's distinctive and it sets the bar really high," said Anthony Beyrouti, who developed the skyscraper with business partner Apriano Meola under the company name Orchard Park Properties.
"It's not just the highest building, but it's the highest quality. We wanted to build something that not just the people who lived in it would be proud of, but the whole city would be proud of."
While the name of the development company is Orchard Park Properties, the name of the development is Water Street by the Park, a nod to its Water Street and Leon Avenue location just off City Park and Okanagan Lake.
@kelownanow.com Wowza! Check out the full story on the 42-storey Eli condominium tower at KelownaNow.com
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The first two towers are finished and people are moving in.
The 156-unit, 24-storey Tower 1 is on Water Street and the 340-condo Eli building is at 238 Leon Ave.
By the way, the Eli is named after Beyrouti's five-year-old son, who was just age 2 when construction started.
At 42-storeys, Eli reaches higher into the sky than Kelowna's previous tallest building -- the 36-storey One Water Street East condo tower.
The Eli will be eclipsed by just one floor when the under-construction, 43 storey UBCO downtown vertical campus and residence is completed at the corner of Doyle Avenue and St. Paul Street in two or three years.
Beyrouti isn't revealing the cost of construction of the two towers, but did say: "It's a lot."
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Beyrouti toured KelownaNow through the two newly completed towers Tuesday.
And they were resplendent in the October sun, with light pouring in the floor-to-ceiling windows of the condominiums, the pool and amenities decks glittering and the views popping from every floor, especially the top one at 42 storeys.
Speaking of the 42nd floor, #4205 penthouse has 15-foot ceilings, massive windows framing the views of park, lake, mountains and city, features an open-concept kitchen, dining and living room, three bedrooms and a den over 1,350 square feet and a balcony that wraps along the south and west sides of the building.
It's for sale in the $3-million range.
Beyrouti didn't want to specify.
80% of the condos were sold as pre-sales, which means now that the building is finished about 90% of those who purchased have moved in.
Pre-sales started in the mid-$300,000s for a one-bedroom, one-bathroom unit.
Beyrouti said a limited inventory of a few condos are still available.
For instance, a quick look online sees a 15th floor three-bedroom, two-bathroom, 1,418-square-foot condo listed for sale for $1.329 million; a two-bed, two-bath, 893-square-foot unit on the 17th floor listed for sale for $829,900 and a one-bed, one-bath, 522-square foot condo on the 15th floor is listed for sale for $475,000.
Strata fees are 57 cents per square foot per month, which means that 522-square-foot condo would have strata of $297.54 a month.
Beyrouti said they also decided to go "over-the-top" with the shared amenities space on the 6th floor to stand out from other developments.
It includes an outdoor pool with beds for two and loungers and two hot tubs, outdoor couch groupings with fire tables, barbecues and dining tables, sauna and steam room, gym with outdoor 40-yard-dash track, indoor lounge, games room, movie room, wine room, indoor and outdoor putting greens, golf simulator, co-work space and business centre with boardroom, arts room and indoor playground for kids.
Most of the purchasers fit into one of three categories -- downsizers from the Okanagan and the Lower Mainland, those who want a summer home and those that bought to rent out the unit as a revenue generator.
There are six, ground-floor storefronts along Leon Avenue and Water Street with the first one leased to Sweet Cloud Ice Cream.
With market conditions being tough right now, there's no set construction start for the third tower of the Water Street by the Park development on the other side of Leon Avenue.
It's planned to be 28 storeys and of similar design.
