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Old Posted Apr 9, 2009, 6:39 PM
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Kelowna Daily Courier Article

Bernard Ave. project rises above recession

2009-04-09


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The recession is not disrupting plans for a 27-storey building on Bernard Avenue.

Kelowna city council has voted to issue a development permit for the highrise, to go up between Scotiabank and Lululemon.

The Vancouver-based Aquilini Development project would have 205 residential suites and street-level commercial spaces.

“I think it‘s a very positive sign that they‘re still wanting to move forward with this project,” said Mayor Sharon Shepherd on Wednesday. “I feel it‘s a very exciting and innovative development.”

Unlike some other recently constructed highrises, suites in the Aquilini project would not be marketed as vacation properties, Shepherd said. More than 40 per cent of the units would have one bedroom.

“Their marketing would be towards people who live and work year-round in Kelowna,” said Shepherd.

The company has struck a density-transfer agreement with the owners of the Lululemon building. What this means is that the Lululemon building will remain substantially as it is, with its future redevelopment potential assigned over to the highrise.

“That agreement will preserve the look of that corner,” Shepherd said.

No timeline was presented to council for construction.

http://www.kelownadailycourier.ca/to...149&type=Local
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