Sotheby’s International Realty Canada unveiled the $10 million dollar penthouse at ONE Water Street, developed by North American Development Group (NADG) and Kerkhoff Construction – setting a new benchmark for luxury real estate in the Okanagan region of British Columbia. The landmark property is priced at nearly three times the highest valued condominium reported sold on MLS® (Multiple Listing Service) in the history of the Okanagan, and reflects the evolution of the region’s luxury real estate market as it continues to experience accelerated sales and price growth. The property is an exclusive listing and will not be listed through MLS®

ONE Water Street

Situated high above Lake Okanagan on the 36th storey of the world-class ONE Water Street development’s East tower, the penthouse home crowns the tallest building between Metro Vancouver and Calgary. With soaring floor-to-ceiling windows, the luxurious full-floor suite features 360-degree views of downtown Kelowna, the iconic Lake Okanagan, and surrounding mountain ranges. The expansive soon-to-be-complete residence boasts 4,500 square feet of customizable interior space designed by renowned Toronto-based Gluckstein Design, including a stunning master wing and the opportunity for at least three bedrooms and three-and-a-half bathrooms. An additional 2,600 square feet of exterior living space features a fully-equipped chef’s kitchen and panoramic lake views.

The $10-million penthouse is the premier offering of ONE Water Street’s newly released Reserve Collection, presented by Sotheby’s International Realty Canada. Defining luxury, the Reserve Collection is a distinctive selection of private residences, two-bedroom suites and extraordinary penthouse offerings within the best-selling dual towers.

“Our goal with the ONE Water Street Reserve Collection is to provide an elevated living experience for discerning buyers seeking access to the natural beauty of B.C.’s renowned lake and wine regions, while experiencing the conveniences and amenities of luxurious condominium living,” says Henry Bereznicki, Managing Partner at North American Development Group. “The penthouse is truly the crown jewel of the collection. We believe it will attract demand from a top-tier buyer looking to expand their real estate portfolio with a bespoke, landmark property.”

ONE Water Street

Located in the heart of the Arts and Cultural district of downtown Kelowna, rising elegantly above the waters of Lake Okanagan, ONE Water Street commands the skyline with its two towers at 36 and 29-storeys for the East and West towers respectively. Residents of ONE Water Street enjoy nearby award-winning restaurants, shops and entertainment within walking distance, and exclusive access to The Bench, a 1.3-acre fourth-floor oasis with an abundance of resort-style amenities including two outdoor swimming pools, a hot tub, outdoor lounging with fire pit enclaves, health club with yoga/Pilates studio, entertainment/kitchen area and pickleball court.

The release of the landmark penthouse comes to market at a time when local and global demand for luxury real estate in key B.C. markets is unsatiated, particularly as demand for properties in suburban, recreational and vacation destinations has soared since the start of COVID-19, adds Don Kottick, President and CEO of Sotheby’s International Realty Canada.

“This is a notable and timely listing for the B.C. real estate market. There has been a surge in demand for luxury properties outside of major metropolitan areas since the start of the pandemic, launching cities like Kelowna onto the national and global map,” says Don Kottick, President and CEO of Sotheby’s International Realty Canada. “While many luxury real estate buyers are seeking primary and vacation homes that will offer more space and better access to the outdoors, many also desire the convenience, security and high-end amenities of condominium living. The ONE Water Street penthouse offering is uniquely positioned to appeal to this demand.”

The property, which comes to market two months following the release of BC Assessment’s list of top appraised properties, clocks in just shy of Kelowna’s most valuable property, a waterfront single family home assessed at $10.7-million.

ONE Water Street JV Partnership 
A powerful collaboration. World class standards.

North American Development Group (NADG)
A leading real estate developer since 1977, North American Development Group (NADG) possesses a rich local and international history, offering development expertise and industry knowledge to a variety of markets. NADG is attuned to how people want to live, and expertly design living and retail experiences that align with desired lifestyles. For further information, visit www.nadg.com

Kerkhoff
With over 50 years of forward-thinking experience, Kerkhoff is known for their elevated sense of reliability and integrity. Applying their expertise to projects in BC and around the world, Kerkhoff changes skylines and builds landmarks. For further information, visit www.kerkhoff.ca

About Sotheby’s International Realty Canada
Combining the world’s most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby’s International Realty Canada is the leading real estate sales and marketing company for the country’s most exceptional properties. With offices in over 30 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivalled local and international marketing solutions and a global affiliate sales network of approximately 1,000 offices in 71+ countries and territories to manage the real estate portfolios of discerning clients from around the world. For further information, visit www.sothebysrealty.ca.