Kelowna’s Troika Developments has broken ground on a purpose-built rental building in the city’s midtown urban centre.
The six-story, 160-unit wood-frame building will go up at 1881 Barlee Road, between Harvey Avenue and Springfield Road.
At a groundbreaking on Wednesday (Mar. 26.) Troika CEO, Renee Merrifield, noted that the development is part of the company’s commitment to helping solve B.C.’s and Canada’s housing crisis.
“Just this week we saw the headlines that it now requires an income of $234,000 a year to afford a single-family home,” she added. “That means we have a demographic that is renting longer and renting later in life.”
Merrifield said developments such as Barlee Rd. have never been more important and will provide residents with certainty.
“That they can rent in perpetuity, knowing that they won’t need to leave, and certainty that their living situation is stable and comfortable for as long as they wish.”
Addressing the crowd at the groundbreaking, Kelowna Mayor Tom Dyas pointed out that affordable housing is one of the council’s top priorities.
“By 2031, Kelowna will need approximately 26,000 new homes to address both the current housing deficit and the future demand,” he said. “It is an ambitious goal, and it is one we are tackling head-on. Projects like this, located in transit-oriented areas, are crucial in delivering the homes we need.”
Dyas added the city aims to create a range of housing options that will meet the needs of all Kelowna residents.
“From young families starting out to seniors who want to remain in communities that they helped to build. Troika is playing an important role in this process.”
Troika’s General Manager of Construction, Geoff Pears, said the project is also important to strengthening the local economy.
“A thriving neighbourhood is built on the people who live and work in it. That’s why we’re committed to partnering with local trades, suppliers, and contractors.”
The building design integrates sustainable technologies and materials. Amenities include a gym and recreation area, coworking space, and landscaped courtyard. It is one of four similar developments announced by Troika in 2024.
