It’s a stunning and ambitious development, unlike any Penticton has seen in the last decade, and it will likely be a landmark in city’s downtown for years to come.
But Chase Valley’s proposed Front Street complex also represents something else: a firm belief that Penticton offers a solid, long-term investment opportunity.
Chase Valley is a local, family-owned investment company, with its own construction division that takes on developments like Front Street.
Trevor Caine, the company’s president, says the Front Street complex represents a step into the future for Penticton. It’s a mixed use development, in the heart of the city’s downtown, that will bring a bounty of both commercial and residential space to the area.
Although Chase Valley is still talking with the city to get the specifics locked in, Caine says the complex will come together in two phases.
The first will hold 20,000 square feet of mostly office space, complimented by four high-end, two-bedroom residential units. Phase 2 will see an additional 12,000 square feet built, which will add 12 more high-end homes to the complex.
“This will be one of the largest projects the downtown has seen for many years,” he says. “We believe there is a shortage of new, high-quality office space in the city, which is why we are so excited by this project: it gives us the opportunity to provide what we feel there is a strong demand for.”
Perhaps the most exciting thing for Caine is the fact that, even though the building is in design stages, and not yet released, 50 per cent of the commercial space has already been snapped up by renters.
Caine has every intention for the Front Street project to be a flagship development for Penticton’s downtown, and the Chase Valley Group.
He says Chase Valley sees incredible investment potential in the city, and believes Front Street could be the start of a much larger investment into Penticton.
“One of the important things about us is that we are an investment group, and we take a long-term view of our investments. Once this project is finished we’re excited to explore more opportunities downtown and in the surrounding areas,” he said.
“Right now, Chase Valley sees Penticton as an excellent investment opportunity.”
Next month the company will release eight dazzling new “Outlook” homes for sale on the Naramata bench. Other Penticton projects continue to come together. They include four new town homes that will be available for rent on Ellis Street, and new duplexes for sale on Government and Pickering Streets.
For Caine, these projects represent sound investments, and a way to give back to the community.
“We are a local company with local contacts and with local support, and if we can invest in our own community, that’s the best kind of investment,” he says.
This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Okanagan Edge.
All Think Local Stories