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Watermark Beach Resort

Media Coverage

Kelowna Daily Courier, October 10, 2006.

More than 70 per cent of units have already been sold

Byline: John Moorhouse

OSOYOOS -- After years of community debate - and at least two ownership changes - development of the former packing house property on the Osoyoos lakefront is set to begin.

The $75-million Watermark Beach Resort has already made a splash with investors. More than 70 per cent of the 153 units were sold in a one-day sales event in Vancouver last week.

Glen Harris of Vancouver, development manager and a partner in the project, said construction is expected to get underway within the next six weeks and be completed by September 2008.

The Watermark will feature a main four-storey horseshoe-shaped building, with 30 beachfront townhouse units on the south side of the 1.7-hectare property. The resort also includes a 200-seat convention centre, a health club/spa, retail boutiques and an upscale restaurant.

The former packing house property has been eyed for development for years. Harris said public access to the entire 300-metre stretch of waterfront directly in front of the property will be maintained.

"I think, collectively, everyone wanted to see this site developed, but there's a variety of opinions on what they wanted to see," he said.

"Certainly, they wanted to know there was some public access to that, and we've been very respectful to ensure that pathways, beachways, convention space, the retail space, the restaurants all of that stuff is great for the whole community use."

An earlier proposal to build a 12-storey hotel and convention centre on the site was dropped after considerable community opposition to such a highrise during a public hearing in June 2005.

"Even in that public hearing, I think they liked us as a team and they liked the idea of a resort. They just didn't like the idea of a 12-storey tower on the property," he said.

Harris said the four-storey project spreads the development out along the property.

"This is a much better design for a resort user. You're closer to the water," he said. "You don't really want to go to a beach resort and be 10 storeys up in the air."

The resort will also create a public lakefront walkway along its property, which will connect to other walkways in the area.

The 123 studio to two-bedroom units in the main building are priced from $220,000 to $850,000 for the two penthouses.

Townhouse units are priced up to $750,000. All units will be fully furnished.

Harris noted both penthouses and all the larger townhouse units have been sold.

The project will be further marketed during an upcoming sales tour in Alberta.