January 25, 2023: Kelowna, BC—After progressing through second and third readings in front of Kelowna City Council this past Monday for bylaw rezoning, Troika is excited to announce that the variance-free development proposal for its rental project in Rutland is another step closer to final approval.
Through approval by City Council, the 0.63-acre development site will be rezoned to Urban Core 4 Rental (UC4r), a subzone that guarantees the development of rental housing. The development project is consistent with the approved zoning bylaw and height map for the area. The next steps for the project are the fourth and final reading and approval of the development permit.
“We are pleased with the outcome of Monday’s Council meeting and ready to move forward to the next phase of the approval process,” says Brad Klassen, Co-CEO, Troika Management Corp. “Building on Kelowna’s Official Community Plan for the Rutland Urban Centre, the end result of this project will be an apartment block that provides much-needed residential rental units in the community.”
The project will see 3 single-family lots—located at 285 Dougall Rd N, 305 Dougall Rd N, and 365 McIntosh Rd—consolidated to build a 6-storey, wood frame rental building that will provide 83 homes. The development will include a variety of amenity spaces, including multi-use green spaces, an outdoor dining and BBQ space, a landscaped communal patio, and more. Residents will also have easy access to public transportation thanks to the building’s location adjacent to the Rutland Transit Exchange. Construction is scheduled to begin in the second quarter of 2023, pending approval.
“The project in Rutland is the first piece of our company’s larger plans to establish an overall rental brand,” adds Klassen. “Beyond this current development, we are looking ahead to two more rental projects, another property in Rutland with a projection of 127 homes, as well as a 1.04 acre site at Gordon Drive and Lawson Avenue.”
Troika has been building sustainable communities since it was founded in 2000. Over the course of its history, the company has developed, built, and managed 2,500 residential units, 300,000 sq. ft. of commercial real estate, and 1,200 acres of land.
Kelowna and area residents will be familiar with numerous residential and commercial projects completed by Troika through the years, including the Lakeshore Medical Building as well as more recent projects, Green Square Vert and West Harbour.