Potential for Monaco site limited, says developer

Developer disappointed with Kelowna city council's decision

The team behind the Monaco may have whet public appetite for high-density living in the downtown core, but it will likely go unsatisfied for awhile.

“We’ll have to think long and hard— we don’t have a plan B, ” said Tyler Dueck of Premier Pacific Group, following Kelowna city council’s unanimous rejection of the dual high-rise plan.

“It’s back to the table to talk about what we do: Whether it sits as-is or we can come up with a development.”

Mayor Walter Gray has already said his council would like to see Premier Pacific come back to the table with an altered proposal for  the corner of St. Paul Street and Doyle Avenue, but Dueck pointed out that there has to be an economic incentive.

Variations, such as a single tower, which may be more appealing to the public would decrease economic viability.  That in turn would nix possibilities for a lot of the amenities—such as an art gallery, green roofs and car shares— that made the project appealing both to local politicians and the portion of the community that came out in support of the project.

That leaves the option of building a project that mirrors its neighbour, but Dueck said  the company isn’t interested in “single usage property geared only toward high end home buyers.”

All in all it’s a disappointing conclusion, said Dueck.

“I am actually saddened, it was a product for my demographic, we had a great following from the people from UBC and downtown businesses who wanted our price point, the art gallery and the outdoor living space,” he said.

“I thought there would be more value put on affordability, arts amenities and the green living compared to the variances we requested.”

Overall  the silent majority will lose with the death of the plan, he said, pointing to local opinion polls where the Madison gained a lot of support.

 

Kelowna Capital News