Architectural rendering of the Penticton Health and Innovation District
PENTICTON – A pair of developers from Richmond have completed the largest commercial real estate transaction in the Okanagan this year.
The Stryke Group and partners the Tien Sher Group of Companies officially closed the acquisition of a 10-acre parcel of land at 1704 Government Street adjacent to Penticton General Hospital, upon which they plan to build over 100,000 square feet of retail, office and commercial space and up to 1,500 homes in a mixed use development over the next 10 years that is currently called the Penticton Health And Innovation District.
Stryke Group Managing Director Rocky Sethi
“This rare site features an incredible location and provides the opportunity to develop a truly innovative community, in phases with multiple uses which help ensure the success of the project long-term, despite the economic headwinds,” states Stryke Group Managing Director Rocky Sethi. “We will invest upwards of $800 million into this project, delivering much needed civic infrastructure upgrades, and over $2 million in DCCs (Development Cost Charges).
“The economic benefit of this project will include the creation of hundreds of local jobs during construction and space for upwards of 300 permanent workers on site at full build out.”
Sethi thanked City of Penticton staff for their assistance in moving the project ahead, his team of Bob Shoker, Deep Dhillon, and Jacqueline Deng, along with partners at Tien Sher Group of Companies, and Valley First, a division of First West Credit Union, for backing the project.
“Together, we will bring much needed housing for those that work at the hospital and surrounding businesses in the city,” Sethi says. “This community will promote walkability, and encourage non-vehicular movement through careful placemaking and urban design.”
Bob Shoker
The completed project is expected to include 11 buildings from 6-12 storeys in height, and it is aimed at medical professionals looking for high quality space, as there will be a Class A office building on the site, as part of the first phase. The developers are also promising to deliver high quality, pedestrian oriented retail, with access to users’ groups at the hospital, and surrounding business park.
They add that hotel uses, seniors/independent living, and other possible will be included as a part of future phases.
“Congratulations to all of us, as we will all benefit from this project,” states Penticton and Wine Country Chamber of Commerce Executive Director Michael Magnusson. “Thank you to Rocky and the Stryke Group for being so engaged with the community from day one. It was never a ‘this is what we’re going to do’ attitude, it was a ‘here is our vision to provide Penticton with something that is needed, so how do we work together to mitigate any concerns and make this a reality?’”
Sethi is a real estate development and construction professional with more than 20 years’ experience across Western Canada, and his experience covers land acquisition, development, construction, marketing, and sales of projects including tract development in Alberta, high rise development and construction in Metro Vancouver and Calgary, as well as wood frame apartments, townhomes across Western Canada.
He has been involved in the City of Vancouver’s Mass Timber Committee, Portland Mass Timber Conference (2022) and has been involved in more than 700 residential mass timber homes thus far.
The Stryke Group is also working on development approvals for a mixed-use development in Delta that will result in 330 homes and 40,000 square feet of retail and office space, as well as one in Kelowna that could have 800 homes with 50,000 square feet of retail.
They have built townhomes in Kelowna, and nearly 600,000 square feet of residential housing and over 75,000 square feet of commercial in as master planned community in the Beltline neighbourhood of Calgary, Alberta.
Business Examiner Staff