Tower 2 of the lakefront, 325-condo development hits 60% sale threshhold

Stober Group is the latest developer flouting conventional wisdom by betting the housing market isn’t too depressed to sell and complete projects.

And while the 10-storey first tower of Stober Group’s two-phase Kelowna-based project, Movala, sold out in a flash amid propitious conditions three years ago, its 14-storey second phase is currently 60 per cent sold, despite a decidedly rockier market.

That’s because Movala was brought to market with intention, Lisa Lock, CEO of Stober Group, told RENX.

“The way the market and economy are right now, there’s a gap in the middle, and the luxury buyer is still active in the market,” she said. “They’re less affected by fluctuations in interest rates because they’re a little more mature.”

Those buyers are typically nothing if not discerning, as Stober Group is all too aware, but it knew how to get their attention.

The Kelowna-based developer chose the city’s coveted South Pandosy neighbourhood — think Vancouver’s Kitsilano, Toronto’s Queen West, Montreal’s Lower Plateau — where residents will have seamless waterfront access.

It only begins with the location, Lock said

Optimizing space at Movala

Movala comprises 325 units across two towers, optimizing space with suite sizes ranging from 525 to 2,031 square feet in the 10-storey building, and 507 to 2,914 square feet in the second tower. While prices begin at around half a million dollars, they escalate to $3.4 million.

Indoor and outdoor amenity space is in excess of 40,000 square feet, while the retail component is just under 17,000 square feet.

That required Stober Group flouting yet more conventional wisdom by hiring Begrand Fast Design Inc., a company whose body of work spans major American and Canadian cities, to conceptualize the interiors.

“Typically when you do a multifamily project, you have to work with interior designers used to working with multifamily products, but the bulk of Begrand Fast’s work is in single-family homes,” Lock said.

The result is a condominium development offering such an array of floor plans that, internally, Stober Group has jettisoned jargon like “Floor Plan A, B or C,” Lock said.

“They have a very large client base here,” she added of Begrand Fast, “and using them has been a really incredible pay-out for us because they’re known in the local market, known for their quality and for their luxury-end product. The specification they’ve come up with for this project has really hit the market and have done really well.”

Those specifications are especially salient to the buyers Stober Group is targeting with Movala. Liquid and equity-rich, vagaries in the economy don’t matter much to these mature buyers’ sharp eyes.

“Single-family home and design aesthetic”

Nicole Begrand-Fast, founder and creative director, lent her personal expertise to the project and married single-family sensibility to vertical-build reality.

“It’s very rare for (single-family design to be used in condos),” Lock said. “I’ve been doing this for over 20 years and I don’t know that I’ve seen an example of this.

“It’s the larger scale that requires more co-ordination. You have to source products that are suited for multifamily, which Nicole did a fantastic job with. That single-family home and design aesthetic really appeals to our target market.”

Lock said Stober Group also struck gold using Greyback Construction because the project is being delivered on budget — another rarity in her 20-plus years in the industry. But it’s especially impressive considering chaotic price fluctuations for construction materials that have wreaked havoc on development pro formas since the pandemic began.

The company, however, also benefits from an intimate knowledge of the market. Stober Group was founded in the Okanagan in 1957 by Al Stober. It is now a second-generation, family-operated firm under siblings Carolyn and Ken Stober who also administer the family’s community foundation.

Lock joined Stober Group as COO in May of 2023, and stepped into the CEO’s role in November.

‘Kelownafornia’

Although Movala is demonstrating savvy marketing can surmount external variables like economic uncertainty, there is clearly something else brewing in B.C.’s Okanagan Valley — despite two years of languid market activity.

Taylor Musseau, partner and EVP of sales and marketing at MLA Okanagan, said the region’s good weather, bucolic scenery and abundant outdoor activities have attracted young blood.

That’s especially true of what she called “Kelownafornia” — and despite the local 19-year-old University of British Columbia satellite campus.

“I’ve been here my whole life and it had more of a retirement demographic maybe 10 years ago, but now there’s a lot of tech jobs here and a stronger younger demographic,” she said. “Demographics in Kelowna have, overall, shifted.”

The price of a single-family home in Kelowna has dipped below $1 million partly as a result of weaker market activity, but there could be another reason at play — one that might provide insight into just how the city is changing.

“We are adding more condos, so that’s probably bringing down the benchmark price,” she said. “We’re becoming a pretty young city that’s just starting to add more density with more smaller forms of homes at different price points.

“We’re catering more to investor buyers, young buyers, and younger people in general.”

But tailwinds remain.

Buyers largely remain on the sidelines as local tourism — the area is renowned for its copious wineries, trails and lakes — has slowed. It’s no coincidence that Kelowna recently introduced severe short-term rental strictures, and that could also have ramifications for the city’s burgeoning condo market.

However, Musseau believes the Bank of Canada dropping its overnight lending rate by three-quarters of a point in recent months is, instead, a buoyant trendline.

“We just need to see a few more of those, so it’s going to take a little bit of time,” she said. “But we’re certainly in the right direction.”

For Lisa, success isn’t just about the bottom line—it’s about the heartbeat of a project. “Post-COVID, there’s been a paradigm shift in how people see themselves and their work. Today, if something doesn’t align with their inner compass, it’s a no-go,” she shares. People are on a quest for genuine connections, focusing on what truly matters.

In an industry where women are still finding their footing, Lisa stands out not just for her position but for the fresh energy she brings. She believes women have a unique edge—empathy, compassion, and intuition—that adds balance to real estate development. It’s about more than just numbers; it’s about nurturing a vision that resonates with people.

At the helm of Stober Group, Lisa is crafting communities that are not just places to live but experiences to savor. Her philosophy? Build with authenticity and create spaces that echo the local vibe. This vision is embodied in Stober Group’s first condominium project, Movala. “Movala is a love letter to the Okanagan, embracing more than just its famous lakes,” Lisa explains. “We’ve designed homes that mirror the true essence of life and are prime investments in the region. Think luxurious, spacious homes nestled in a neighborhood that celebrates the Okanagan’s stunning four seasons.”

Lisa’s leadership marks a transformation in how developments are viewed. It’s not just about selling condos; it’s about building lasting communities. Stober Group’s legacy of over six decades in the Okanagan speaks to this commitment, with over 1,000 rental homes and 1.1 million square feet of commercial space crafted with care and connection.

“Developers hold the responsibility of nurturing our communities,” Lisa asserts. “Our mission is deeply rooted in creating spaces that foster genuine interactions and strong bonds.” Through her visionary leadership, Lisa Lock is infusing real estate with a soulful touch, proving that when you build with heart, you create something truly extraordinary.

Phase Two of Movala debuted this past month, with a new look and feel. You’ll definitely want to head over to the website to learn more!

This latest addition to the Central Green master-planned community, built by Stober Group and managed by LMP Property Management, promises a harmonious blend of urban living and picturesque greenery—with the welcoming Rowcliffe Park just a stone’s throw away. Park Central, located at 1720 Richter St., is not just a building; it’s home to a diverse range of living spaces, from micro suites to two-bedroom apartments, all within a pet-friendly environment.

Park Central signifies a pivotal moment as one of the last two structures to complete the visionary Central Green master-planned community. This development isn’t just about adding buildings to the landscape; it’s about creating a living, breathing community where every resident feels a sense of belonging.

“At the heart of Park Central lies our commitment to fostering a vibrant, inclusive community where every individual can find their place and thrive,” Stober Group CEO Lisa Lock says.

Strategically located, Park Central boasts unrivalled connectedness. The anticipated pedestrian overpass will soon bridge residents directly to the downtown UBCO campus and other bustling areas of downtown Kelowna. This seamless integration into the city’s fabric ensures that the best of Kelowna is just a stroll away.

The array of amenities at Park Central speaks to the thoughtfulness behind its design. Residents can gather and forge lasting memories in the social lounge, complete with a kitchen. Fitness enthusiasts will revel in the fully equipped gym, while the under-building car park and secure bike storage add a layer of convenience and security. The vision extends beyond the present, with plans for an indoor pet washing station in the neighbouring sister building, Park Plaza, enhancing the pet-friendly ethos of the community. Moreover, the convenience of an on-site building manager underscores a commitment to a worry-free living experience, supported by a dedicated tenant service team.

Louise Pelletier, managing broker for LMP Property Management, shares the growing anticipation for Park Central, stating, “We are excited to offer a rental option that embodies the heart of Kelowna, seamlessly blending community and convenience. Park Central is more than just a place to live; it’s about embracing a lifestyle enriched by the best of Kelowna.”

With monthly rentals starting from $1,325 for micros, $1,425 for studios, $1,750 for one-bedroom homes, $1,850 for one-bedroom plus den, and $2,175 for two-bedroom apartments, Park Central extends an invitation to diverse lifestyles and budgets. Leasing is set to commence in July, and anyone interested in becoming a part of this vibrant community can register here.

Park Central is more than a building; it’s a cornerstone of the Central Green master-planned community, offering a lifestyle that intertwines the energy of urban living with the tranquility of nature. It stands as a testament to the vision of creating spaces where life’s moments are not just lived but cherished.

Welcome to Park Central, where community and connectivity converge in the heart of Kelowna.

Lock joined Stober Group in May 2023 as the Chief Operating Officer (COO) and quickly made her mark by demonstrating exceptional leadership qualities. Her promotion to CEO within just a few short months highlights her remarkable abilities to guide and inspire the team.

Commenting on her new role, Lock said, “I am honoured and excited to lead Stober Group as CEO. I believe in the power of collaboration, the importance of community, and the potential for positive change through thoughtful real estate development. I look forward to working closely with our dedicated team and continuing to uphold our commitment to enriching lives and spaces.”

With over two decades of executive experience in the real estate development industry, Lock has successfully led large-scale projects and collaborations across diverse communities. Her extensive background includes key roles at prominent organizations, including Concert Properties in Vancouver, and Mission Group Enterprises & Lorval Developments Ltd. in Kelowna. From the Lower Mainland to Vancouver Island and the Okanagan, her leadership has left a lasting impact on communities across the region.

Co-Owner and Director of Stober Group, Carolyn Stober, expressed her enthusiasm about Lock’s leadership, saying, “We are thrilled to have Lisa as our CEO. Her passion for people, her commitment to community values, and her extensive industry expertise position her as the ideal leader to propel Stober Group forward. We have immense faith in her ability to embody and advance the vision and values that have been the cornerstone of our company. Under her leadership, we are confident in a future filled with exciting possibilities and continued dedication to excellence in real estate development and community building.”

Under Lock’s leadership, Stober Group is committed to pushing boundaries, leading change, and pursuing excellence in the world of real estate development and community building.