67: Penticton's $1B Innovation District with Stryke Group's Rocky Sethi

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back to the Kelowna Real Estate
Podcast.

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I'm your mortgage broker host,
Taylor Atkinson.

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And I'm your real estate agent
host, Matt Glenn.

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And we got some news.

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Actually, everybody got some news,

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but we're going the deepest in.

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Yeah.

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I mean, I wish we could break this
news on the day, but obviously, we

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got to do these pre-recorded so
our awesome producers can make us

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sound smarter than we are.

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But today's June 5th when we're

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recording this.

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Obviously, Bank of Canada

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announcement for the overnight
rate.

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We've finally seen a decrease
first time in four years.

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So it's good news.

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First time since 2020.

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First time since the pot.

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All we talk about on this thing is

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bad news coming through the pipe.

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So we've got some good news.

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Finally, things are looking up.

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And it's even sunny today too.

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I just feel like the whole world's
back to normal.

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Everyone can go out and start
overspending again.

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It's fine.

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fine everything's fine the been

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doing that the whole time dude our
memories are because yeah you know

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for the last four years everyone's
like tiff macklin you know bank of

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canada governor oh he's the worst
ever this is terrible terrible and

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now today it's like he probably
just made 40 million best friends

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everyone's like ah that guy's
incredible I've always had faith

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in him.

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Hallelujah.

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It's honestly, thank God.

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Like we all knew it was coming.

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It was like an 80% chance or
something had happened today.

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And obviously it did.

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So like, that was awesome.

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Yeah.

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We need more, but it is a start.

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We're in the right direction.

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Yeah.

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And if people want to learn about
it quite a bit more, our recent

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episodes with Scott Beaton and
Brendan Augmentson, we really dive

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into the next kind of two to three
year projections on fixed and

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variable rate.

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What this means right now, so

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there's a 25 basis point or
quarter point reduction in prime

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lending or overnight rate.

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Essentially, anyone with a

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variable, adjustable, static
variable rate mortgage, they'll

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either see their payments decrease
right away, or they'll see their

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amortization start to decrease.

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Now, some of those static

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payments, it doesn't change the
payment, but it increases your

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amortization.

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So a lot of people might be on a

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40 or 50 year amortization right
now, that will finally start to

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fall back in line.

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And that's kind of the purpose of

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those static payment methods is it
softens the blow of the interest

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rate, but it just lengthens or
shortens the amortization.

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So it won't do anything to people
that are probably pre-approved

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because most people are
pre-approved on a fixed product.

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And it probably won't do much for
purchasing power because most

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people are buying on maybe a
three-year fixed or sometimes even

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a five-year fixed right now.

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So it won't change a lot other

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than probably the confidence in
the market.

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And, you know, you can probably
speak to that the most, like, are

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you finally having now those
buyers that have been sitting on

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the sideline?
Like, Hey, I'm ready to go now.

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Send me some listings.

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Just today.

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My phone has started lighting up a
bit.

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Like I got an offer on one
listing.

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I had like three buyers that
called and want to go see some

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property.

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So immediate effects coming in.

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That's awesome.

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I think you're right.

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It's not like so much in the price
or not that much of an actual

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difference, but in mindset change
is just crazy.

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Right.

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It's like, we're finally cresting

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the hill where it feels like we're
getting closer to the side.

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Yeah.

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And it does help stabilize our

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economy as well.

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A lot of the businesses are on,

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you know, operating lines of
credit or construction financing.

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And we talked about that with
Scott Beaton as well.

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We've seen a decrease in these
projects because it's super costly

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for developers.

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This is the right move.

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It's the right direction.

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It's been a long time coming.

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So Taylor, I have heard a few
people reach out and just like on

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social media, talk about buying
pre-sales, like kind of getting

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into that game now that things are
starting to come over.

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Like, what are your thoughts on
Yeah.

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I mean, Brendan Oglinson posted
this morning that over the next 18

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months, we should probably see a
percent and a half to 2% kind of

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interest rate cut on that
variable.

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But that really only just brings
it down to where we're at on a lot

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of fixed rate products, depending
on if it's insured or not.

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So I don't know, again, if it's
going to change a lot in terms of

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cost savings, but it will allow
more flexibility, right?

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The variable is a much more
flexible product and has better

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penalty calculation.

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So it will allow people to kind of

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be more strategic.

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So yeah, I think overall, it

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should help the market a little
bit, but as long as they go like

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in this soft landing that they're
intending to, yeah, we should be

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able to get back on how low do
they have to come for fixed rates

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to start going down more?
the Canadian bond market has had a

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lot of downward pressure.

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Actually, it's kind of been the

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lowest it's been in the last 12
months, you know, that is leading

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this.

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It's kind of the smart money, but

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the bond market's kind of built in
these projections for the next

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couple of years.

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So again, a lot of the data that's

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been out there, if nothing changes
economically, there's no more

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pandemics, there's no more supply
chain issues or anything like

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that, we should land in that 4.75
range in three years from now.

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So it still seems like a
relatively high number, but

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anywhere in that three to five
range is kind of historically

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where we've operated best as an
economy.

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Isn't the goal like in the threes?
Yeah.

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Yeah.

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So that's, we're not that far off

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of that now.

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So.

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Yeah.

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And I mean, speaking a little bit

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about developers and, you know,
operating lines of credit and cost

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to build things and pre-sales and
pre-sales today was an awesome

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show we had on Rocky Sethi from
strike group, man.

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I love talking to developers.

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Some of my favorite podcasts are

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speaking to developers.

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Yeah.

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I don't know about you.

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I finished the show, like just

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amped up.

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They're really interesting people

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and great visionaries of these
projects.

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So we spoke about the innovation
district in Penticton, largest

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land acquisition in 2023.

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Essentially, they're developing

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right across from the hospital, a
lot of residential properties and

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commercial properties, really cool
amenities.

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In Penticton.

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In Penticton.

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Yeah.

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So yeah, we dive into that project

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with him.

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He's coming up from the lower

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mainland, but he's done projects
down there.

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He has a house up here.

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He loves the Okanagan.

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We also talk about mass timber,
which I kind of pretend to know a

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little bit about, but it's so
cool, man.

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I asked him this question at the
end of the podcast and you can see

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his eyes just light up and it's
like, wow, this guy is passionate

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about this project.

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It's awesome to see.

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I I love when developers talk
about how they can shape the city

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and they really build the city for
the future generations.

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It's passionate about that and
it's awesome to hear.

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Yeah, I was fortunate enough.

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He reached out to me and invited

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me to a UDI event.

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For those of you who don't know,

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it's Urban Development Institute.

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They're really, really big in BC.

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They do a lot of really cool work
and research and they put on these

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kind of quarterly events,
luncheons.

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So yeah, he was nice enough to
invite me out to that and he

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sponsored that specific event.

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So yeah, someone that's just

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involved in the community in the
right ways and think that's what

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you need to look for when you're
looking at buying these type of

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projects is who is the guy behind
here?

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Who's the development team?
So it's a good way to get to know

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him and learn about the Yeah.

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Or just listen to this episode and

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find the same exactly what I
meant.

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Yeah.

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All right.

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And this episode, like every
episode, is sponsored by Century

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21 Assurance Realty.

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Best brokerage in town.

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My brokerage gives the most.

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You get the most.

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Community environment.

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It's really perfect for an agent

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starting out.

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We have a very good support team.

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Or if your business is kind of
stalling and you're looking for a

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change, reach out to Max, Dean, or
me.

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Let's talk about it.

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Yeah.

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No, they're great.

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And yeah, thanks for all the

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support lately, guys.

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We're looking forward to a good

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summer of more rate cuts and more
clients reaching out and yeah,

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getting the market back on track.

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Enjoy the show and enjoy your

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lower monthly payments if you're
on a variable are awesome.

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Welcome to the show, Rocky.

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Thanks for coming on.

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Awesome.

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on awesome thanks guys happy to be

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here yeah we've tried to link up a
couple times and actually you were

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generous enough to invite me out
to the UDI event that was in

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Kelowna a couple months ago so
fortunately I was able to meet you

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there and yeah thanks for that it
was awesome yeah don't it was good

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to meet you in person there and it
was nice to be able to host that

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event with the UDI I thought it
was a well done event and pretty

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exciting to see the panelists kind
of get in by the skin of their

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teeth when they had to chop her in
from post.

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Yeah, right.

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I guess Air Canada delayed the

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flight.

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So they took a helicopter in.

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That's what I do too most of the
time when I make an appointment.

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Well, how we like to kind of start
our show is just you connecting

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with our listener a bit.

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What's your Friday look like?

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Productivity, what gives you
energy and what do you do for fun

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leading into the weekend?
Sure.

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Well, my ideal Friday starts off
with a bit of a workout, something

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active and whether it's a peloton
or the gym or even just a walk

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with the dog, it's just kind of
trying to set it up kind of in a

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fresh way so that you're not just
kind of getting right into the

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work.

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Try to schedule some networking,

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whether it's a coffee or a lunch
or a beer or whatever it is, or

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sometimes it's all three, just to
kind of make them sure I'm staying

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in touch with the network.

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I think obviously, as you guys

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know, your network is everything.

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So we're surrounded by some great

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people.

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So I like to keep in touch with

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them, find out what else is going
on in the industry or whether it's

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just an old friend and see what's
going on in other industries.

254
00:08:35,649 --> 00:08:37,010
So try to tag some of that on.

255
00:08:37,010 --> 00:08:37,792
And then there's the usual healthy

256
00:08:37,792 --> 00:08:38,885
dose of appointments and work.

257
00:08:38,885 --> 00:08:39,980
And then ideally some planning,

258
00:08:40,080 --> 00:08:42,988
you know, Fridays are, because
they're a little bit slower.

259
00:08:42,988 --> 00:08:45,507
Most of the time, there's usually
an opportunity to do a bit of

260
00:08:45,507 --> 00:08:48,638
forecasting on what things need to
be done in the coming weeks and

261
00:08:48,638 --> 00:08:49,085
months.

262
00:08:49,085 --> 00:08:49,213
Yeah.

263
00:08:49,213 --> 00:08:52,224
And so maybe you can tell us a
little bit about Strike Group,

264
00:08:52,224 --> 00:08:55,142
like the origin story, who you
guys are, where you've kind of

265
00:08:55,142 --> 00:08:56,944
come from, certain projects maybe
you've worked on in the I started

266
00:08:56,932 --> 00:08:59,101
Strike Group, I guess it's going
back a couple of years now.

267
00:08:59,101 --> 00:09:01,900
And it was really brewing in my
head for the better part of three

268
00:09:01,900 --> 00:09:02,030
years.

269
00:09:02,030 --> 00:09:03,522
The idea was to do a development

270
00:09:03,522 --> 00:09:06,736
company that had the
sophistication or the lens of a

271
00:09:06,636 --> 00:09:07,544
much larger organization.

272
00:09:07,544 --> 00:09:09,620
I've had the privilege of working

273
00:09:09,820 --> 00:09:12,615
for some very large developers in
Western Canada over the last 16

274
00:09:12,615 --> 00:09:12,991
years.

275
00:09:12,991 --> 00:09:13,959
So taking the sophistication and

276
00:09:13,959 --> 00:09:16,330
the approach of those companies,
combining that with the nimbleness

277
00:09:16,330 --> 00:09:19,456
and I guess, ability to pivot of
smaller organizations and putting

278
00:09:19,456 --> 00:09:19,950
it together.

279
00:09:19,950 --> 00:09:20,936
And you're going after projects

280
00:09:20,936 --> 00:09:24,229
that were too messy or dirty for
the big guys and too complicated

281
00:09:24,129 --> 00:09:25,087
for the smaller guys.

282
00:09:25,087 --> 00:09:27,397
Like I said, going back to that

283
00:09:27,397 --> 00:09:30,500
network, being able to bring the
right people to the table, I call

284
00:09:30,500 --> 00:09:32,589
it connecting the dots, bringing
that broader network, whether it's

285
00:09:32,589 --> 00:09:35,693
finance people or construction
people, like a GC to the table to

286
00:09:35,593 --> 00:09:39,640
really make sure that the sum of
the parts is greater to the

287
00:09:39,640 --> 00:09:39,781
individuals.

288
00:09:39,781 --> 00:09:39,991
Yeah.

289
00:09:39,991 --> 00:09:43,575
So that was kind of the ethos or
the impetus for it.

290
00:09:43,575 --> 00:09:48,382
And like I said, I've been blessed
to work with some of the best in

291
00:09:48,282 --> 00:09:53,737
the business for the last 16 years
and wanted to figure out what the

292
00:09:53,737 --> 00:09:58,749
next, you know, 15, 20 years of my
life were going to look like and

293
00:09:58,849 --> 00:10:01,455
how I was going to continue to add
value.

294
00:10:01,455 --> 00:10:03,413
That's always been a real
important piece for me.

295
00:10:03,413 --> 00:10:06,498
I've never been one to stand still
or to go slow.

296
00:10:06,398 --> 00:10:08,229
I've never been very good at that.

297
00:10:08,229 --> 00:10:10,060
So so that yeah, was the And then

298
00:10:10,160 --> 00:10:10,230
idea.

299
00:10:10,230 --> 00:10:12,741
I brought on a couple of partners,

300
00:10:12,741 --> 00:10:17,533
you know, almost two years ago, we
started Strike Group formally and

301
00:10:17,533 --> 00:10:19,788
yeah, working on innovation
district right now in Penticton,

302
00:10:19,788 --> 00:10:22,340
which is by far our largest
undertaking and looking at a

303
00:10:22,440 --> 00:10:24,028
couple of other opportunities as
well.

304
00:10:24,028 --> 00:10:26,627
And it's hard to make sense of
things right now, but we're Yeah.

305
00:10:26,727 --> 00:10:28,835
home base for you?
Are you an Okanagan kid?

306
00:10:28,835 --> 00:10:30,972
Where are you from?
I live in Richmond in beautiful

307
00:10:30,972 --> 00:10:33,266
sunny Steveston and our office is
in Richmond as well.

308
00:10:33,366 --> 00:10:35,260
I spent 11 years driving downtown
almost every single day.

309
00:10:35,260 --> 00:10:36,820
I really look forward to not
driving downtown anymore.

310
00:10:36,820 --> 00:10:37,000
Awesome.

311
00:10:37,000 --> 00:10:37,300
Yeah.

312
00:10:37,300 --> 00:10:39,815
So tell this big project you got
going on in Sure.

313
00:10:39,815 --> 00:10:40,351
Yeah.

314
00:10:40,351 --> 00:10:41,778
No, happy to talk about that.

315
00:10:41,778 --> 00:10:44,626
It's a bit of a culmination of so
many things and really excited

316
00:10:44,626 --> 00:10:45,201
about it.

317
00:10:45,201 --> 00:10:48,760
We've labeled it the Innovation

318
00:10:48,572 --> 00:10:48,622
District.

319
00:10:48,603 --> 00:10:48,965
My vision for the site was

320
00:10:48,837 --> 00:10:54,480
originally the Health and
Innovation District because it's a

321
00:10:54,476 --> 00:10:55,778
10-acre parcel right across the
road from Penticton Regional

322
00:10:55,778 --> 00:10:57,243
Hospital, which in November 2021
finished a $300 million expansion.

323
00:10:57,343 --> 00:10:58,284
Now they're building an oncology
center in it.

324
00:10:58,284 --> 00:11:00,713
So it's a smaller hospital than
Kelowna General, but Kelowna

325
00:11:00,713 --> 00:11:01,808
General is a massive hospital now.

326
00:11:01,808 --> 00:11:03,283
So it's really taking that heat

327
00:11:03,177 --> 00:11:04,686
off of Kelowna General.

328
00:11:04,680 --> 00:11:05,990
But our site is 10 acres directly

329
00:11:05,990 --> 00:11:06,572
across from that.

330
00:11:06,572 --> 00:11:08,176
At full build out, it can have

331
00:11:08,176 --> 00:11:11,502
over a million square feet of
density, which will take a decade

332
00:11:11,402 --> 00:11:13,243
or more to fully build out.

333
00:11:13,243 --> 00:11:16,007
And it's going to be a mix of a

334
00:11:16,007 --> 00:11:19,455
lot of residential, a certain
amount of retail and office space.

335
00:11:19,455 --> 00:11:22,491
And that's probably somewhere
around 100,000 square feet of

336
00:11:22,491 --> 00:11:22,752
that.

337
00:11:22,652 --> 00:11:25,179
And I'd like to see that number go

338
00:11:25,179 --> 00:11:27,784
up just because I think it's a
massive opportunity at that

339
00:11:27,784 --> 00:11:28,070
location.

340
00:11:28,170 --> 00:11:29,214
Hotel, seniors living, and other

341
00:11:29,214 --> 00:11:30,679
uses as well.

342
00:11:30,679 --> 00:11:32,115
Everything that wants to be around

343
00:11:32,115 --> 00:11:35,604
a hospital, which is a lot of
uses, it's really a fantastic

344
00:11:35,604 --> 00:11:36,861
location for that.

345
00:11:36,861 --> 00:11:40,246
So that's the innovation district

346
00:11:40,246 --> 00:11:41,600
in a nutshell.

347
00:11:41,600 --> 00:11:42,163
Yeah.

348
00:11:42,163 --> 00:11:44,981
We've kind of spoken a little bit.

349
00:11:44,981 --> 00:11:46,694
I mean, obviously most of our

350
00:11:46,694 --> 00:11:49,876
conversation is Kelowna based, but
we have spoken about Vernon and

351
00:11:49,876 --> 00:11:53,149
Penticton and yeah, it's such a
great city that seems to have so

352
00:11:53,149 --> 00:11:53,785
much potential.

353
00:11:53,885 --> 00:11:55,694
Is there a reason you guys chose

354
00:11:55,694 --> 00:11:57,668
Penticton?
Like, have you been looking around

355
00:11:57,668 --> 00:11:59,679
all over BC?
You most of your projects are

356
00:11:59,679 --> 00:12:02,114
know, kind of in the lower
mainland.

357
00:12:02,114 --> 00:12:04,979
But where did you see the yeah,
opportunity come up?

358
00:12:04,879 --> 00:12:05,466
great question.

359
00:12:05,466 --> 00:12:06,705
Yeah, And you teed it up nicely

360
00:12:06,705 --> 00:12:11,066
for me because the backstory for
me in the Okanagan is I was been

361
00:12:11,066 --> 00:12:13,943
in the market there for 16 years
or so.

362
00:12:13,843 --> 00:12:15,496
I was doing some development out
there in 2008, 2009.

363
00:12:15,496 --> 00:12:16,887
Great time to come to Kelowna.

364
00:12:16,887 --> 00:12:18,302
For a developer.

365
00:12:18,302 --> 00:12:18,585
Perfect.

366
00:12:18,685 --> 00:12:19,321
Yeah.

367
00:12:19,321 --> 00:12:21,485
Learned a lot the tough way.

368
00:12:21,485 --> 00:12:23,242
Did a bunch of apartments and

369
00:12:23,242 --> 00:12:24,873
hillside stuff, the typical stuff
you do in Kelowna.

370
00:12:24,873 --> 00:12:27,393
The reason why Penticton, since
that time, I've been very

371
00:12:27,293 --> 00:12:28,475
interested in the Okanagan.

372
00:12:28,475 --> 00:12:30,527
I think it's a great sub-market.

373
00:12:30,527 --> 00:12:32,672
I think the demographics are going
to continue to really favor the

374
00:12:32,672 --> 00:12:33,944
Okanagan as a whole.

375
00:12:34,044 --> 00:12:36,732
I have a home in Kelowna, so it is

376
00:12:36,732 --> 00:12:37,810
a second home to me.

377
00:12:37,810 --> 00:12:39,374
But for a lot of people, the

378
00:12:39,374 --> 00:12:40,661
quintessential Okanagan is no
longer Kelowna.

379
00:12:40,661 --> 00:12:42,298
Kelowna is just too big.

380
00:12:42,398 --> 00:12:43,000
It's too fast.

381
00:12:43,000 --> 00:12:44,549
It's too busy.

382
00:12:44,549 --> 00:12:47,539
So the South Okanagan becomes, in

383
00:12:47,497 --> 00:12:50,550
my mind, a lot of people come to
the Okanagan for a different pace

384
00:12:50,514 --> 00:12:51,560
of life, different lifestyle,
maybe a bit better balance.

385
00:12:51,503 --> 00:12:55,989
And South Okanagan, and Padikon
specifically, I think has the best

386
00:12:55,989 --> 00:12:56,265
of it.

387
00:12:56,265 --> 00:12:57,065
You know, it's one of two cities

388
00:12:57,065 --> 00:12:57,789
in the entire world on two lakes.

389
00:12:57,726 --> 00:12:58,273
People think of the Okanagan, they

390
00:12:58,273 --> 00:13:01,420
think of wine, and they think of
things like that.

391
00:13:01,580 --> 00:13:05,435
And really, the South Okanagan is
the best wineries in the entire

392
00:13:05,335 --> 00:13:05,916
Okanagan.

393
00:13:05,916 --> 00:13:07,577
You know, so you have access to

394
00:13:07,577 --> 00:13:09,902
wineries, you've got access to
lakes.

395
00:13:09,902 --> 00:13:12,180
In the winter, you've got Great
Ski Hill.

396
00:13:12,280 --> 00:13:15,918
You've just got a lot of younger
professionals and also older

397
00:13:15,876 --> 00:13:17,424
people that are moving there for
that balance of lifestyle.

398
00:13:17,414 --> 00:13:20,093
So it was really a bit of a no
brainer.

399
00:13:20,093 --> 00:13:23,710
And then on the site specifically,
the ability to take a 10 acre

400
00:13:23,710 --> 00:13:25,787
parcel where the city was
supportive of us, thankfully,

401
00:13:25,787 --> 00:13:28,561
removing it from the industrial
land base with the idea of

402
00:13:28,561 --> 00:13:32,660
creating more jobs than ever have
been on that site.

403
00:13:32,660 --> 00:13:36,247
So that was a real key to us
making that big investment.

404
00:13:36,248 --> 00:13:40,380
And then, yeah, I grew up, like I
said, in Metro Vancouver, and I've

405
00:13:40,380 --> 00:13:43,343
seen the success of large district
projects, you know, river

406
00:13:43,343 --> 00:13:44,735
district, brewery district,
everything, Olympic Village,

407
00:13:44,735 --> 00:13:47,411
they're all little villages of
their own.

408
00:13:47,411 --> 00:13:50,065
And then to have it directly
across from a hospital, you have a

409
00:13:50,065 --> 00:13:52,847
major employment center, major
investment that's going to to grow

410
00:13:52,847 --> 00:13:53,919
over decades to come.

411
00:13:53,819 --> 00:13:55,353
It just, you know, you put all, it

412
00:13:55,353 --> 00:13:57,823
was like the getaway, like float
down Penticton Channel.

413
00:13:57,823 --> 00:14:01,251
And they do have that lakeside
kind of community with some of the

414
00:14:01,251 --> 00:14:02,759
smaller motels and campgrounds.

415
00:14:02,659 --> 00:14:04,544
And yeah, Naramata is up the

416
00:14:04,544 --> 00:14:04,699
street.

417
00:14:04,799 --> 00:14:07,160
So this is like one of the biggest

418
00:14:07,160 --> 00:14:08,786
land acquisitions down there to
date or?

419
00:14:08,786 --> 00:14:09,458
Yeah, it was.

420
00:14:09,458 --> 00:14:10,971
And that reporter challenged me on

421
00:14:10,971 --> 00:14:13,275
it, but still going to go with it.

422
00:14:13,275 --> 00:14:14,340
It was the biggest transaction in

423
00:14:14,440 --> 00:14:15,223
the Okanagan in 2023.

424
00:14:15,223 --> 00:14:17,377
And don't say to be boastful.

425
00:14:17,377 --> 00:14:19,009
it's just a really large piece of
land.

426
00:14:19,009 --> 00:14:21,554
More so our vision is definitely
the biggest.

427
00:14:21,554 --> 00:14:25,079
It's the reason why we call it the
most significant community in the

428
00:14:25,079 --> 00:14:25,340
Okanagan.

429
00:14:25,340 --> 00:14:27,143
Again, not to be boastful or to

430
00:14:27,143 --> 00:14:28,008
overstate what we're doing.

431
00:14:28,008 --> 00:14:30,459
We just have a huge belief in this

432
00:14:30,459 --> 00:14:34,128
site and the city of Penticton and
South Okanagan in general is going

433
00:14:34,128 --> 00:14:36,620
to be over the next 10 Yeah.

434
00:14:36,720 --> 00:14:39,176
You touched a good point too with

435
00:14:39,176 --> 00:14:40,800
the city of Penticton.

436
00:14:40,800 --> 00:14:43,724
They seem to be very supportive in

437
00:14:43,724 --> 00:14:44,667
growth down there.

438
00:14:44,667 --> 00:14:46,648
Even when we're talking about

439
00:14:46,748 --> 00:14:51,741
short-term rental legislation, the
mayor there pushed back quite a

440
00:14:51,741 --> 00:14:52,307
bit.

441
00:14:52,307 --> 00:14:55,514
Can you comment on how have they

442
00:14:55,614 --> 00:14:58,532
been to work with?
Have they been very supportive of

443
00:14:58,532 --> 00:15:03,720
you guys in developing that land?
I could go on about that.

444
00:15:03,720 --> 00:15:08,719
They've been very supportive and a
big part of our success to date.

445
00:15:08,719 --> 00:15:13,356
And five weeks, we're sponsoring a
tour that's hosted by UDI of the

446
00:15:13,356 --> 00:15:14,954
city of Penticton from a
development perspective.

447
00:15:14,954 --> 00:15:19,010
And that will be ending off with a
gathering at our presentation

448
00:15:19,010 --> 00:15:19,960
center on site.

449
00:15:19,960 --> 00:15:20,609
And we've invited mayor and

450
00:15:20,609 --> 00:15:21,856
council and key staff to that as
well.

451
00:15:21,856 --> 00:15:25,342
So, no, we have a great
relationship with the city.

452
00:15:25,342 --> 00:15:27,167
key staff to that as So we have
well.

453
00:15:27,167 --> 00:15:29,600
a great no, relationship with the
I guess in a city.

454
00:15:29,600 --> 00:15:31,832
nutshell, the way I'll say it is
they start with the approach of

455
00:15:31,802 --> 00:15:33,498
how to get to yes.

456
00:15:33,498 --> 00:15:34,175
That's where things start.

457
00:15:34,175 --> 00:15:37,700
And you're never going to get to
yes the way you think you were, or

458
00:15:37,700 --> 00:15:38,826
it's never going to be totally
easy.

459
00:15:38,826 --> 00:15:43,065
But if the idea is, yeah, we got
to get to yes, we got to get to

460
00:15:43,065 --> 00:15:46,080
go, that frame of reference is so
important, totally missing from

461
00:15:45,980 --> 00:15:46,523
some municipalities.

462
00:15:46,523 --> 00:15:48,557
So it's been nice to deal with

463
00:15:48,657 --> 00:15:49,845
Penticton in that way.

464
00:15:49,845 --> 00:15:50,320
Yeah.

465
00:15:50,320 --> 00:15:54,056
When is that tour?
Do you guys have a date for that?

466
00:15:54,156 --> 00:15:54,477
July 5th.

467
00:15:54,477 --> 00:15:56,157
So if you go to UDI Kelowna, I

468
00:15:56,157 --> 00:15:59,333
think they've only got 45 spots,
which I think they're going to get

469
00:15:59,333 --> 00:15:59,905
oversubscribed on.

470
00:16:00,249 --> 00:16:02,111
So yeah, it's a pretty cool tour

471
00:16:02,111 --> 00:16:03,834
of what's going on down there.

472
00:16:03,834 --> 00:16:05,420
You'll have access to the mayor

473
00:16:06,040 --> 00:16:09,977
and council at RPC at the end, and
then just kind of see what's going

474
00:16:09,977 --> 00:16:10,978
on down there.

475
00:16:10,978 --> 00:16:13,437
You know, whether you're from the

476
00:16:13,437 --> 00:16:17,175
Okanagan or from the coast, I
think it's a cool opportunity.

477
00:16:17,175 --> 00:16:17,331
Yeah.

478
00:16:17,331 --> 00:16:19,294
I mean, are you guys specifically

479
00:16:19,294 --> 00:16:21,691
looking for kind of agents to come
in and bring in clients?

480
00:16:21,691 --> 00:16:22,893
Would that be the ideal 45
capacity?

481
00:16:22,893 --> 00:16:25,296
That'd be ideal for me, but no,
ideal for the UDI.

482
00:16:25,112 --> 00:16:30,829
I used to be on the UDI board up
until last year on the coast here.

483
00:16:30,755 --> 00:16:31,481
And UDI's mission is to promote
support development.

484
00:16:31,481 --> 00:16:32,412
So it is a development industry
focused tour.

485
00:16:32,238 --> 00:16:33,784
But you know, it's more about from
the UDI's perspective, and from

486
00:16:33,784 --> 00:16:34,836
the city's perspective, promoting
an open for business type of

487
00:16:34,762 --> 00:16:34,920
attitude.

488
00:16:34,920 --> 00:16:36,797
So yeah, no, it's not going to be

489
00:16:36,797 --> 00:16:38,709
realtors and brokers, although we
will be hosting specific events

490
00:16:38,609 --> 00:16:39,580
for realtors in the coming weeks.

491
00:16:39,960 --> 00:16:41,347
They're going to be, I think,

492
00:16:41,447 --> 00:16:42,966
really busy down there.

493
00:16:42,966 --> 00:16:45,199
So we will host those on our own.

494
00:16:45,199 --> 00:16:48,028
So when do you guys go live?
Like when do you start signing

495
00:16:48,028 --> 00:16:50,600
contracts to sell these units?
We're in pre-marketing right now

496
00:16:50,600 --> 00:16:53,580
and it'll start to hit heavy over
the next few days and into next

497
00:16:53,480 --> 00:16:53,780
week.

498
00:16:53,780 --> 00:16:55,096
So June's a heavy promotion month.

499
00:16:55,096 --> 00:16:56,729
We've got events on site.

500
00:16:56,729 --> 00:16:57,640
Our presentation center will

501
00:16:57,640 --> 00:17:00,183
officially open and we've got VIP
events, realtor events, and things

502
00:17:00,183 --> 00:17:00,638
like that.

503
00:17:00,638 --> 00:17:01,605
And then contract writing shortly

504
00:17:01,605 --> 00:17:01,775
thereafter.

505
00:17:01,875 --> 00:17:02,628
So hopefully in July.

506
00:17:02,628 --> 00:17:03,826
So we're not leaving a lot of
time.

507
00:17:03,776 --> 00:17:05,242
We're just going to hit it really
hard.

508
00:17:05,242 --> 00:17:08,061
We've already got quite a bit of
interest, but we want to get the

509
00:17:08,162 --> 00:17:08,688
right people out.

510
00:17:08,688 --> 00:17:10,397
We've reached out to Interior

511
00:17:10,397 --> 00:17:12,627
Health and particular regional
hospital to try to connect with

512
00:17:12,627 --> 00:17:13,696
them, the local community.

513
00:17:13,696 --> 00:17:15,897
We've reached out through our

514
00:17:15,897 --> 00:17:18,367
contractors to people there to
make sure that they have first

515
00:17:18,367 --> 00:17:19,564
crack at some of the housing.

516
00:17:19,564 --> 00:17:21,527
And then after that, it just goes

517
00:17:21,527 --> 00:17:21,993
broader.

518
00:17:22,094 --> 00:17:24,237
We have a unique opportunity to

519
00:17:24,237 --> 00:17:27,224
have a presentation center down in
Metro Vancouver.

520
00:17:27,224 --> 00:17:30,866
So we have a presentation center
in Wally, which our partners have.

521
00:17:30,866 --> 00:17:34,678
And so we'll be able to display
the project and highlight the

522
00:17:34,668 --> 00:17:36,601
community down there as well,
which is pretty unique.

523
00:17:36,501 --> 00:17:39,812
Innovation District, are you guys
building in any amenities with a

524
00:17:39,812 --> 00:17:40,254
good question.

525
00:17:40,254 --> 00:17:43,389
First of all, I like to say the

526
00:17:43,489 --> 00:17:47,003
entire community is going to be a
bit of an amenity because

527
00:17:46,903 --> 00:17:48,162
Penticton has an unreal food and
beverage scene.

528
00:17:48,262 --> 00:17:48,734
Yes, it does.

529
00:17:48,734 --> 00:17:48,849
Yeah.

530
00:17:48,849 --> 00:17:51,049
So we're hoping to get some of
those operators in there.

531
00:17:51,049 --> 00:17:53,892
Just the fact that you have a
captured audience of workers

532
00:17:53,892 --> 00:17:56,341
across the road and you've got the
industrial base all around us,

533
00:17:56,341 --> 00:17:57,973
there's a built-in customer base,
like I said.

534
00:17:57,973 --> 00:18:02,371
So an amazing retail plaza in
phase one with bubbler water park

535
00:18:02,371 --> 00:18:05,421
for kids and seating areas and
things like that.

536
00:18:05,321 --> 00:18:10,147
So you have a retail amenity, but
also a bit of a public plaza.

537
00:18:10,147 --> 00:18:12,487
But then in each of the first two
buildings, what's really unique,

538
00:18:12,383 --> 00:18:14,225
well, the residential building has
a rooftop deck, which is going to

539
00:18:14,225 --> 00:18:15,578
be, I think, one of the best in
Penticton.

540
00:18:15,571 --> 00:18:17,890
But the cool part on the office
building, we have a residential

541
00:18:17,890 --> 00:18:20,912
building that's got retail down
and then also an office building

542
00:18:21,012 --> 00:18:22,348
that's got retail down.

543
00:18:22,248 --> 00:18:24,228
The office building is going to

544
00:18:24,228 --> 00:18:25,441
have a rooftop deck as well.

545
00:18:25,441 --> 00:18:27,023
So kind of similar to the Nest in

546
00:18:27,023 --> 00:18:28,236
Kelowna at the Innovation Center.

547
00:18:28,236 --> 00:18:29,794
This is a huge rooftop deck that

548
00:18:29,794 --> 00:18:32,288
will be amenity to the office
users in that building.

549
00:18:32,288 --> 00:18:35,529
And then plus in the residential
building, going back to that, the

550
00:18:35,429 --> 00:18:37,460
residential building itself will
have a gym, co-working space,

551
00:18:37,460 --> 00:18:39,290
podcasting rooms, things like
that, bike amenities in the

552
00:18:39,290 --> 00:18:39,723
parkade.

553
00:18:39,723 --> 00:18:40,831
We've really leaned into the fact

554
00:18:40,831 --> 00:18:43,425
that Penticton is a very
health-oriented city, significant

555
00:18:43,425 --> 00:18:44,578
bike culture down there.

556
00:18:44,578 --> 00:18:46,935
So we've got pretty good, strong

557
00:18:47,035 --> 00:18:49,083
bike amenities in the building as
well, whether it's just really

558
00:18:49,083 --> 00:18:51,324
secure lockers and then also bike
repair stations and things like

559
00:18:51,324 --> 00:18:54,267
that, dog wash, everything that I
think makes your life better.

560
00:18:54,167 --> 00:18:57,376
We've been very careful to not
create amenities that are going to

561
00:18:57,276 --> 00:18:58,598
cause headaches for the strata
down the road.

562
00:18:58,596 --> 00:19:00,852
And I don't want to point the
finger at pools.

563
00:19:00,852 --> 00:19:01,620
Pools are amazing.

564
00:19:01,620 --> 00:19:04,626
I think we all love a pool, but

565
00:19:04,726 --> 00:19:08,159
they do cost a lot for maintenance
and strata fees down the road.

566
00:19:08,159 --> 00:19:11,363
So we've really focused on high
value amenities that people can

567
00:19:11,363 --> 00:19:11,680
use.

568
00:19:11,680 --> 00:19:13,002
And that will include a bunch of

569
00:19:13,102 --> 00:19:13,848
technology in the building.

570
00:19:13,848 --> 00:19:14,984
So we're working with OneValet to

571
00:19:14,984 --> 00:19:17,377
provide keyless entry to the
building, parcel lockers on site,

572
00:19:17,377 --> 00:19:20,854
everything that we can think of
that would make your life better

573
00:19:20,854 --> 00:19:21,947
as a user, we've to do.

574
00:19:21,847 --> 00:19:23,465
I mean, this is a tough question,

575
00:19:23,465 --> 00:19:26,973
but can you give like a high level
estimate price point that you're

576
00:19:26,973 --> 00:19:29,698
looking at for the residential
units, like per square foot kind

577
00:19:29,698 --> 00:19:32,442
of thing or anything like that?
Yeah, I can't give price per

578
00:19:32,442 --> 00:19:35,284
square foot just yet because we're
just in pre-marketing right now,

579
00:19:35,284 --> 00:19:36,922
but we do have homes.

580
00:19:36,922 --> 00:19:39,743
I'm pretty excited to say that are

581
00:19:39,743 --> 00:19:40,829
starting at $279,000.

582
00:19:40,829 --> 00:19:42,176
So we worked really, really hard

583
00:19:42,176 --> 00:19:45,825
with the city and our So we to
make sure the initial offering was

584
00:19:45,825 --> 00:19:48,239
one that the market would really
be excited about.

585
00:19:48,239 --> 00:19:51,966
It's not luxury condos, not that
the market's not excited about

586
00:19:51,966 --> 00:19:52,598
luxury condos.

587
00:19:52,598 --> 00:19:54,323
There's definitely a market for

588
00:19:54,323 --> 00:19:56,408
that, like that $10 million
penthouse in Kelowna.

589
00:19:56,408 --> 00:20:01,636
But these really are homes that
people can afford that work at the

590
00:20:01,736 --> 00:20:05,468
hospital, can purchase a home and
walk to work and have a better

591
00:20:05,468 --> 00:20:06,837
quality of life.

592
00:20:06,837 --> 00:20:09,575
So yeah, no, we spent a lot of

593
00:20:09,575 --> 00:20:14,520
time and then, you know, prices
will come out over the next few

594
00:20:14,420 --> 00:20:16,495
weeks as we develop that price
list.

595
00:20:16,495 --> 00:20:19,916
But yeah, I know excited to say
279.9 is where we're starting.

596
00:20:19,916 --> 00:20:20,669
Yeah, that's incredible.

597
00:20:20,569 --> 00:20:21,820
how many phases are there going to

598
00:20:21,820 --> 00:20:23,144
be?
Obviously we're doing phase one

599
00:20:23,244 --> 00:20:23,726
first.

600
00:20:23,626 --> 00:20:23,686
Yeah.

601
00:20:23,686 --> 00:20:25,913
How many total are There's a total
of 13 buildings across the site.

602
00:20:25,913 --> 00:20:29,739
Hard to quantify in phases, even
though, I mean, it is and it

603
00:20:29,739 --> 00:20:29,847
isn't.

604
00:20:29,847 --> 00:20:31,357
There's roughly seven phases, but

605
00:20:31,357 --> 00:20:32,760
we may phase them a little bit
more.

606
00:20:32,760 --> 00:20:34,927
It really just depends on the
market.

607
00:20:34,827 --> 00:20:37,160
It's really difficult to forecast
10 years out.

608
00:20:37,160 --> 00:20:40,297
But yeah, simply put, I guess, 13
buildings, seven phases.

609
00:20:40,197 --> 00:20:40,855
Wow.

610
00:20:40,855 --> 00:20:41,118
Okay.

611
00:20:41,118 --> 00:20:43,282
And when is the phase one expected
to be complete?

612
00:20:43,282 --> 00:20:45,955
It will start construction early
2025 and be done about two years

613
00:20:45,955 --> 00:20:46,346
after that.

614
00:20:46,446 --> 00:20:47,324
So early 2027.

615
00:20:47,324 --> 00:20:47,519
Okay.

616
00:20:47,519 --> 00:20:48,367
Are these mass timber?

617
00:20:48,367 --> 00:20:51,486
Yeah, well, you caught me on a
good day because the residential

618
00:20:51,586 --> 00:20:52,863
offering will be traditional, you
know, lightwood frame

619
00:20:52,863 --> 00:20:53,100
construction.

620
00:20:53,100 --> 00:20:54,770
But I am excited to say the office

621
00:20:54,762 --> 00:20:56,744
building, we've made the decision
to proceed with mass timber.

622
00:20:56,737 --> 00:20:59,965
Again, maybe I'm just throwing
stuff out there, but it should be

623
00:20:59,965 --> 00:21:02,724
right now the tallest mass timber
building in the Okanagan.

624
00:21:02,724 --> 00:21:05,912
It'll be only six floors, which
doesn't sound super exciting.

625
00:21:05,912 --> 00:21:10,757
But to me as a mass timber buff,
it is really exciting because mass

626
00:21:10,757 --> 00:21:15,696
timber is so difficult in some
ways to make sense up to this

627
00:21:15,694 --> 00:21:16,385
point in time.

628
00:21:16,385 --> 00:21:18,796
I think we're cresting a hill in

629
00:21:18,796 --> 00:21:21,413
our province around mass timber
with the building code changing

630
00:21:21,413 --> 00:21:23,766
and a bunch of investment in mass
timber.

631
00:21:23,766 --> 00:21:27,699
But yeah, all of that kind of had
to come together for us to make

632
00:21:27,699 --> 00:21:30,193
the decision and say, yeah, we
feel comfortable delivering this

633
00:21:30,093 --> 00:21:31,290
office building in mass timber.

634
00:21:31,290 --> 00:21:32,232
So really excited about that.

635
00:21:32,332 --> 00:21:32,695
Cool.

636
00:21:32,595 --> 00:21:34,193
Could you dumb it down?

637
00:21:34,193 --> 00:21:35,936
So I'm like a five-year-old
because nothing against

638
00:21:35,936 --> 00:21:36,081
five-year-olds.

639
00:21:36,081 --> 00:21:37,469
I think they're brilliant.

640
00:21:37,369 --> 00:21:40,208
But what is mass like, timber?
Like I asked the like I knew what

641
00:21:40,108 --> 00:21:42,436
I was talking question, but I've
got no idea.

642
00:21:42,436 --> 00:21:45,299
about, like I knew what I was
talking question, but I've got no

643
00:21:45,299 --> 00:21:45,486
idea.

644
00:21:45,860 --> 00:21:46,358
about, yeah.

645
00:21:46,358 --> 00:21:47,853
Yeah, yeah, great No, question.

646
00:21:47,853 --> 00:21:49,757
so I'll say it in parts and I'll

647
00:21:49,857 --> 00:21:50,831
try Okay, to put it together.

648
00:21:50,831 --> 00:21:52,900
But in a mass nutshell, timber is

649
00:21:52,900 --> 00:21:54,202
a whole suite of engineered wood
products.

650
00:21:54,202 --> 00:21:57,878
So a lot of them have been
available for a very long time or

651
00:21:57,878 --> 00:22:01,224
a long time like paralams or PSLs,
those big thick beams that get

652
00:22:01,124 --> 00:22:04,706
built up that you see even in
houses 10, 15, 20 years ago, we're

653
00:22:04,706 --> 00:22:08,451
using these PSLs and glulam beams
and things like that.

654
00:22:08,451 --> 00:22:10,169
That's included in mass timber.

655
00:22:10,169 --> 00:22:12,819
In my mind, maybe some others it's

656
00:22:12,819 --> 00:22:16,148
not, but in my mind, they're all
kind of part and parcel of the

657
00:22:16,148 --> 00:22:16,728
same.

658
00:22:16,728 --> 00:22:19,241
But when we talk about mass timber

659
00:22:19,241 --> 00:22:21,430
now, there's been so many
advancements in mass timber

660
00:22:21,430 --> 00:22:23,260
manufacturing and how we use wood.

661
00:22:23,260 --> 00:22:24,885
So in our building specifically,

662
00:22:24,885 --> 00:22:26,705
we'll use cross-laminated timber.

663
00:22:26,705 --> 00:22:28,710
So for the floor systems, so these

664
00:22:28,710 --> 00:22:31,555
are layers of wood that are
laminated together, not parallel

665
00:22:31,555 --> 00:22:34,319
to each other, perpendicular to
each other, then stacked into a

666
00:22:34,319 --> 00:22:36,011
panel that now will form our floor
system.

667
00:22:36,011 --> 00:22:38,396
So that's specifically what we're
using on the building.

668
00:22:38,396 --> 00:22:41,342
On the residential building, we're
looking at using the mass timber

669
00:22:41,342 --> 00:22:44,148
for elevator cores, which I've
done in the past before, which is

670
00:22:44,148 --> 00:22:44,779
pretty cool.

671
00:22:44,779 --> 00:22:47,056
I've even used mass timber for a

672
00:22:47,056 --> 00:22:49,534
firewall, believe it or not, which
was super cool.

673
00:22:49,534 --> 00:22:51,207
It's really an amazing product.

674
00:22:51,107 --> 00:22:52,313
The reason I'm excited about it,

675
00:22:52,313 --> 00:22:54,668
besides having invested just a
bunch of time in it, is Structural

676
00:22:54,668 --> 00:22:57,263
Am was based out of Penticton and
Oak Cave Falls.

677
00:22:57,263 --> 00:23:00,068
So the region has a really strong
history and attachment to

678
00:22:59,968 --> 00:23:01,098
engineered wood products and mass
timber specifically.

679
00:23:01,098 --> 00:23:04,554
And then there's Kolesnikov out in
the Castlegar area as well.

680
00:23:04,554 --> 00:23:11,480
So we've got two of the most
sophisticated mass timber

681
00:23:11,293 --> 00:23:11,500
manufacturers in Canada here in
our backyard.

682
00:23:11,379 --> 00:23:11,500
So in the office building, we'll
use it for the floor systems.

683
00:23:11,350 --> 00:23:11,445
They'll be supported by engineered
wood beams.

684
00:23:11,404 --> 00:23:12,240
And then the outside of the
building will be kind of typical

685
00:23:13,260 --> 00:23:16,286
of an office building.

686
00:23:16,243 --> 00:23:16,380
It'll be either a punched wall or

687
00:23:16,318 --> 00:23:16,380
a glazing system of some kind.

688
00:23:21,260 --> 00:23:21,540
But what we are delivering is mass

689
00:23:21,509 --> 00:23:26,241
timber floor plates where you'll
be able to expose and see your

690
00:23:26,241 --> 00:23:27,442
mass timber in your office.

691
00:23:27,442 --> 00:23:28,244
I'm super excited about it because

692
00:23:28,244 --> 00:23:30,497
it's an ability to deliver on a
thought that I had.

693
00:23:30,497 --> 00:23:31,899
And, you know, it's something
called biophilic response or

694
00:23:31,899 --> 00:23:31,999
biophilia.

695
00:23:31,999 --> 00:23:33,553
Humans have a natural affinity to

696
00:23:33,453 --> 00:23:36,602
be around nature, whether it's
being in the mountains or whether

697
00:23:36,702 --> 00:23:39,543
it's seeing trees or whether it's
seeing wood in your office space.

698
00:23:39,543 --> 00:23:40,991
So there's that natural affinity
to these products.

699
00:23:40,891 --> 00:23:43,856
So now when they actually form a
structure of your office, you now

700
00:23:43,856 --> 00:23:46,562
actually have a more appealing
office for yourself, for your

701
00:23:46,562 --> 00:23:49,481
workers, and for visitors to your
office.

702
00:23:49,481 --> 00:23:50,264
So I'll stop there.

703
00:23:50,264 --> 00:23:51,922
I could just go on.

704
00:23:52,022 --> 00:23:52,995
Yeah.

705
00:23:52,895 --> 00:23:55,521
I love that you're so passionate

706
00:23:55,521 --> 00:23:56,131
about it.

707
00:23:56,231 --> 00:23:57,504
You can obviously tell.

708
00:23:57,504 --> 00:23:58,724
And I do agree.

709
00:23:58,724 --> 00:24:01,316
Like, yeah, the wood beams really

710
00:24:01,316 --> 00:24:03,070
speak to me.

711
00:24:03,070 --> 00:24:05,129
You know, there seems like there's

712
00:24:05,129 --> 00:24:06,120
quite a few advantages.

713
00:24:06,120 --> 00:24:09,126
I think I saw one of your posts on

714
00:24:09,126 --> 00:24:12,547
LinkedIn probably six months ago
about how quickly it went up.

715
00:24:12,547 --> 00:24:15,869
Is it kind of like prefab?
Like you guys bring these, I

716
00:24:15,869 --> 00:24:18,439
guess, massive laminated pieces in
and they just stack up pretty

717
00:24:18,439 --> 00:24:19,782
quickly?
Like, is that one advantage to

718
00:24:19,882 --> 00:24:20,880
them?
Yeah, for sure.

719
00:24:20,880 --> 00:24:21,023
Yeah.

720
00:24:21,123 --> 00:24:22,887
The material itself is a premium

721
00:24:22,887 --> 00:24:26,257
product, but where you really save
is time on site.

722
00:24:26,357 --> 00:24:27,977
It goes together faster.

723
00:24:27,977 --> 00:24:29,583
You end up with a more durable

724
00:24:29,483 --> 00:24:29,626
product.

725
00:24:29,626 --> 00:24:32,152
And as you put it together, it's

726
00:24:32,152 --> 00:24:32,619
also safer.

727
00:24:32,619 --> 00:24:35,505
Now I've been a part of a lot of

728
00:24:35,505 --> 00:24:37,220
projects in mass timber.

729
00:24:37,220 --> 00:24:40,663
You do it with less labor and you

730
00:24:40,662 --> 00:24:44,890
do it in a safer way with less
impact to your community by using

731
00:24:44,890 --> 00:24:45,260
mass timber.

732
00:24:45,260 --> 00:24:49,420
There's a lot of benefits to it.

733
00:24:49,420 --> 00:24:53,784
And I use the example, and you
guys have been on construction

734
00:24:53,784 --> 00:24:58,948
sites, I'm sure, is when you joist
a floor, I always used to see the

735
00:24:58,948 --> 00:24:59,760
framers, they'll walk across the
joist.

736
00:24:59,760 --> 00:25:01,938
They'll have their nail gun in
their hands and they'll be this,

737
00:25:01,938 --> 00:25:03,778
they'll be nailing off the plywood
onto the joist.

738
00:25:03,778 --> 00:25:05,548
It was always struck me as
incredibly unsafe.

739
00:25:05,548 --> 00:25:09,700
And I was just like, okay, well,
you guys are doing this, not me.

740
00:25:09,700 --> 00:25:13,568
I mean, I frame floors myself and
it was always a bit terrifying.

741
00:25:13,568 --> 00:25:15,174
Framers get numb to it.

742
00:25:15,174 --> 00:25:16,597
But with mass timber, there's a

743
00:25:16,597 --> 00:25:16,657
operator.

744
00:25:16,757 --> 00:25:18,420
It's like on a high-rise site,

745
00:25:18,420 --> 00:25:19,940
they're operating the crane.

746
00:25:20,040 --> 00:25:22,395
They drop the panels into place.

747
00:25:22,395 --> 00:25:24,645
The guys get on top of it.

748
00:25:24,645 --> 00:25:25,743
They unhook the chains.

749
00:25:25,743 --> 00:25:27,455
They screw the floor in.

750
00:25:27,455 --> 00:25:29,810
It's just one spline and then it's

751
00:25:29,910 --> 00:25:30,338
done.

752
00:25:30,238 --> 00:25:31,163
There's nothing else.

753
00:25:31,163 --> 00:25:33,501
You can work underneath it right
away.

754
00:25:33,501 --> 00:25:33,997
It's safe.

755
00:25:33,997 --> 00:25:35,131
It's just fantastic.

756
00:25:35,131 --> 00:25:36,760
It's a really, really good
opportunity.

757
00:25:37,040 --> 00:25:37,217
Yeah.

758
00:25:37,217 --> 00:25:37,394
Yeah.

759
00:25:37,394 --> 00:25:39,462
It was a cool video to watch.

760
00:25:39,562 --> 00:25:41,741
I also love the fact that you guys

761
00:25:41,741 --> 00:25:43,076
are just, it's so easy, I guess.

762
00:25:43,074 --> 00:25:44,955
Well, I say it's easy, but like to

763
00:25:44,955 --> 00:25:47,945
reinvest into the BC economy, we
have so much timber here.

764
00:25:47,945 --> 00:25:50,622
And like you said, like local
companies are able to support you.

765
00:25:50,722 --> 00:25:53,400
So, I mean, not only are you
providing jobs onsite, but offsite

766
00:25:53,540 --> 00:25:55,847
as well, and just using resources
that we have, which is amazing.

767
00:25:55,847 --> 00:25:58,192
Like, it just doesn't seem like a
common thing for developers to

768
00:25:58,192 --> 00:25:58,876
use, I guess.

769
00:25:58,876 --> 00:26:01,439
Hey, like, why is A saying that I

770
00:26:01,339 --> 00:26:04,290
use all the time, which is, you
know, using regional forest

771
00:26:04,290 --> 00:26:07,381
products, that I use all the which
is using regional time, forest

772
00:26:07,381 --> 00:26:08,755
supporting regional products,
jobs, regional investment to

773
00:26:08,755 --> 00:26:10,278
overcome a regional housing
crisis.

774
00:26:10,278 --> 00:26:14,264
We're one of the few jurisdictions
in the entire world that has all

775
00:26:14,264 --> 00:26:16,647
of the expertise and the resources
in our backyard.

776
00:26:16,647 --> 00:26:19,464
Unfortunate thing is we export our
resources in terms of lumber

777
00:26:19,464 --> 00:26:19,745
exports.

778
00:26:19,745 --> 00:26:21,358
We also export a lot of expertise.

779
00:26:21,358 --> 00:26:24,624
We have companies in our backyard,
the Fasteneps of the world, Aspect

780
00:26:24,624 --> 00:26:27,376
Engineering, and a bunch of other
guys, WHM, who's on our project

781
00:26:27,376 --> 00:26:28,049
here.

782
00:26:28,049 --> 00:26:29,994
This knowledge goes all over the

783
00:26:29,994 --> 00:26:31,669
world, which is a good thing.

784
00:26:31,669 --> 00:26:32,913
They work on projects all over the

785
00:26:32,912 --> 00:26:35,222
world, but we could actually just
do this in our backyard.

786
00:26:35,222 --> 00:26:37,995
If we came up with a repetitive
form that we could prefab

787
00:26:37,995 --> 00:26:40,938
off-site, going back to your
point, in a factory, we're in a

788
00:26:40,938 --> 00:26:44,445
more controlled environment and it
comes to site and it's just a lot

789
00:26:44,445 --> 00:26:45,994
easier, quicker and safer.

790
00:26:45,994 --> 00:26:46,742
It's a real win.

791
00:26:46,742 --> 00:26:47,677
that's so cool.

792
00:26:47,677 --> 00:26:48,852
I love everything you said there.

793
00:26:48,752 --> 00:26:51,411
It seems like, I mean, Matt and I
have kind of spoken about this

794
00:26:51,411 --> 00:26:52,178
before on the show.

795
00:26:52,178 --> 00:26:54,326
I love speaking to developers

796
00:26:54,326 --> 00:26:57,142
about the project because that's
what really sells it to me is

797
00:26:57,142 --> 00:27:00,696
like, you actually get to know the
vision and the ethical background

798
00:27:00,696 --> 00:27:02,485
and what you're trying to But
achieve.

799
00:27:02,485 --> 00:27:05,618
me is you actually like, get to
know the vision and the ethical

800
00:27:05,618 --> 00:27:06,921
background and what you're trying
to achieve.

801
00:27:06,921 --> 00:27:10,045
But I guess like, you know, you
come on the podcast for an hour

802
00:27:10,145 --> 00:27:13,327
and it's like, oh my God, I want
to be a developer.

803
00:27:13,427 --> 00:27:16,851
But you know, for the other 300
days of the year, is it just like

804
00:27:16,851 --> 00:27:18,900
crazy stress?
Like what makes you want to be a

805
00:27:18,900 --> 00:27:20,599
developer?
High tolerance for a really good

806
00:27:20,699 --> 00:27:21,124
question.

807
00:27:21,024 --> 00:27:24,012
And I always say there's a role in

808
00:27:23,912 --> 00:27:26,460
development called a development
manager, which is essentially the

809
00:27:26,460 --> 00:27:27,467
quarterback of any development.

810
00:27:27,467 --> 00:27:28,949
You know, they'll work with

811
00:27:29,049 --> 00:27:31,023
construction, they'll work with
sales and marketing, etc, etc, to

812
00:27:31,023 --> 00:27:32,261
bring a project forward.

813
00:27:32,261 --> 00:27:34,145
And I will say as a developer,

814
00:27:34,145 --> 00:27:36,753
even though I own the company, I'm
still just a development manager.

815
00:27:36,737 --> 00:27:39,674
And at the end of the day, you
really have to love all of the

816
00:27:39,674 --> 00:27:41,977
mind numbingly boring parts of
development and painful parts of

817
00:27:41,877 --> 00:27:46,319
development in order to have, you
know, you said 350 days of the

818
00:27:46,140 --> 00:27:53,923
year, I would say, you know, it's
360 days of the year of that.

819
00:27:53,923 --> 00:27:56,559
And then you got the five days of
wins and then there are few in

820
00:27:56,552 --> 00:27:57,596
fleeting and nobody thanks a
developer for anything.

821
00:27:57,596 --> 00:27:59,971
You have to draw your own rewards
from what we do.

822
00:27:59,971 --> 00:28:03,949
And that's really really i think
in a nutshell why i do it it's

823
00:28:03,949 --> 00:28:08,990
super rewarding you know i have my
kids roll their eyes i point out

824
00:28:09,090 --> 00:28:12,152
every single house or building
i've ever built when we drive by

825
00:28:12,152 --> 00:28:14,921
it they just nod their heads but
it's incredibly fulfilling to see

826
00:28:14,921 --> 00:28:17,212
a community that you've built yeah
i can't say enough like see

827
00:28:17,112 --> 00:28:19,187
barbecues on the decks see kids
out playing in the playground that

828
00:28:19,187 --> 00:28:19,697
you put in.

829
00:28:19,697 --> 00:28:20,652
It's super cool.

830
00:28:20,652 --> 00:28:21,289
That part's Yeah.

831
00:28:21,289 --> 00:28:23,263
You're kind of building the city.

832
00:28:23,263 --> 00:28:23,900
That's awesome.

833
00:28:24,240 --> 00:28:24,440
Super rewarding.

834
00:28:24,540 --> 00:28:25,073
Yeah.

835
00:28:24,973 --> 00:28:26,727
We're here to say thank you.

836
00:28:26,727 --> 00:28:28,066
You do appreciate You guys are
making me blush.

837
00:28:28,063 --> 00:28:31,296
Not to blow smoke up your guys'
butts, but there's a bigger

838
00:28:31,296 --> 00:28:33,433
ecosystem here, which you guys are
a part of.

839
00:28:33,333 --> 00:28:35,380
The network of people, that's the
other rewarding part about this

840
00:28:35,380 --> 00:28:37,420
business is we get to work with
absolutely incredible people.

841
00:28:37,420 --> 00:28:40,227
Like on this project, the
Innovation District, I've been

842
00:28:40,227 --> 00:28:41,670
able to handpick my team.

843
00:28:41,670 --> 00:28:42,549
I've not been encumbered by

844
00:28:42,549 --> 00:28:43,051
anything.

845
00:28:43,051 --> 00:28:44,230
And it's easily one of the

846
00:28:44,211 --> 00:28:44,760
strongest development teams I've
ever worked with in 20 years.

847
00:28:44,728 --> 00:28:45,195
From our architecture team, to
landscape, to structural, to code,

848
00:28:45,036 --> 00:28:45,939
you code, it's the best of the
industry.

849
00:28:45,939 --> 00:28:48,813
That makes it so much better and
so much easier to do a development

850
00:28:48,813 --> 00:28:50,150
of this kind, even though it's
incredibly it.

851
00:28:50,150 --> 00:28:52,695
Well, I speak for both Matt and I,
we're pretty excited to come down

852
00:28:52,795 --> 00:28:54,925
and see the site when it gets
going and we appreciate what

853
00:28:54,925 --> 00:28:56,398
you're doing to the Okanagan.

854
00:28:56,398 --> 00:28:57,686
So we'll kind of lead into our

855
00:28:57,686 --> 00:28:59,722
wrap up questions here.

856
00:29:01,036 --> 00:29:03,102
And yeah, a good one to start with

857
00:29:03,102 --> 00:29:07,474
is, if you could buy a property in
the Okanagan in the next 12

858
00:29:07,474 --> 00:29:11,447
months, what would it be?
There's only one place to buy

859
00:29:11,347 --> 00:29:12,013
right now.

860
00:29:12,013 --> 00:29:13,444
It's the Innovation District.

861
00:29:13,444 --> 00:29:15,462
So I'd probably pick one of the
two-bedroom units there.

862
00:29:15,462 --> 00:29:16,915
I think it's a great investment.

863
00:29:16,915 --> 00:29:18,912
It's also a place where we want to

864
00:29:18,912 --> 00:29:19,638
be long-term.

865
00:29:19,738 --> 00:29:21,090
So it would give us flexibility to

866
00:29:21,190 --> 00:29:22,240
be there or somewhere else.

867
00:29:22,240 --> 00:29:23,753
So yeah, I'd probably pick a

868
00:29:23,753 --> 00:29:26,900
two-bedroom in the the innovation
district only because the studios

869
00:29:26,900 --> 00:29:28,744
are going to sell out so fast.

870
00:29:28,744 --> 00:29:29,039
Nice.

871
00:29:29,039 --> 00:29:29,555
So Nice.

872
00:29:29,555 --> 00:29:31,130
So what about our commercial units

873
00:29:31,030 --> 00:29:32,315
becoming available too?
Yeah, great point.

874
00:29:32,315 --> 00:29:33,725
I mean, they are office condo for
sale.

875
00:29:33,725 --> 00:29:35,136
Everything in the first phase is
for sale.

876
00:29:35,136 --> 00:29:37,081
So the retail, the residential and
the office.

877
00:29:37,081 --> 00:29:41,286
So it is a really unique
opportunity to own your own space

878
00:29:41,286 --> 00:29:42,800
across from a hospital.

879
00:29:42,800 --> 00:29:44,584
So for a medical practitioner of

880
00:29:44,584 --> 00:29:46,740
any kind, a physiotherapist, a
chiropractor, own your own space

881
00:29:46,740 --> 00:29:49,465
and pay down your own mortgage
over time while you build your

882
00:29:49,465 --> 00:29:49,789
business.

883
00:29:49,789 --> 00:29:50,957
Yeah, it's just an absolutely

884
00:29:50,957 --> 00:29:52,586
incredible opportunity that I'm
super excited about.

885
00:29:52,581 --> 00:29:55,900
Not to go off on a tangent, like I
said, I grew up in Richmond and

886
00:29:55,900 --> 00:29:58,487
right across from Richmond General
Hospital is a Richmond Health

887
00:29:58,487 --> 00:29:59,078
Sciences building.

888
00:29:59,078 --> 00:30:01,664
It's been there as long as I can

889
00:30:01,664 --> 00:30:01,960
remember.

890
00:30:01,960 --> 00:30:03,172
And it's always full.

891
00:30:03,172 --> 00:30:05,756
It's always got the best tenants
in it.

892
00:30:05,756 --> 00:30:08,901
And that's part and parcel of it
being across from a hospital.

893
00:30:09,001 --> 00:30:10,943
And we're seeing that in Kelowna.

894
00:30:10,943 --> 00:30:11,950
If I could buy something around

895
00:30:11,950 --> 00:30:15,385
Kelowna General Hospital, I would,
but it's just too expensive and

896
00:30:15,385 --> 00:30:17,430
too hard to find an assembly of
any kind.

897
00:30:17,430 --> 00:30:19,015
So it's a great spot.

898
00:30:19,015 --> 00:30:19,871
on that, like Penticton Hospital.

899
00:30:19,771 --> 00:30:22,088
I mean, we've touched on it a
couple of times.

900
00:30:22,088 --> 00:30:24,402
I mean, like you said, they've
renovated it recently.

901
00:30:24,402 --> 00:30:27,256
It is an amazing facility.

902
00:30:27,256 --> 00:30:30,212
So yeah, definitely a good area to

903
00:30:30,212 --> 00:30:32,060
be around have that kind of
infrastructure.

904
00:30:32,200 --> 00:30:33,158
Yeah, it really is.

905
00:30:33,158 --> 00:30:35,085
I've heard stories of people

906
00:30:35,085 --> 00:30:38,365
driving in from all over in South
Okanagan, Princeton, and all over

907
00:30:38,365 --> 00:30:42,920
the mountains to come there
because it is the biggest hospital

908
00:30:42,820 --> 00:30:43,575
in that area.

909
00:30:43,675 --> 00:30:45,940
So no, and they've done a great

910
00:30:45,840 --> 00:30:46,806
job with the expansion.

911
00:30:46,806 --> 00:30:47,520
Big time.

912
00:30:47,520 --> 00:30:50,806
All right, Rocky, if you could
tell your 20 year old self any

913
00:30:50,806 --> 00:30:54,365
piece of advice, what would it
would just say work hard.

914
00:30:54,365 --> 00:30:56,979
And I think my other one is don't
be afraid to take chances.

915
00:30:56,979 --> 00:30:59,505
It's kind of cliche, but it's so
easy to take chances when you're

916
00:30:59,505 --> 00:31:01,964
younger and you have almost
nothing to lose and everything to

917
00:31:01,964 --> 00:31:02,499
gain.

918
00:31:02,599 --> 00:31:03,372
Yeah, very true.

919
00:31:03,272 --> 00:31:03,748
I love it.

920
00:31:03,748 --> 00:31:05,098
What's your favorite charity or

921
00:31:05,098 --> 00:31:06,958
how do you give back?
give back to a number of

922
00:31:06,958 --> 00:31:07,252
children's charities.

923
00:31:07,352 --> 00:31:08,808
There's a local group here called

924
00:31:08,808 --> 00:31:09,097
Kids Play.

925
00:31:09,097 --> 00:31:10,180
They do sports for local youth.

926
00:31:10,174 --> 00:31:12,658
So we try to participate in that.

927
00:31:12,658 --> 00:31:15,467
I think what I try to do a try to

928
00:31:15,467 --> 00:31:18,227
I end up doing a lot of his lot,
board well, work.

929
00:31:18,227 --> 00:31:22,735
do, So I was on the board of UDI
trying to help the industry move

930
00:31:22,835 --> 00:31:23,073
forward.

931
00:31:22,973 --> 00:31:24,497
And also on the board of a

932
00:31:24,497 --> 00:31:26,878
not-for-profit school locally here
as well to lend my expertise

933
00:31:26,878 --> 00:31:27,640
because they're doing an expansion
project.

934
00:31:28,100 --> 00:31:29,308
So helping them navigate that
through building a grounds

935
00:31:29,308 --> 00:31:30,480
committee, which I chair.

936
00:31:30,820 --> 00:31:31,157
right.

937
00:31:31,057 --> 00:31:34,057
And then can Taylor or I or our
listener help you?

938
00:31:33,957 --> 00:31:37,565
So yeah, we are live in the market
now with our pre-marketing.

939
00:31:37,465 --> 00:31:38,688
It's www.theinnovationdistrict.ca.

940
00:31:38,688 --> 00:31:40,348
Just register to find out more.

941
00:31:40,348 --> 00:31:43,224
Obviously, the timing's not always
right for everybody.

942
00:31:43,224 --> 00:31:48,004
The opportunity may not be, but
explore what we have because like

943
00:31:48,004 --> 00:31:52,063
you said, we've got condos and
we've got office and we've got

944
00:31:52,063 --> 00:31:52,384
exciting retail.

945
00:31:52,384 --> 00:31:54,096
And then in the future, we've got

946
00:31:54,096 --> 00:31:57,017
other opportunities that are going
to be coming up as well.

947
00:31:57,017 --> 00:31:59,610
So just come out and support the
development and at the very least,

948
00:31:59,710 --> 00:32:01,001
come out and check what we've got
on site.

949
00:32:01,001 --> 00:32:03,867
Our presentation center is almost
4,000 square feet and it's got a

950
00:32:03,867 --> 00:32:07,457
huge model of the project so you
can really get to see what we're

951
00:32:07,457 --> 00:32:07,692
doing.

952
00:32:07,692 --> 00:32:09,825
And yeah, just come check it out

953
00:32:09,825 --> 00:32:11,576
and see what's going on down in
Penticton.

954
00:32:11,576 --> 00:32:11,838
Cool.

955
00:32:11,838 --> 00:32:12,229
I love that.

956
00:32:12,229 --> 00:32:14,070
Well, thank you so much for your
time.

957
00:32:14,070 --> 00:32:16,903
It was awesome to finally connect
on here and yeah, meet you in

958
00:32:16,803 --> 00:32:16,853
person.

959
00:32:16,942 --> 00:32:17,980
I can definitely see the genuine

960
00:32:17,980 --> 00:32:18,586
person you are.

961
00:32:18,586 --> 00:32:19,857
So yeah, look forward to working

962
00:32:19,857 --> 00:32:23,700
with you more in the future and
excited to see the site.

963
00:32:23,880 --> 00:32:23,930
Awesome.

964
00:32:24,014 --> 00:32:24,493
We'll have to