Construction of Lucaya, a 21-storey residential tower on Sunset Drive in Kelowna, has been stopped. Mark Dedominicis of Navigator Development Corporation, the Calgary-based development manager for the building's investors, said construction had been slowing down for some time before the complete stoppage came to be. "Until we have committed financing we are going to take the site down to make sure it's safe and expend as little capital as possible," he said adding they're looking for financing "that's not going to impede the profitability" of the project. About one-third of the project sold in the pre-sale phase.
For more information on developments in Kelowna contract Alexandra@theOREC.com or call 250.870.2792.