Two generations of British Columbia’s Sethi family are bringing their development firms together to create Penticton’s new 10-acre mixed-use Innovation District community.
Rocky Sethi’s Stryke Group is co-developing with Tien Sher Group, the company helmed by Rocky’s father Charan Sethi.
The project will break ground later this year with completion of the first condominiums in 2026.
Both Sethis have long experience in development in B.C., but this is their first foray into Penticton.
Rocky Sethi says the size of the undertaking merited the involvement of two firms.
The planned community, which will begin construction later this year, will feature 13 buildings, including condos, rental residential, senior living, office and retail space along with a hotel, public gathering spaces and bike and walking trails. Full build-out will take a decade.
Charan Sethi estimates the entire project could result in an investment of over $900 million to complete.
Tien Sher has experience with large projects
“Tien Sher has executed on some large multi-phase projects in the Surrey city centre area,” says Rocky Sethi. “They have that expertise and long-standing track record.
“Our group, being fairly new and with some experience working with some of the largest developers in Western Canada, is offering a fresh perspective . . . a way to do things a little differently with an eye for sustainability and innovation.”
The initial phase will include Nikola, a residential building with 128 condos above main-floor retail space and a six-storey, 70,000-square-foot office building which will also incorporate a day care and more ground-floor retail, says Rocky Sethi.
Phase 1 will also include the project’s central plaza. Rocky Sethi says the Phase 1 mix of residential, office, coffee shop and public gathering space will allow early residents to experience a microcosm of what the complete project offers.
“You’re not just buying a home, you’re buying a community.”
The Penticton Innovation District
The Innovation District is located on what was industrial land close to the Penticton Regional Hospital and equidistant from Penticton’s two lakes – Okanagan and Skaha. The 2023 sale price on the land has been reported as $23 million.
Rezoning on the tract of land was approved in March.
With its range of condos from studio to three-bedroom size, Nikola — the first residential building — could attract people on fixed income, those just starting on the equity ladder and families with a couple of kids, Rocky Sethi says.
The nearby hospital is a likely source of employment for prospective residents. Penticton did a housing needs assessment that found the city has a difficult time attracting nurses and doctors in part because they can’t find housing, Rocky Sethi says.
The developers are watching interest rates closely before setting the prices on their homes, he adds.
“We know the demographic we’re trying to attract and we’re going to deliver homes at prices they can afford.”
Elements designed to create sense of community
The Sethis stress the importance of community in the design of the project.
Charan Sethi says his son’s plans to incorporate places to gather such as the plaza, coffee shops and rooftop patios along with other building amenities convinced him to come on board.
He says he has researched Blue Zones, communities around the world where residents continue to live beyond age 100, and the design of this project creates such an environment.
“People can meet and see each other. It’s not just the way you live. It’s how you associate yourself with your neighbours, how the lifestyle is, how many friends you have in the area — that’s what makes you live longer.”
Rocky Sethi adds there will be several sustainability initiatives in the project. A large warehouse still standing on the site will be moved or dismantled and recycled. He plans to build the Phase 1 office building utilizing mass timber techniques, with a laminated wood product fabricated in B.C.
“We’ve got a partnership with a local E-scooter and E-bike operator with stations throughout the site,” says Rocky Sethi.
While there will be some retail on-site, grocery stores are about 10 minutes away, so residents will be able to hop on a scooter or bike to do that shopping.