Why ONE Water Street Should Be Your Next Real Estate Move in Downtown Kelowna

Posted by Gillian Krol Personal Real Estate Corporation on Wednesday, November 5th, 2025  6:04pm.

Why ONE Water Street Is One of the Smartest Real Estate Buys in Downtown Kelowna 

When it comes to buying or investing in Kelowna real estate, ONE Water Street stands apart. This landmark development combines luxury design, resort-style amenities, and a premium downtown waterfront location. It continues to attract both local and out-of-province buyers who want an address that offers walkability, design, and long-term value.

If you are exploring downtown Kelowna properties or looking to make a confident investment in the Okanagan, here’s why ONE Water Street should be on your shortlist.

1. Prime Waterfront + Downtown Location

Located at 1181 and 1191 Sunset Drive, ONE Water Street connects Kelowna’s lively Cultural and Entertainment District with the calm, scenic waterfront neighbourhood of Sunset Drive. Residents enjoy being steps from Okanagan Lake, Waterfront Park, Prospera Place, and some of Kelowna’s best dining, coffee, and shopping.

For lifestyle buyers, the walkability is a major draw. Morning walks along the boardwalk, kayaking from the downtown marina, and dinner at Waterfront Wines, BNA Brew Co., or OAK + CRU all become part of daily life. For investors, the address itself carries strong market fundamentals, as downtown Kelowna consistently ranks among the top five neighbourhoods in the Okanagan for appreciation and rental demand.

Nearby Highlights

You’re getting both vibrant urban convenience and premium lake-side positioning — a combination that tends to enhance both lifestyle and property resilience.

2. Best-in-Class Amenities and Design

The development includes two towers, a 36-storey East Tower and a 29-storey West Tower, both constructed in concrete and finished to a high standard by Kerkhoff Construction and developed by North American Development Group.

Its signature feature, “The Bench,” is a 1.3-acre landscaped podium on the fourth floor designed as an elevated outdoor retreat. It includes:

Inside, the homes feature floor-to-ceiling windows, expansive decks, and interiors designed by Inside Design Studio, one of Canada’s leading condominium design firms. Buyers can choose from three modern palettes — Blossom, Orchard, or Harvest — each offering a fresh take on contemporary lakeside living.

Explore the Floorplans

If you’d like to explore the different layouts and available floorplans for ONE Water Street, you can view them here or contact us for personalized information on available condos and townhomes.

3. Strong Investment Fundamentals

Kelowna’s real estate market continues to show balance and resilience. The region’s average home price remains near $990,000, and rental yields average around 4.3% annually in recent reports.

ONE Water Street benefits from a mix of rarity, location, and lifestyle appeal that few downtown developments can match. The property also includes over 30,000 square feet of ground-level retail, adding energy and walkability to the community while increasing the long-term desirability of the site.

For both owner-occupiers and investors, the project’s position near the waterfront, combined with the ongoing growth of downtown Kelowna, points to steady long-term potential.

Initial presale pricing in 2017 started in the mid-$400,000s, and values have appreciated steadily since occupancy — a strong indicator of enduring demand and investment performance.

Below is a snapshot of the original 2017 Realtor open house pricing sheet for reference:

4. Broad Buyer Appeal

ONE Water Street offers something for every buyer type:

When compared to similar lakeview condo developments downtown, ONE Water Street continues to outperform on both resale activity and rentability — largely due to its amenity offering and location.

5. Lifestyle Credibility and Long-Term Value

Living at ONE Water Street means being part of Kelowna’s downtown evolution. From morning coffee by the water to concerts at Prospera Place or evening walks through Waterfront Park, it blends urban convenience with the natural beauty the Okanagan is known for.

This lifestyle factor adds both emotional and market value. Buildings of this calibre tend to hold their appeal over time, especially when they combine strong design with limited waterfront availability. Downtown Kelowna’s ongoing improvements — from parks to boutique retail — continue to elevate this area’s long-term desirability.

6. Construction & Peace of Mind

Quality construction and thoughtful details make a difference for long-term ownership and resale value. Some of the key features include:

These features ensure that buyers are not just purchasing a home — they’re buying into quality, security, and longevity.

7. Design Features Buyers Love

Inside, several design elements consistently stand out to buyers:

8. Key Considerations for Buyers

Before making a purchase, it’s worth reviewing a few practical points:

9. Concerning Aspects of Purchase

Every multifamily development has aspects worth considering before purchase, and ONE Water Street is no exception. Feedback from the real estate community and local residents highlights a few practical points to keep in mind.

If you prefer to avoid areas with some visible homeless activity, this location may not be the right fit. Additionally, ONE Water Street has undergone select repairs and maintenance related to amenities such as the pool and heating and cooling systems.

Prospective buyers are encouraged to review the most recent strata documentation and discuss these items with their Realtor. Up-to-date details are available upon request for active listings at ONE Water Street.

Final Word

For buyers who value location, lifestyle, and investment potential, ONE Water Street continues to make a strong case. Its combination of waterfront access, resort-style amenities, quality construction, and walkable downtown setting makes it one of the most complete residential offerings in Kelowna.

Whether you plan to live in the building, rent it out, or hold it as part of your investment portfolio, ONE Water Street delivers both everyday enjoyment and lasting value.

If you are interested in exploring available listings or viewing current floorplans, I would be happy to share details tailored to your goals.