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Academy Hill to contribute $29 million to economy and $1.2 million in DCCs
FOR IMMEDIATE RELEASE

Academy Hill to contribute $29 million to economy and $1.2 million in DCCs 
New Sign Program Reveals Positive Economic Benefits of Development

April 14 - Kelowna, BC – The Urban Development Institute (UDI) Okanagan Chapter is pleased to announce the launch of its Building Our Community Sign Program. 
 
According to UDI Okanagan Chapter President, Andrew Bruce, “UDI Okanagan has embarked on this new signage program to communicate to the community the positive benefits of the development industry. We continue to advocate that we are partners with the City and the community in building our city and region.  This new signage program is just one small way for us to communicate some of the benefits positive and responsible growth has on our community.” 
 
The program works by allowing any UDI Okanagan member developers to pay a small fee to enroll one or more of their developments into the program.  Developers choose from a variety of economic, community or environmental benefits associated with the particular development to be showcased.  These include construction costs, infrastructure contribution, Development Cost Charges (DCCs) Contribution, number of jobs created, number of long-term jobs created, economic impact, environmental benefits, community benefits, and historic contribution to date.
 
One of the key features of the program is that all benefits featured on the sign need to be verified by a qualified appraiser/verifier that is a member of UDI Okanagan.
 
The first project enrolled in the Sign Program is Academy Hill, which is a three phase mixed-use development that is located at 975 Academy Way, Kelowna near the University of British Columbia. Verified by independent appraiser Kent Macpherson, Academy Hill’s sign reports the project’s Phase 1 and Phase 2 will have an economic impact of $29 million and will contribute $1.2 million in DCCs. DCCs are monies that are collected from land developers by a municipality, to offset some of the infrastructure expenditures incurred, to service the needs of new development.
 
Academy Hill’s Phase 1 includes 48 units of apartment housing and 13,235 square feet of commercial development.  Phase 2 is under construction and will include 30 additional apartment units upon completion.  Phase 3 has not yet commenced, but is proposed for between 7,500 and 9,000 square feet of additional commercial space.  Phase 3 has not been included in this Sign Program.
 
Watermark Developments, headed by John Hertay and Michael Holzhey, is the developer of Academy Hill.  According to John Hertay, Director of Watermark Developments, “Academy Hill is pleased to be one of the first projects participating in the Urban Development Institute sign program.  We hope the on-site signage will inform the public of the significant contribution developments such as Academy Hill make to the community in jobs, City infrastructure through Development Cost Charges and positive economic impact on companies and people of Kelowna”.  Sean Hughes, Partner at Kent-Macpherson, worked with Watermark Developments to verify the Academy Hill benefits for the application.
For more information about the Building Our Community UDI Okanagan Sign Program or to view a list of enrolled projects, visit www.udiokanagan.ca
 
The Urban Development Institute (UDI) is a national association (with international affiliations) of the development industry and its related professions.  The corporate members of the UDI - Okanagan Chapter represent hundreds of individuals involved in all facets of land development and planning, including: developers, property managers, financial lenders, lawyers, engineers, planners, architects, appraisers, real estate professionals, local governments and government agencies.
 
As a Partner in Community Building, the UDI Okanagan is committed to working with communities and governments to create and achieve the vision of balanced, well-planned, sustainable and affordable communities.


Photo caption: New sign reveals benefits for the city of Kelowna.
Photo credit: UDI



Photo caption: Builder of Academy Hill unveils new signage. (From L to R) Andrew Bruce, President of UDI Okanagan, Michael Holzhey and John Hertay, Directors of Watermark Developments, 
Photo credit: UDI
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For more information contact:

Andrew Bruce, President, UDI Okanagan                     Scott Henderson, dHz Media
250-717-8390                                                                250-317-3751
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