ECONOMIC DEVELOPMENT

With a large trading area and infrastructure to support business, the Okanagan has a diverse economy with prime industry sectors including agriculture, tourism, healthcare, retail trade, manufacturing, forestry, technology, education and construction. The variety of available business resources makes the Valley is an ideal destination for business start-ups, expansion and relocation. The Okanagan has become a prime destination for residential and small business relocations due to the exceptionally moderate climate, strong transportation, trained labour force and availability of diverse recreational opportunities. With the addition of an economic centre like New Monaco, the Central Okanagan will become a formidable economic power in the world stage competing for the best talents and world-class businesses.

Economic Impacts

Our economic advisors (Deloitte) completed an exhaustive economic impact study for New Monaco and within their report make the following projections in relation to economic benefits of the project:

  • Creation of over 1,500 full time jobs once construction of the village centre is complete;

  • Over 16,000 full time person-year jobs during construction;

  • Over $2 billion in construction-related retail spending; and

  • Over $140 million/year in retail spending after completion.

  • Ongoing annual tax revenues: $96.9 million annually

  • Tax revenues during construction: $261.8 million

 

 

The New Monaco economic strategy combines cutting edge Smart City technology and a focused set of complementary uses to formulate a high-profile and entertaining environment that will attract and sustain on-site and tourist consumer traffic for our business tenants while reducing costs, improving efficiency and profitability.  This combination of ‘commercial’ activities and high technology will establish the project as a vibrant and attractive hub for those who both live and work there. 

 

These uses include:

  1. Education

  2. Tourism - Shopping, Entertainment, and the Arts

  3. Health

  4. Technology

 

A Multi-Faceted ‘Destination’

New Monaco will be developed as a great destination community. With the Okanagan having already established itself as a major tourist destination, we expect New Monaco to attract not only international travellers, but local and regional visitors as well. Each aspect of New Monaco offers a high quality of life for those who live there, and it will provide many reasons for consumers of all ages to come and experience this socially and technologically innovative destination. 

  • Work

    • High tech, healthcare, retail, arts, hotel, tourism, teaching, and many more;

  • Shopping

    • Innovative retail, artisan retail, food and wine, arts;

  • Play

    • Parks, trails, recreation centres, entertainment district, festivals, fine cuisine, wine, street food;

  • Education

    • Post-secondary institutions, continuing education, secondary, tech and health studies, and more;

  • Being Healthy

    • Fitness, spas, organic gardens, health care.

A PLACE FOR BUSINESS

We aim to create a thriving environment where businesses will want to locate, where entrepreneurs will want to invest and where tourists will want to spend time. The New Monaco commercial district is purposely designed to host events, festivals, trade conventions, corporate and institutional conferences. We will participate in every major regional festival and create many high-profile events of our own that target different consumer markets to keep the commercial core lively every month of the year.

 

New Monaco's central location, accessibility from many regional municipalities and Smart Commercial Core planning concept that has been designed to achieve an ageless, vibrant, affordable and stable environment offers unique opportunity for a wide range of businesses to be successful and prosperous. The strength of both its location and the planning concept behind the project is based on the following:

  • Strong Anchoring Base

       Anchored by a group of highly respected educational institutions that offer short and long term courses and training sessions provides a         reliable consumer base for the commercial businesses on site. A consistent consumer base that provides stability for the businesses to             effectively manage their operation will in turn provide the high quality services that is expected of them.  

  • Attracting a High Quality Workforce
    New Monaco is designed to attract and keep a high quality workforce by providing the best a city can offer in one neighbourhood. In addition, the focus on providing education connected to the business clusters in the village center (high tech, health and medical, food and wine, others) will ensure a steady supply of newly trained workers for businesses in New Monaco.

  • Employment Amenities
    The working experience in New Monaco will include easy access, many cafes and restaurants, daycare, many fitness and recreation opportunities, great views and access to natural areas, business support facilities (hotel, conference, fibre, others), and a culture of innovation and responsible business practices.

  • High Visibility
    New Monaco is located at the intersection of two of BC’s most important highways and therefore has a higher visibility than most locations.

  • Easy Access
    New Monaco is located in the very center of the Okanagan Valley making it easily accessed from both north and south Okanagan communities. It is planned to be on the rapid bus line connecting the entire Central Okanagan, including UBC and the Airport.

  • The Gateway to the Okanagan
    For most traffic travelling to the Okanagan from the coast or travelling through the Okanagan, one of the first and most visible locations they will engage is New Monaco, at the Gateway to the Okanagan where the Connector (Highway 97C) meets Highway 97.

  • A Destination Location
    New Monaco has been specifically planned to be a destination for many people and reasons – employment, shopping, education, healthcare, tourism, arts and culture, recreation, festivals, and many others. When combined with high quality design, New Monaco will become a major destination in the Okanagan lifestyle.

  • Diversity of Space
    New Monaco is planned to offer a diversity of space size and design to meet diverse business needs and the opportunity for growth.

  • Communications, Utilities and Fibre
    New Monaco will be directly connected to the BC fibre optic network that currently travels through the site. It also is served by major trunk lines of gas and hydro.

PROGRESSIVE EMPLOYERS/QUALITY JOBS

New Monaco is being built around jobs. It seeks to create a diverse core base of businesses in the community to increase the prosperity of the entire Okanagan region for the future.

Our primary targets are business leaders, established firms and highly qualified young professionals in the medical service, technology, education and tourism sector. Additional jobs will then be part of the mixed use village that supports the core businesses and residential areas.

TARGETED EMPLOYERS INCLUDE

  • Medical professionals and technicians

  • Related wellness services and support

  • Information technology

  • Education services and institutions

  • Hotel and hospitality services

  • Food, wine, entertainment and recreation businesses

  • Artists, arts and culture businesses

  • Retail and essential services

  • Engineering and design

Attracting and retaining young professionals and their families is important for the future of Peachland and the rest of the Okanagan region. The combinations of vineyards, wineries, golf courses, ski resorts nearby, the miraculous scenery of Peachland and the amenities available at new Monaco provides “an unparalleled quality of life” for families and individuals of all ages.

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