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Guest Information
Jonathan Friesen
Jonathan was raised in a small Japanese coastal town along the Sea of Japan during the rapid economic growth of the 1960s. He attended boarding school in Tokyo in the 70s and University in Los Angeles in the 80s. Together with his family, he settled in Vancouver and began a career in property development. Jonathan has also held advisory roles with developments in Japan and the south seas.
Jonathan is a co-founder of Mission Group Enterprises Ltd. where he currently serves as Chief Executive Officer. With a diverse perspective gained by his global experience, he has learned that success is a process which is best navigated not by fitting in, but by being different.
Jonathan currently serves on several boards and holds an ICD.D designation. In his free time, Jonathan enjoys spending time with his family, cycling and traveling.
Episode Summary
Who is Jon Friesen?
I’m the CEO of Mission Group. We’re an organization that is learning a lot and moving through the ranks. I moved back to Kelowna after seven years of doing community work in Grand Cayman. I decided to reengage with the property development industry at that time. I started with Mission Shores, which launched in 2003, and we’ve been building since then. Mission Group has less than a 20 year history.
Can you tell us about Mission Group’s latest project, Aqua, in Kelowna?
Aqua has been a labour of love. We’ve owned the property since 2007. It’s three condominium towers; the first tower has launched and is completely sold out. We’re doing the final release this summer. You can register for that on our website.
I’m proud of what our marketing group has done with Aqua. This is premium product. This same product would be twice the price in Vancouver. It is a premium price for Kelowna and it’s not downtown – it’s in the Mission district – so there are no issues. It’s a high amenity neighbourhood, very walkable, next to the greenway, and you have direct lakefront access with nothing that will ever be built to block your view. Delivery time is about a two and a half year build.
Let’s talk about Downtown Kelowna. Can you tell us about the office building Mission Group is building in Downtown Kelowna?
We call our office tower The Block and it’s next to Bertram, which is our condo tower. The Block is just coming out of the ground and it’s the only Class A office building in Kelowna. It’s an extremely amenity-rich place to work and live.
Living downtown has a flavour of its own. It’s not the same Downtown Kelowna as when I first moved here.
You can enjoy the waterfront and the little shops and restaurants. Our office building and the whole complex will be a good bookend to what’s happening on the waterfront side. We’re actually moving our corporate office there and I can’t wait. The Block is estimated to complete 18 months from now.
What other markets in BC is Mission Group interested in?
Our strategic plan at Mission Group focuses on the Okanagan, north as far as Vernon, south as far as Penticton, east as far as Kamloops and west to the Lower Mainland. Kelowna is in the centre of what we do. We don’t have anything on the go in the Lower Mainland but we are always looking. We may go for a light industrial play instead of residential.
We understand Mission Group is working on a piece of land outside the downtown core of Kelowna. What’s your plan for this site?
It’s a four acre site that used to be an old industrial yard and cold storage site, and is encircled by an old mill site. We’re in the process of creating a community plan and consulting with the community. The City is bringing forward the needs of local residents. It’s going to be a beautiful site by the water; a place you want to walk around with your grandkids. We’re expecting a lot of mixed use properties. I think it will be a showstopper when it’s completed.
We have an opportunity to do something that everyone in North America can point to and say, “That’s how you plan a community!” We aren’t into the specifics yet, but I’m excited. There’s a massive bike trail through the site all the way to Vernon that shows what a great site this will be for outdoor life. It is one of the biggest potentials of my career.
Where will Kelowna be in a few years? Why has Kelowna become so popular?
Kelowna has become a focal point. We can’t supply enough homes for the people who are moving to Kelowna.
People want to live here and be part of the lifestyle Kelowna offers. There are plenty of jobs – our unemployment rate is lower than it was before the pandemic.
Organizations outside of Kelowna are now taking Kelowna seriously. We’re now partnering with two big institutional investors out of Alberta and Vancouver. They recognize the seriousness of Kelowna and its place as a great city.
UBC has seen the potential of Downtown Kelowna and Kelowna in general. The attention from institutional investors and academic institutions attracts professionals who want to raise their families here. It’s hard to imagine that trend ending anytime soon.
I don’t know where prices will go but we haven’t seen any change in the Kelowna real estate market in the last few weeks. The demand is still as hot as it has been.
Are there other areas in Kelowna and the Okanagan where Mission Group is developing?
We’re looking at land in Lake Country and in Vernon. We’re under construction on a purpose-built rental in Penticton. We have an active project in the Lower Mission and another in the pipeline. We also just closed on an acquisition in that area that will be a cool, little, boutique condo across from a waterfront park. We’re very interested in Kelowna and shift our product type depending on the local area.
What cities and projects around the world do you draw inspiration from?
We’re constantly looking at what other cities are doing. We were just looking at how to incorporate water into properties and looking at places like Venice and Amsterdam. There are also interesting examples in the Middle East where canals and waterways are brought into mixed use residences. Monte Carlo is a waterfront community we often look at.
We like to ask: What is good about this place and how did it get to be that way? Members of our team who travel always come back with interesting observations we can incorporate locally.
Where are the buyers of your Kelowna projects coming from?
Vancouver. Many of our buyers for our Kelowna projects are from Vancouver. For someone from Vancouver, Kelowna real estate is not pricy at all. They think this is a bargain! Our customers are 70% Vancouverites.
How did you first get into real estate development?
I stumbled into development. Straight out of university, I was working for a large Japanese trading company. I realized I’m more of an entrepreneur so began working as a trading consultant. One of my clients was a local developer in Vancouver who taught me about the business. I then formed my own business with a local partner who knew more about the industry. I brought in investors from Japan and we completed a project called 1000 Beach next to the Burrard Bridge. It’s a 26 storey highrise building with a marina, which was inspired by Monte Carlo. That was almost four decades ago.
Will Downtown Kelowna keep expanding?
Absolutely!
There’s so much runway for Kelowna to grow into a proper city. I look forward to when Downtown Kelowna is even more vibrant and amenity-rich than it is right now. There’s so much opportunity here.
Just the Bernard Avenue corridor itself is very under-built.
Where is Kelowna in 5 years? How is Mission Group part of Kelowna’s future?
Moving forward, we want to be part of making Kelowna a great city. We want all of Kelowna, not just our partners and customers, to be successful and benefit from how we build.
How developers approach their job is so important. Years from now, when people forget who planned or built a project, they will still experience life based on how great the city is. If we at Mission Group do a good job, I think Kelowna will be a better place to live. We have a responsibility we need to take seriously. Our future is bright because Kelowna’s future is bright. If we can contribute to making it even brighter, that’s a job well done.
What advice do you have for someone getting into commercial real estate?
Concentrate on the location first, not the price.
Episode Host
Cory Wright
Cory is the founder and Managing Broker of William Wright Commercial. Since its inception in 2013, he has successfully closed over $500,000,000 in commercial investment properties ranging from large-scale open-air shopping centers to highly desirable Vancouver development sites and everything in between.
Nathan Armour
Nathan Armour is a team leader at the New Westminster Office and recognized as one of the top producing brokers at William Wright. Hired in 2015 as the 4th representing broker, Nathan worked closely alongside the owner and founder, Cory Wright in learning every inch of the industry from property valuations, business sales, investment opportunities, and understanding the needs of each client in every asset class. Nathan’s background in management and the hospitality industry has played a key role in providing his best foot forward for every client that brings both results and an enjoyable experience. His business mindset is to build a culture of execution to improve the commercial real estate experience.
Prior to joining William Wright Commercial, Nathan Armour specialized in the hospitality industry in Yaletown for over 10 years. During the peak of his career he was overseeing two multi-million-dollar restaurants with over a hundred plus employees.
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