I suppose companies always have to juggle all their projects, so it may be a consideration. However, it would be nice to eventually fill in this spot and it is a great location for such a development, so hopefully it will happen without too much delay.
The Kelowna project is just townhomes and <6 storeys on First Nations land in a climate where they can build and pour concrete all year, so I don't expect it to be an extraordinary amount of capital held up for too long. A swift presale should help attract outside capital.
It's a phasable project so they could choose to go bit by bit and not tie up too much capital or go hard all at once. The fact that there could be higher and quicker returns means they can get more outside capital. My only worry is that Kelowna is on year 7 of its boom cycle and while there's no reason to believe Kelowna has anywhere to go but up, they're certainly not immune to recessions. 2008-14 were hard years.
I think it's been determined that this tower was not a high priority for Westrich Pacific regardless. No mention of this unnamed tower on their website, even The Hudson seems to be in limbo.