Prime 2.64 acre development parcel in the heart of West Kelowna with partial lake views possible from upper floors

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1 FOR SALE West Kelowna, BC PROPERTY DETAILS: Prime 2.64 acre development parcel in the heart of West Kelowna with partial lake views possible from upper floors FAR up to 1.84 with covered parking, and a maximum site coverage of 60% Zoning includes a special provision for extra height (22.0m or 6 storeys instead of 15.0m or 4 storeys) Price: $4,800,000 Macdonald Realty Kelowna

2 FOR SALE West Kelowna, BC HM Commercial Group is pleased to present this opportunity for in West Kelowna, a 2.64 acre site in the heart of the urban town centre. BENEFITS: Superb walkability score, close to shopping, transit, and other services Gradual slope to offer tiered development with some partial lake views from upper floors FAR up to 1.84 with covered parking (up to 1.4 with surface parking) Max site coverage of 60% Zoning includes special provision for extra height for this project only (22.0m or 6 storeys instead of 15.0m or 4 storeys) Recent infrastructure projects including streetscape improvements on Brown Road, the Elliott Road couplet, the transit exchange and Johnston Bentley Aquatic Centre Market conditions favour smaller more efficient units and rental units are in hot demand due to a sub 1% vacancy rate, one of the lowest in the country. The Gateway Urban Village master plan envisioned this second phase to be a series of tiered-condo/apartment buildings which would take advantage of view corridors and the walkability factor of the neighbourhood. A community garden and a central boardwalk to create connectivity to the adjoining property to the south were potential amenities. 2

3 PROPERTY DETAILS CIVIC ADDRESS LEGAL DESCRIPTION, West Kelowna Lot 1, Plan EPP1625,7 District Lot 486, Land District 41, Except Plan EPS708 PH 1, PH 2, PH 3, PH 4, PH 5 PID LAND AREA ZONING (CURRENT) PRE-PAID COSTS OFFSITE COSTS LATECOMER FEES WALKWAY 2.64 acres R5, Westbank Centre Multiple Residential Zone $100,000 gift to upgrade Springer Park Gossett Road upgrade for ½ road development with balance by contiguous developers on south side of road $ per development unit Cost of +/- $100k for the path that bisects the building PROPERTY TAXES $14,667 (2016) PRICE $4,800,000 ($24,870/unit or $41.42/sf of land area) 3

4 GATEWAY URBAN VILLAGE The Gateway Community Main Street Shopping Community Garden EL LIO TR FUTURE TERRACED CONDOS FUTURE TERRACED CONDOS OA D FUTURE TERRACED CONDOS BRO WN ROA D FUTURE TERRACED CONDOS NE GATEWAY LA Boardwalk Gateway Urban Village Community Gateway Urban Village is a master-planned community with the terraced family townhomes being the first real estate opportunity to own in downtown West Kelowna s newest community, built by the Okanagan s award-winning builder Dilworth Homes. Gateway offers over one kilometre of walking paths, a stylish Boardwalk with designer landscaped areas including artistic outdoor features and even a Community Garden for your favourite vegetables & herbs Gateway Urban Village is your favourite family community! Drawing is a representation only and may not be to scale. This is not an offering for sale. Any such offering may only be made after filing a disclosure statement. The Developer reserves the right to modify plans, features and specifications. E.&O 4

5 AERIAL MAP The property is exceptionally well located just steps to Westbank Town Centre commercial core, and in close proximity to shopping, groceries, banks, entertainment, and a wealth of other services and amenities. 5

6 DEMOGRAPHICS & AREA INFO MULTI-FAMILY SALE PRICES IN AREA $246,900 to $459,900 Built in Minimum 2 bedrooms to maximum 3 bedrooms SHOPPING/AMENITIES 3 minutes to Save-On Foods, Shopper Drug Mart, Starbucks, 5 minutes to Superstore, Walmart, London Drugs, Home Depot, and a variety of other retailers, 8 minute walk to Westbank Town Centre, 15 minutes to Downtown Kelowna, 33 minutes to YLW and UBC Okanagan. NEAREST TRANSIT STOP 130 M, 2 min walk AREA SCHOOLS Elementary School: Distance: Middle School: Distance: High School: Distance: George Pringle Elementary School 7 min walk, 550 M Glenrosa Middle School 5 min, 3.6 km Mount Boucherie Secondary 9 min, 5.8 km ESTIMATES 1 KM 3 KM 5 KM Total Population (2016) 2,653 14,764 24,472 Projected Population (2021) 2,842 15,664 26,077 Average Household Income (2016) $92,510 $86,016 $83,413 Projected Household Income (2021) $113,375 $103,505 $100,313 6

7 REVITALIZED DOWNTOWN CORE The Downtown Core of West Kelowna has recently been revitalized, with some amenities/improvements including: 1. Transit Loop on Elliott Road (improved transit access to Kelowna, Okanagan College and UBC Okanagan) 2. $3.6M Brown Road urban street-scape improvements (off-sites and on-sites complete) 3. Walkability 4. Heritage Retirement Centre (145 units) Brown Road Improvements 7

8 PROPERTY PHOTOS 8

9 ZONING CITY OF WEST KELOWNA ZONING BYLAW No WESTBANK CENTRE MULTIPLE RESIDENTIAL ZONE (R5).1 Purpose To accommodate multiple residential in Westbank Centre..2 Principal Uses, Buildings and Structures (a) Apartment (b) Care facility, major in townhouse or apartment form only (c) Congregate housing (d) Group home in townhouse or apartment form only (e) Townhouse.3 Secondary Uses, Buildings and Structures (a) Accessory uses, buildings and structures (b) Home based business, minor.4 Site Specific Uses, Buildings and Structures - Reserved.5 Regulations Table SUBDIVISION REGULATIONS (a) Minimum parcel area 1600 m 2 (17,222.3 ft 2 ) (b) Minimum parcel frontage 30.0 m (98.4 ft) DEVELOPMENT REGULATIONS (c) Maximum density:.1 With surface parking 1.4 FAR.2 With non-surface parking 1.8 FAR (d) Maximum parcel coverage 60% (e) Maximum building height: 15.0 m (49.2 ft) to a maximum of 4 storeys; except it is 5.0 m (16.4 ft) for accessory buildings and structures. On Lot A, DL 486, ODYD, Plan EPP10728 the maximum height is 22.0 m (72.2 ft) to a maximum of 6 storeys. SITING REGULATIONS (f) Buildings and structures shall be sited at least the distance from the feature indicated in the middle column below, that is indicated in the right-hand column opposite that feature:.1 Front parcel boundary i. Townhouse 3.0 m (9.8 ft) except it is 6.0 m (19.7 ft) for a garage or carport having vehicular entry from the front 9

10 ZONING CITY OF WEST KELOWNA ZONING BYLAW No ii. Any built form other than a townhouse 4.5 m (14.8 ft).2 Rear parcel boundary 7.5 m (24.6 ft).3 Interior side parcel boundary 6.0 m (19.7 ft).4 Exterior side parcel boundary i. Townhouse 3.0 m (9.8 ft) except it is 6.0 m (19.7 ft) for a garage or carport having vehicular entry from the exterior side ii. Any built form other than a townhouse 4.5 m (14.8 ft).5 A1 Zone or ALR 15.0 m (49.2 ft) for the first two storeys or portion of the building less than or equal to 6.0 m (19.7 ft) in height, whichever is less 18.0 m (59.0 ft) for the third storey or portion of the building above 6.0 m (19.7 ft) but less than or equal to 9 m (29.5 ft) in height, whichever is less 21.0 m (68.9 ft) for the fourth storey or portion of the building above 9.0 m (29.5 ft) in height, whichever is less AMENITY SPACE a. Minimum Amenity Space (per unit).1 Bachelor dwelling unit and a unit in a group home 7.5 m 2 (80.7 ft 2 ).2 One (1) bedroom dwelling unit 15.0 m 2 (161.5 ft 2 ).3 More than one (1) bedroom dwelling unit 25.0 m 2 (269.1 ft 2 ).4 Congregate housing unit 6.0 m 2 (64.6 ft 2) indoor amenity space and 6.0 m 2 (64.6 ft 2 ) outdoor amenity space.6 Other Regulations (a) Where side-by-side townhouses are subdivided under the Land Title Act, Sections (a) and (b) shall not apply provided that each parcel so created contains not less than one half the minimum parcel area and not less than one half the minimum frontage specified in those Sections, and Section (f).3 shall not apply. (b) Despite Section (c), in circumstances where a combination of surface and non-surface parking is proposed, the maximum density of 1.4 FAR may be increased by 0.4 multiplied by the ratio of non-surface parking spaces to the total required parking spaces, but in no case shall the FAR exceed

11 ZONING CITY OF WEST KELOWNA ZONING BYLAW No (c) Density bonusing.1 Despite Section (c), the maximum density may be increased to 2.2 FAR if the owner of the land pays to the City of West Kelowna, prior to the issuance of a building permit, the amount equal to $26.90 per square metre of additional GFA ($2.50 per square foot of additional GFA), to be deposited in a Restricted Reserve Fund for Westbank Centre Amenities..2 Buildings that are being constructed at an FAR in excess of 1.8 in accordance with Section (c) shall have a maximum height of 6 storeys, or 22.5 m (73.8 ft), whichever is less, if all of the parking spaces are provided in the form of non-surface parking. (d) In addition to the minimum amenity space outlined in the Regulations Table, congregate housing shall also include the following at a minimum: (e) Bylaw No m 2 (1,076.4 ft 2 ) of seating area for common dining facilities; and m 2 (1,722.2 ft 2 ) of floor area for common community and assembly hall facilities. Siting Regulations for Approved Subdivisions.1 the regulations requiring a minimum distance between garages or carports having vehicular entry from parcel boundaries or private access easements, that is greater than the minimum distance required for other buildings and structures, shall not apply to any parcel created by subdivision deposited in the Land Title Office before March 13, 2014 provided that the building permit authorizing the construction of the building or structure is issued before March 13,

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14 THE SMALL PRINT This document/ has been prepared by HM Commercial Group for advertising and general information only and makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. HM Commercial Group excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of HM Commercial Group and /or its licensor(s). HM Commercial Group is a team of Real Estate Professionals licensed with Macdonald Realty Kelowna. 14

15 HM Commercial Group is a boutique commercial real estate team that specializes in investment properties, land for development, and leasing. Our targeted focus provides us with detailed knowledge of market conditions, as well as key relationships with wealthy investors, institutions, and REIT s. Over the past few years we have sold over $450 Million dollars in transactions. WE DO THINGS DIFFERENTLY AND IT WORKS. CONTACT US: JEFF HUDSON* / MARSHALL MCANERNEY* HM Commercial Group Macdonald Realty Kelowna Phone: (250) info@hmcommercial.com *Personal Real Estate Corporation Macdonald Realty Kelowna