FOR SALE. Approximately 1.15 acres of prime development land

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1 FOR SALE 3316 Lakeshore Road Kelowna, BC PROPERTY DETAILS: Approximately 1.15 acres of prime development land Best suited for mixed use development with commercial on the ground floor, fronting Lakeshore Road with preference to have mixed use residential and townhomes along Watt Road Located in the Pandosy Town Centre in Kelowna s Lower Mission, next to Gyro Beach

2 FOR SALE 3316 Lakeshore Road, Kelowna, BC 3316 Lakeshore Road offers the incredible opportunity to purchase development land in the Pandosy Town Centre in Kelowna s Lower Mission. The City of Kelowna (the City ) through its research has deemed a small parcel of land is surplus to City requirements and has decided to offer for sale a prime flat developable site at 3316 Lakeshore Road, near the southern end of Watt Road, in the Pandosy Town Centre in Kelowna s Lower Mission. This property will be subdivided to around 1.15 acres (subject to final survey). The City intends to close a portion of Watt Road, thereby creating a more pedestrian friendly neighbourhood. The current gravel parking lot will be paved with upgraded urban-standard lighting and urbanized frontage on one-half of the new easement area that will bisect the Subject from the new parking lot. Although Buyers are encouraged to be creative, the property would be best suited for mixed use development with commercial on the ground floor and either commercial or residential on floors above. Right-in right out access onto Lakeshore Road will be permitted. The City may support any reasonable proposal to rezone the property to C4 Urban Centre commercial, on the following terms and conditions: The Buyer will be responsible for any application fees and professional consulting fees associated the rezoning application, and must enter into a servicing agreement (attached), which is limited to the subdivision and additional requirement may be required depending on the proposed development The Buyer must begin construction of its intended development within 2 years of the completion date and in the event it has not, the city will have the option to buy-back the property at the same value as the purchase price. Proposed development must have commercial on the ground floor, fronting Lakeshore Road with preference to have mixed use residential and townhomes along Watt Road Any development must conform with parking regulations and design guidelines in the relevant Zoning Bylaw within the Pandosy Area Urban Town Centre and must be LEED certified LIST PRICE: $4.9 Million ($98/SF, depending on final surveyed size) 3316 LAKESHORE ROAD - KELOWNA 2

3 OFFERING PROCESS Offers may be submitted in a sealed envelope and must be received by Macdonald Realty Kelowna on or before 4:30pm, April 29, The City will not consider offers until this time. A maximum of 45 to 60 days due-diligence are encouraged with up to 45 days allowed for closing after that. Although the City of Kelowna is interested in achieving maximum dollars for the community and its taxpayers, price will not be the only determining factor. The City has indicated a desire to see a strong residential component, current zoning is C1, but the planning department may support an application to rezone to C4, Urban Centre Commercial, which shall be the responsibility of the purchaser, as well as any servicing costs associated with development approval, and in accordance with the development covenant provided from the City of Kelowna. City s Evaluation Criteria Price Proposed form and character (conceptual layout) Time frame to build the project Development experience (Developer s track record should accompany any offer) Due diligence period requested Deposit structure Buyers are advised that any and all information about that application is subject to a freedom of information request and could become public knowledge. A contract addendum with specific terms is attached to this brochure. This Addendum that must attach to any offer to be considered by the City. Any offer accepted by the City of Kelowna shall be subject to final approval by city council. The servicing memo and development covenant are subject to final development proposal and should be used as a guide. Final negotiations/details will be worked out in the PSA (to be drafted by the City upon acceptance of the successful bid). The servicing memo is specifically for the subdivision requirements, and additional servicing requirements may be required based on proposed development. The proponent should meet with both planning staff and the development engineering group for comfort regarding any additional requirements. It will also be a requirement of development that the multimodal corridor is constructed on the lakeshore frontage of the development LAKESHORE ROAD - KELOWNA 3

4 PROPERTY DETAILS CIVIC ADDRESS LEGAL DESCRIPTION 3316 Lakeshore Road, Kelowna, BC Subdivided Portion of Lot 27, District Lot 14, Land District 41, KAP2708, ODYD PID LAND AREA To be subdivided to 1.15 acres (subject to final survey) ZONING (CURRENT) C1 (City has indicated support to rezone to C4) PRICE $4.9 Million ($98/SF depending on final surveyed size) 3316 LAKESHORE ROAD - KELOWNA 4

5 AERIAL MAP The property is well located in the Pandosy Town Centre in Kelowna s Lower Mission, just steps from shopping, restaurants, Gyro Beach and Okanagan Lake. *Property lines are approximate, subject to final survey 3316 LAKESHORE ROAD - KELOWNA 5

6 SITE PLAN *Property lines are approximate, subject to final survey 3316 LAKESHORE ROAD - KELOWNA 6

7 AREA ILLUSTRATION 3316 LAKESHORE ROAD - KELOWNA 7

8 DEMOGRAPHICS & AREA INFO MULTI-FAMILY SALE PRICES IN AREA $247,000 to $509,900 Built in Minimum 1 bedroom to Maximum 3 bedroom SHOPPING/AMENITIES Just steps from Gyro Beach and Lake Okanagan, one block from the new development The Shore, one block to Mission Park Shopping Centre, 9 min walk to Pandosy Street boutique shopping/restaurants and SOPA Square, 6 minute drive to Kelowna General Hospital, 8 minutes to Downtown Kelowna, 10 minutes to Orchard Park Shopping Centre, and 22 minutes to YLW and UBC Okanagan. NEAREST TRANSIT STOP Lakeshore Road at Watt Road AREA SCHOOLS Elementary School: Distance: Middle School: Distance: High School: Distance: Raymer Elementary 1.2 km, 3 min drive KLO Middle 1.7 km, 3 min drive Kelowna Secondary School 1.9 km, 5 min drive ESTIMATES 1 KM 3 KM 5 KM Total Population (2016) 5,756 25,990 55,198 Projected Population (2021) 6,323 27,127 58,349 Average Household Income (2016) $71,294 $73,068 $85,564 Projected Household Income (2021) $84,758 $86,987 $102, LAKESHORE ROAD - KELOWNA 8

9 KELOWNA & AREA Kelowna, located in the heart of the Okanagan Valley, is a growing economic hub named the top entrepreneurial city in Canada this year by the Financial Post. Kelowna is a recreational lakeside paradise with acres of scenic parkland and sandy beaches. Cradled within a range of breathtaking mountains, this urban sanctuary is bolstered by a pristine lake, pine forests, orchards, vineyards, sandy beaches, and unparalleled amenities. Kelowna has the fastest growing population in British Columbia and the fourth fastest in Canada. With a regional population of approximately 190,000, an overall trading area of 520,000, and infrastructure to support business, Kelowna is the largest urban centre between Vancouver and Calgary. Diversification and proximity to world markets are among Kelowna s greatest economic strengths. Agriculture, Tourism, Manufacturing, Health, and Technology are important industries in the region. Kelowna General Hospital is the largest healthcare facility in the Interior of BC. As an active and vibrant recreation centre, Kelowna plays host to many visitors from all over the world. Kelowna International Airport, Canada s 10th busiest, easily connects visitors to major North American cities including direct flights to Vancouver, Calgary, Edmonton, Fort McMurray, Prince George, Seattle, Los Angeles, San Francisco, and Tofino. Visitors can enjoy renown wineries, golf courses and ski resorts. In short Kelowna is a four-season lakeside playground LAKESHORE ROAD - KELOWNA 9

10 ZONING 14.4 C4 Urban Centre Commercial/ C4rls Urban Centre Commercial (Retail Liquor Sales) C4lp Urban Centre Commercial (Liquor Primary) C4lp/rls Urban Centre Commercial (Liquor Primary/Retail Liquor Sales) Purpose The purpose is to provide a zone for the development of community commercial centres to serve more than one neighbourhood Principal Uses The principal uses in this zone are: (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (s) (t) (u) (v) (w) (x) (y) (z) (aa) (bb) (cc) (dd) (ee) (ff) (gg) (hh) (ii) amusement arcades, major animal clinics, minor apartment hotels apartment housing boarding or lodging houses breweries and distilleries, minor broadcasting studios business support services child care centre, major commercial schools community garden congregate housing custom indoor manufacturing emergency and protective services financial services food primary establishment funeral services gas bars government services group homes, major health services hotels liquor primary establishment, major (C4lp and C4lp/rls only) liquor primary establishment, minor micro suites housing motels multiple dwelling housing non-accessory parking offices participant recreation services, indoor personal service establishments private clubs public libraries and cultural exhibits recycled materials drop-off centres religious assemblies 3316 LAKESHORE ROAD - KELOWNA 10

11 ZONING (jj) retail liquor sales establishment (C4rls and C4lp/rls only) (kk) retail stores, convenience (ll) retail stores, general (mm) spectator entertainment establishments (nn) supportive housing (oo) temporary parking lot (pp) temporary shelter services (qq) thrift stores (rr) used goods stores (ss) utility services, minor impact Secondary Uses The secondary uses in this zone are: (a) (b) (c) (d) (e) agriculture, urban amusement arcades, minor [deleted] child care centre, minor home based businesses, minor Subdivision Regulations (a) The minimum lot width is 13.0 m, except it is 40.0 m if there is no abutting lane. (b) The minimum lot depth is 30.0 m. (c) The minimum lot area is 460 m², except it is 1300 m² if there is no abutting lane Development Regulations (a) Floor area ratio: 1. For developments having only commercial uses, the maximum floor area ratio is For mixed-use developments, the maximum floor area ratio is 1.3, except if one or more of the following bonuses apply, where the total maximum allowable floor area ratio with bonusing must not exceed 2.35: i. [deleted] ii. Where parking spaces are provided totally beneath habitable space of a principal building or beneath useable common amenity areas providing that in all cases, the parking spaces are screened from view, an amount may be added to the floor area ratio equal to 0.2 multiplied by the ratio of such parking spaces to the total required parking spaces, but in no case shall this amount exceed 0.2; iii. Where all required parking spaces are located below natural grade and where there is a co-op/ car sharing program provided, a bonus of 0.84 may be added to the floor area ratio. This density bonus is only applicable to properties located in the South Pandosy Urban Centre; and/or 3316 LAKESHORE ROAD - KELOWNA 11

12 ZONING iv. Where in addition to the required open space, a publicly accessible public courtyard located at grade level and where a green roof is also provided, a bonus of 0.18 may be added to the floor area ratio. (b) The maximum site coverage is 75%. (c) (d) (e) (f) The maximum height is the lesser of 15.0 m or 4 storeys in the South Pandosy and Rutland Urban Centres. In the Springfield/Highway 97 Urban Centre, maximum height is the lesser of 15.0 m or 4 storeys, except that for hotels, apartment hotels and apartment housing it shall be the lesser of 37.0 m or 12 storeys. In all other areas, the maximum height shall be the lesser of 15.0 m or 4 storeys. For mixed-use developments located in Urban Centres, where parking is located entirely below natural grade and provides a co-op / car sharing program, and provides a public courtyard and green roof, the maximum building height shall be the lesser of 25.0 m or 7 storeys. The minimum front yard is 0.0 m, except non-accessory parking shall have a landscaped buffer in accordance with Section 7. The minimum side yard is 0.0m, except it is 2.0m where the site abuts a residential zone other than an RU1, RU2, RU3 or RU4 zone, in which case the minimum side yard is the greater of 4.5m or half the height of the building. From a flanking street the minimum side yard is 0.0m The minimum rear yard is 0.0 m, except it is 6.0 m where abutting a residential zone Other Regulations (a) (b) (c) Apartment housing and major group homes require access to grade separate from the commercial uses. In the case of elevator equipped buildings, uses can share elevators provided security measures are in place to restrict access to residential areas. A minimum area of 6.0 m² of private open space shall be provided per bachelor dwelling, congregate housing bedroom or group home bedroom, 10.0 m² of private open space shall be provided per 1 bedroom dwelling, and 15.0 m² of private open space shall be provided per dwelling with more than 1 bedroom. Drive-in food services shall only be permitted on properties fronting a provincial highway. (d) Financial services shall have a maximum total gross floor area of 500 m 2 unless a larger branch of the Financial services establishment is located within the Downtown Urban Centre. (e) (f) A building incorporating residential uses shall provide a functional commercial space on the first floor, which must occupy a minimum of 90% of all street frontages, OR a minimum of 75% on secondary street frontages provided 100% of the principal frontage has a functional commercial space. Access driveways or other portions of the street frontage not used as building will not be considered for the purpose of this calculation. In addition to the regulations listed above, other regulations may apply. These include the general development regulations of Section 6 (accessory development, yards, projections into yards, accessory development, lighting, stream protection, etc.), the landscaping and fencing provisions of Section 7, the parking and loading regulations of Section 8, and the specific use regulations of Section LAKESHORE ROAD - KELOWNA 12

13 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 LAKESHORE ROAD - KELOWNA 13

14 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 a Quarter of a Billion 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

15 CONTRACT ADDENDUM This addendum shall be attached to and become part of the Contract of Purchase and Sale between: The Corporation of the City of Kelowna (seller) and (buyer) PROPERTY ADDRESS: LEGAL DESCRIPTION : Despite any other provisions in this contract, the buyer acknowledges and accepts that on Completion the buyer will receive title to the property subject to any non-financial charges, encumbrances, or legal notations registered or pending registration on title as of the date shown at the bottom of this document. The buyer acknowledges and accepts the following: 1. It is the responsibility of the buyer to obtain at their expense, a Surveyor s Certificate, if this document is required by their mortgage company or other authority. 2. It is the responsibility of the buyer to pay any Property Transfer Tax payable under the Property Transfer Tax Act (British Columbia). 3. It is the responsibility of the buyer to investigate, test, or obtain the advice of experts regarding all aspects of the property including but not limited to the following: all improvements on the property, heating system, cooling system, air conditioning, plumbing, hot water tank, electrical, hot tub, pool, septic tank and field, sewer and water lines, roof, structural components including foundation, underground irrigation and any other components or systems. It is the responsibility of the buyer to investigate, test or obtain the advice of professionals regarding insects, rodents, mold, mildew, asbestos, UFFI, oil storage tanks or any other substance or installation. The seller makes no disclosures regarding any of the foregoing and the seller makes no representations or warranties expressed or implied as to fitness, design, or condition for any particular purpose, quality, or the existence of any defect, whether latent or patent, including any defect relating to water penetration or water leakage. The buyer is purchasing the property on an as is, where is basis. 4. No Property Disclosure Statement concerning this property forms part of this contract, whether or not such a statement is attached to this contract.

16 5. The buyer will be responsible for payment of any and all Goods and Services Tax if applicable and any other taxes, charges, and levies in connection with the sale or transfer of the property. The buyer will pay such taxes, charges and levies to the seller on closing unless the buyer provides the seller s solicitor with evidence satisfactory to the seller s solicitor, acting reasonably, that the applicable legislation does not require the seller to collect or see to payment of such amounts. 6. This contract may not be assigned by the buyer without the written permission of the seller. 7. The seller is a public body and is therefore subject to certain public disclosure requirements pursuant to the Freedom of Information and Protection of Privacy Act (British Columbia). The buyer acknowledges that the seller may be required to disclose the terms of this contract by law. 8. The buyer represents and warrants to the seller that the buyer is not an elected official, officer, or employee of the City of Kelowna or in any other way affiliated with the City of Kelowna (e.g. the spouse of an employee). In the event that the buyer is in any way affiliated with the City of Kelowna, the buyer has disclosed the nature of the affiliation to the seller. I/WE the undersigned duly agree that the foregoing is correct and forms part of the contract. Dated at Kelowna, B.C. on the day of, 20. Witness Witness Buyer(s) Seller

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21 TERMS OF INSTRUMENT PART 2 SECTION 219 COVENANT DEVELOPMENT THIS AGREEMENT dated for reference, 201 is BETWEEN: AND: WHEREAS: (the Owner ) CITY OF KELOWNA, 1435 Water Street, Kelowna, British Columbia V1Y 1J4 (the City ) A. The Owner is the registered owner of those lands, and all improvements thereto, legally described in item 2 of the Land Title Act Form C attached to and forming part of this Agreement (together, the Lands ); and B. As partial consideration for the purchase of the Lands, the Owner agreed to grant to the City this covenant to ensure that the Owner complies with certain conditions in connection with the development and use of the Lands and the Owner wishes to grant and the City wishes to accept these covenants over the Lands restricting the development of the Lands in the manner herein provided; C. Section 219 of the Land Title Act of British Columbia permits the registration of a covenant of a negative or positive nature in favour of a municipality in respect of the use of land, the building on land, the subdivision of land, and the preservation of land or a specific amenity on land; NOW THEREFORE in consideration of the premises and the covenants herein contained, the payment of the sum of One ($1.00) Dollar paid by the City to the Owner, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties covenant and agree, pursuant to Section 219 of the Land Title Act of British Columbia as follows: 1. Development Requirements The Owner covenants, promises and agrees with the City that the Lands shall only be developed, built upon, and used in strict accordance with this Covenant. 2. Building Use The Owner covenants and agrees with the City that, without limiting the Owner s obligations under the City s Zoning Bylaw, including the obligation to provide a functional, retail commercial space on the first floor of any building on the Lands, which must occupy a minimum of 90% of the Lakeshore Road street frontage, the Owner shall ensure that any portion of a building located above the ground floor or any parking structure shall be used only for a minimum of 70% residential purposes, to be calculated by area of the building. The Owner shall also ensure that Watt Road frontage is developed with primarily residential use.

22 3. Building Requirements The Owner covenants and agrees with the City that: (a) (b) the City may, notwithstanding that such a permit may be issuable under the City s zoning and building regulations and the BC Building Code, withhold a building permit applied for in respect of the construction of any building on the Lands if the building the Owner wishes to construct is not in accordance with this Covenant, and for that purpose a building is not in accordance with this Covenant if the plans submitted with the building permit application do not show that all portions of the building located above the ground floor or parking structure are 70% residential in nature, or if the plans submitted with the building permit application show a building having less than 90% commercial use on Lakeshore Road or residential use on Watt Road; the City may, notwithstanding that such a permit may be issuable under the City s zoning and building regulations and the BC Building Code, withhold an occupancy permit or final inspection applied for in respect of any building on the Lands if the building the Owner wishes to occupy is not in accordance with this Covenant, and for that purpose the building is not in accordance with this Covenant if all portions of the buildings are not 70% residential in nature or if the building has less than 90% commercial use on Lakeshore Road or residential use on Watt Road. 4. LEED Certification The Owner covenants and agrees that all buildings constructed on the Lands will be built to a LEED (Leadership in Energy and Environmental Design) certified standard and will submit all required documentation to receive LEED certification. 5. Inspections The City and any of its officers and employees may inspect the Lands for the purpose of ascertaining compliance with this Covenant. 6. No Obligations on City The rights given to the City by this Covenant are permissive only and nothing in this Covenant: (a) (b) (c) imposes any duty of care or other legal duty of any kind on the City to the Owner or to anyone else; obliges the City to enforce this Covenant, which is a policy matter within the sole discretion of the City; or obliges the City to perform any act, or to incur any expense for any of the purposes set out in this Covenant. 7. Bylaw to the Contrary This Agreement shall restrict use of the Lands in the manner provided herein notwithstanding any right or permission to the contrary contained in any bylaw of the City. 8. No Effect on Laws or Powers This Covenant does not: (d) affect or limit the discretion, rights or powers of the City under any enactment or at common law, including in relation to the use or subdivision of the Lands;

23 (e) (f) affect or limit any law or enactment relating to the use or subdivision of the Lands; or relieve the Owner from complying with any law or enactment, including in relation to the use or subdivision of the Lands. 9. City s Right to Specific Relief The Owner agrees that the City is entitled to obtain an order for specific performance or a prohibitory or mandatory injunction in respect of any breach by the Owner of this Covenant. 10. Indemnity The Owner covenants and agrees with the City that the Owner must release, indemnify and save harmless the City and its elected and appointed officials, officers, employees and agents, from and against any and all actions, causes of action, liabilities, demands, losses (including economic loss), damages, costs, expenses (including fees and disbursements of professional advisors), fines and penalties, suffered or incurred by the City, whether brought by the Owner or by any other person, arising out of or in any way due or relating to the granting or existence of this Covenant, the restrictions or obligations contained in this Covenant, the performance or non-performance by the Owner of this Covenant, or any accident, incident, or situation occurring on or relating to the Lands. 11. Interpretation Reference in this Covenant to the singular includes a reference to the plural, and reference to the plural includes a reference to the singular, unless the context requires otherwise. 12. Covenant Runs with the Lands Every obligation and covenant of the Owner in this Covenant constitutes both a contractual obligation and a covenant granted under section 219 of the Land Title Act in respect of the Lands and this Covenant burdens the Lands and runs with it and binds the successors in title to the Lands and those with an interest in the Lands. For certainty, unless the context expressly requires otherwise, the term Owner refers to the current and each future owner of the Lands. This Covenant burdens and charges all of the Lands and any parcel into which it is subdivided by any means and any parcel into which the Lands are consolidated. 13. Registration The Owner agrees to do everything necessary, at the Owner s expense, to ensure that this Covenant is registered against title to the Lands with priority over all financial charges, liens and encumbrances registered, or the registration of which is pending, at the time of application for registration of this Covenant. 14. Waiver An alleged waiver of any breach of this Covenant is effective only if it is an express waiver in writing of the breach in respect of which the waiver is asserted. A waiver of a breach of this Covenant does not operate as a waiver of any other breach of this Covenant. 15. Severance If any part of this Covenant is held to be invalid, illegal or unenforceable by a court having the jurisdiction to do so, that part is to be considered to have been severed from the rest of this Covenant and the rest of this Covenant remains in force unaffected by that holding or by the severance of that part. 16. Notice Any notice to be given pursuant to this Covenant must be in writing and must be delivered by hand or sent by prepaid mail. The addresses of the parties for the purpose of notice are the addresses on the first page of this Covenant and in the case of any subsequent owner,

24 the address will be the address shown on the title to the Lands in the Land Title Office. If notice is delivered by hand, it may be left at the relevant address in the same manner as ordinary mail is left by Canada Post and is to be deemed given when delivered. If notice is sent by mail, it is to be deemed given 3 days after mailing by deposit at a Canada Post mailing point or office. In the case of any strike or other event causing disruption of ordinary Canada Post operations, a party giving notice for the purposes of this Covenant must do so by delivery as provided in this section. Any party may at any time give notice in writing to the other of any change of address and from and after the receipt of notice the new address is deemed to be the address of such party for giving notice. 17. No Other Agreements This Covenant is the entire agreement between the parties regarding its subject-matter. 18. Enurement This Covenant binds the parties to it and their respective successors, heirs, executors, administrators and personal representatives. 19. Joint and Several If at any time more than one person (as defined in the Interpretation Act (British Columbia)) owns the Lands, each of those persons will be jointly and severally liable for all of the obligations of the Owner under this Covenant. 20. Further Acts The Owner must do everything reasonably necessary to give effect to the intent of this Covenant, including execution of further instruments. 21. Deed and Contract By executing and delivering this Covenant each of the parties intends to create both a contract and a deed executed and delivered under seal. As evidence of their agreement to be bound by the terms of this instrument, the parties hereto have executed the Land Title Act Form C, which is attached hereto and forms part of this Covenant. END OF DOCUMENT