FOR SALE Bernard Avenue Kelowna, BC acre high rise development site in the heart of Downtown Kelowna

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1 FOR SALE Bernard Avenue Kelowna, BC PROPERTY DETAILS: acre high rise development site in the heart of Downtown Kelowna Previously approved for a 27 storey high-rise development with commercial, parking, and residential components Previous development permit has expired, but conceptual plans and drawings are available Macdonald Realty Kelowna

2 FOR SALE Bernard Avenue Kelowna, BC HM Commercial Group is pleased to offer for sale Bernard Avenue, a acre assembly previously approved for a 27 storey high rise in Downtown Kelowna. This opportunity offers a 3 property assembly totaling approximately acres, with conceptual plans and drawings available for a 27 storey mixed-use building with commercial, parking, and residential components. The previous development permit has expired, so a buyer would need to undertake re-applying for a development permit, and do their own due diligence on this matter. Situated along Bernard Avenue between Lululemon and Scotiabank, this development site will offer spectacular views of Lake Okanagan and the surrounding mountains, and is less than a 5 minute walk to City Park and the new Marina. Most high-rise developers will recognize the great value in this site, with the list price per buildable square feet around $50, compared to more than $300 in major markets like Vancouver. Major construction and increased density is happening throughout Kelowna s Downtown. This increase in commercial density is creating a demand for higher density residential to house all of these employees. Interior Health Authority alone (1 block away) has more than 800 employees Okanagan Centre for Innovation, a 6 storey 140,000 sf centre is nearing completion, but is already 85% pre-leased. It is a major attraction for the $1.3 Billion Tech Sector that makes the year old demographic the largest growth market in Kelowna Kerkhoff Construction is already 65% pre-sold on its 20 storey tower at 1151 Sunset Drive Vacancy rate for rental apartments is still at 0.7% Additional information available at PRICE: $6,950,000 2

3 PROPERTY DETAILS CIVIC ADDRESS Bernard Avenue Bernard Avenue Bernard Avenue LEGAL DESCRIPTION Lot 5, Block 16, District Lot 139, Osoyoos Division Yale District, Plan 462, Except The West Feet Thereof Lot 4, Block 16, District Lot 139, Osoyoos Division Yale District, Plan 462 Lot 3, Block 16, District Lot 139, Osoyoos Division Yale District, Plan 462 PID LAND AREA +/-3,978 SF +/-6,003 SF +/-6,003 SF ZONING (CURRENT) C7, Central Business Commercial C7, Central Business Commercial C7, Central Business Commercial PROPERTY TAXES $34,635 (2016) $20,080 (2016) 3

4 AERIAL MAP Well located in the heart of Downtown Kelowna along Bernard Avenue, Kelowna s historic main street. These properties feature an unbeatable location, less than a 5 minute walk to Lake Okanagan and the new Marina. Surrounded by a host of boutique shops, local restaurants, and professional services. 4

5 SITE PLAN 5

6 CITY OF KELOWNA DOWNTOWN BUILDING HEIGHTS 6

7 RENDERINGS Renderings are from a previous development permit, and is for conceptual purposes only. 7

8 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. 8

9 DEMOGRAPHICS ESTIMATES 1 KM 3 KM 5 KM Total Population (2016) 7,307 33,178 62,665 Projected Population (2021) 7,689 34,709 66,296 Total Households (2016) 3,992 16,511 29,699 Projected Households (2021) 4,187 17,287 31,449 Average Household Income (2016) $64,657 $77,278 $85,952 Projected Household Income (2021) $78,390 $92,980 $103,597 9

10 ZONING City of Kelowna Consolidated Zoning Bylaw No C7 Central Business Commercial C7rls Central Business Commercial (Retail Liquor Sales) C7lp Central Business Commercial (Liquor Primary) C7lp/rls Central Business Commercial (Liquor Primary/Retail Liquor Sales) Purpose The purpose of this zone is to designate and to preserve land for the orderly development of the financial, retail and entertainment, governmental, cultural and civic core of the Downtown while also encouraging high density mixed-use buildings Principal Uses The principal uses in this zone are: (a) amusement arcade, major (b) apartment housing (c) apartment hotels (d) boarding or lodging houses (e) breweries and distilleries, minor (f) broadcasting studios (g) business support services (h) child care centre, major (j) commercial schools (k) community garden (l) community recreational services (m) congregate housing (n) custom indoor manufacturing/artist s studio (o) emergency and protective services (p) financial services (q) food primary establishment (r) funeral services (s) fleet services (t) gaming facilities (u) government services (v) health services (w) hotels (x) household repair services (y) liquor primary establishment, major (C7lp and C7lp/rls only) (z) liquor primary establishment, minor (aa) multiple dwelling housing (bb) non-accessory parking (cc) offices 10

11 ZONING City of Kelowna Consolidated Zoning Bylaw No (dd) participant recreation services, indoor (ee) personal service establishments (ff) private clubs (gg) private education services (hh) public education services (ii) public libraries and cultural exhibits (jj) public parks (kk) recycled materials drop-off centres (ll) retail liquor sales establishment (C7rls and C7lp/rls only) (mm) retail stores, convenience (nn) retail stores, general (oo) spectator entertainment establishments (pp) spectator sports establishments (qq) supportive housing (rr) temporary parking lot (ss) temporary shelter services (tt) thrift stores (uu) used goods stores (vv) utility services, minor impact Secondary Uses The secondary uses in this zone are: (a) agriculture, urban (b) amusement arcade, minor (c) child care centre, minor (d) home based businesses, minor Subdivision Regulations (a) The minimum lot width is 6.0 m. (b) The minimum lot depth is 30.0 m. (c) The minimum lot area is 200 m² Development Regulations (a) The maximum allowable height shall be in accordance with the C7 Map A Downtown Height Plan. (b) Where a property is not shown in the C7 Map A Downtown Height Plan, the maximum height shall be 22.0 m. (c) The maximum Floor Area Ratio is 9.0. (d) The minimum front yard is 0.0 m. (e) The minimum side yard is 0.0 m. (f) The minimum rear yard is 0.0 m. 11

12 ZONING City of Kelowna Consolidated Zoning Bylaw No (g) There shall be a triangular setback 4.5 m in length abutting along the property lines that meet at each corner of an intersection, as shown in Figure 1. This setback will only be required at the first storey. 12

13 ZONING City of Kelowna Consolidated Zoning Bylaw No Figure 1 (h) For any building above 16.0m in height: i. Any portion of a building above 16.0 m in height must be a minimum of 3.0 m. from any property line abutting a street. ii. Any portion of a building above 16.0 m in height must be a minimum of 4.0 m from any property line abutting another property. Setback Table iii. A building floor plate cannot exceed 1,221 m 2. Height Front and Flanking Side Yard Setbacks Floorplate Yard Setback 0.0 to 16.0 m 0.0 m 0.0 m No restriction 16.0 m and above 3.0 m 4.0 m 1,221 m 2 13

14 ZONING City of Kelowna Consolidated Zoning Bylaw No CIVIC PRECINCT Where within the area shown in C7 Map B Civic Precinct and Retail Streets Development Regulations (a) The maximum allowable height shall be in accordance with the maximum allowable height within the Civic Precinct, in accordance with the C7 Map A Downtown Height Plan. (b) The maximum Floor Area Ratio is 9.0. (c) The minimum front yard is 0.0 m. (d) The minimum side yard is 0.0 m. (e) The minimum rear yard is 0.0 m. (f) Any portion of a building above 9.0 m in height must be a minimum of 3.0 m. from any property line abutting a street, as shown on C7 - Diagram B attached to this bylaw. (g) Any portion of a building above 9.0 m in height must be a minimum of 4.0 m from any property line abutting another property as illustrated on C7 - Diagram B attached to this bylaw. (h) A minimum separation distance of 25.0 m shall be provided where adjacent buildings are above 22.0m on the same block. (i) (j) Any tower floor plate situated above 9.0 m in height but below 22.0 m in height cannot exceed 1,221.0 m 2. Any tower floor plate situated above 22.0 m in height cannot exceed m². (k) Any portion of a building above 22.0 m in height cannot exceed a continuous exterior horizontal dimension of 26.0 m. (l) Any portion of a building above 12.0 m in height cannot exceed a continuous exterior horizontal dimension of 40.0 m. (m) A continuous building frontage shall not exceed 50.0 m in length, and must be designed with appropriate architectural breaks such as a recessed courtyard, entry setback, breezeway, patio, or similar relief, where the length of the building exceeds 30.0 m. 14

15 ZONING City of Kelowna Consolidated Zoning Bylaw No Other Regulations (a) A minimum area of 6.0 m² of private open space shall be provided per bachelor dwelling, 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. (b) 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 9. (c) Drive-in food services are not a permitted form of development in this zone. (d) Development on streets identified as Retail Streets on C7 Map B Civic Precinct and Retail Streets Floorplate and Section must provide a functional commercial, civic or cultural 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 an active commercial, cultural or civic space. (e) Development on streets NOT identified as Retail Streets on C7 Map B Civic Precinct and Retail Streets must provide a functional commercial, civic or cultural space, or ground oriented residential use, 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 an active commercial or residential space 15

16 ZONING City of Kelowna Consolidated Zoning Bylaw No

17 ZONING City of Kelowna Consolidated Zoning Bylaw No C7 Map B Civic Precinct and Retail Streets 17

18 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. All images and renderings in this document are conceptually based and subject to change without notice. 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. 18

19 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