HM Commercial Group is pleased to present this opportunity for 1.37 acres of developable land in the heart of Kelowna.
Because the Property is greater than 1,400 square metres and has lane access the City of Kelowna would consider an application for MF3 APARTMENT ZONING, which allows apartments up to 6 storeys in height, but consideration here would be for up to 4 storeys.
The Church, accessory building and portables measure +/- 14,000 sq.ft so there is potential for holding income until the property is ready for development.
4 Storeys 5 Storeys
Site Area (Acres) 1.37 1.37
Site Area (SF) 59,677 59,677
Maximum Base Density (MF3) 1.3 FAR 1.75 FAR
Net Floor Area (Saleable SF) 77,580 104,435
Estimated Yield (700 SF Avg Size) 136 units 175 units
List Price $8,900,000 $8,900,000
With Max Bonus Density (MF3) 0.3 FAR 0.3 FAR
Total Net Floor Area Incl. Bonus 95,484 122,338
Total Price: $8,978,501 $8,978,501
Price/Saleable SF $94.03 $73.39
Price/Unit (per above) $65,822 $51,374