The City of Kelowna (the “City”) through its research has created a master plan that will see 350 Doyle Avenue developed in connection with the completion of the Art Walk which connects the Kelowna community Theatre, Courthouse, Art Museum, Rotary Centre for the Arts and Prospera Place Arena.
This property is being offered to third party developers on the basis of an 80 year pre-paid land lease. After dedications for the sidewalk that separates this parcel from the Kelowna Community Theatre, a net land area of 0.87 acres (37,897 SF).
In keeping with the Precinct Plan which encourages densified residential, Buyers are encouraged to create a mixed use development with commercial at grade and residential units above. This could be strata-ownership or planned rental apartments.
Criteria of this Opportunity:
- Subdivided Site will be 0.87 acres (37,897 SF), rectangular in shape except for the concave in the NW Corner
- Buyer responsible to rezone the property from P1 to C7 Commercial on following conditions:
- Buyer responsible for any application fees and professional consulting fees associated with application, and must enter into a servicing agreement limited to the subdivision and additional requirement may be required depending on the proposed development
- Buyer must begin construction of proposed development within 24 months of Completion Date or the City will have the option to buy-back the property at the same Purchase Price
- Building to have a minimum height of 10 storeys (maximum of 13); LEED certified or better
- Proposed development to include a 6,000 SF commercial shell space for the City to retain as a community amenity space (value can be deducted from the Purchase Price)
- Future redevelopment of the Kelowna Community Theatre is a priority and while no formal plans have been done, a 150’ tall flytower is predicted so Buyers should satisfy themselves with respect to the impact this will have on their development
- Deadline for submissions: 5PM, September 30, 2019
List Price: $6,500,000
Less: Art Walk Construction (approx.): <2,250,000>
Less: Commercial/Amenity Space (approx.): <1,800,000>
Approximate Net Cost: $2,450,000