350 Doyle Avenue, Kelowna, BC - High Density Downtown Kelowna Development Site
Pending

High Density Downtown Kelowna Development Site

350 Doyle Avenue, Kelowna, BC, V1Y 6V7

Price:
$6,500,000

Property Description

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

350 Doyle Avenue, Kelowna, BC, Canada

Additional Information

Municipal Address 350 Doyle Avenue, Kelowna, BC, V1Y 6V7
Legal Description Lot C, District Lot 139, Land District 41, Plan KAP56114, ODYD
PID 023-297-255
Location Details 350 Doyle Avenue is well located in Kelowna’s emerging Downtown North End/ Cultural District in close proximity to the new Interior Health Building & the new Innovation Centre. Just a few blocks from Prospera Place, the Kelowna Yacht Club & Cactus Club Cafe, and area beaches.
Land Area 0.87 Acres / 37,897 SF
Zoning P1, Major Institutional, OCP: C7, Commercial

Listing Agents

Jeff Hudson PREC - Principal / Co-Founder at HM Commercial Group

Jeff Hudson

Marshall McAnerney PREC - Principal / Co-Founder at HM Commercial Group

Marshall McAnerney

Request More Info

If you would like more information about this listing or to request a viewing, please fill out the form below. You can also reach us at 250.712.3130 or by email info@hmcommercial.com.