Description

MF3 DEVELOPMENT OPPORTUNITY IN TRANSIT CORRIDOR – (KLO AREA) Excellent opportunity to acquire a multi-family, multi-story development site in Kelowna’s rapidly evolving KLO Rd corridor. This property can be developed in conjunction with the other two MF3 zoned properties in the assembly, allowing for near-term development potential in a high-demand rental and residential market. Situated within a designated transit supportive corridor, the site benefits from progressive planning policies supporting increased density and more flexible parking requirements (buyer to verify with City of Kelowna). FAR of 2.05 for residential development - and utilizing the available rental bonus, an FAR of up to 2.35 is achievable. In conjunction with the neighboring MF3-zoned lot, the site presents an efficient and financially compelling development opportunity. The City will support rezoning to MF3- allowing a significant increase in the overall development area to 0.98 acres. The assembly is located in an area experiencing strong redevelopment momentum, with excellent proximity to transit, amenities, schools and major transportation routes. The existing homes also provide holding income while development plans are advanced. This property can only be purchased in conjunction with both 1240 KLO Road, and 3090 Holland Road, as a land assembly. (id:6770)