GENERATIONAL MULTI-FAMILY REDEVELOPMENT OPPORTUNITY PROMINENTLY LOCATED ON THE SHORES OF LOWER MISSION, ONE OF KELOWNA’S MOST DESIRABLE NEIGHBOURHOODS
The Opportunity
For Sale
3745 Lakeshore Road Kelowna, BC
William Wright Commercial and CBRE Limited have been retained on behalf of the Liquidator of 0081092 BC Ltd., to seek offers for the disposition of 5 contiguous lots at 3745 Lakeshore Road (“the Property”), a generational redevelopment opportunity of a prominently located, lake oriented, trophy property in Kelowna BC.
The Liquidator of 0081092 BC Ltd., “the Liquidator” has been appointed under Part 10 of the British Columbia Business Corporations Act, S.B.C. 2002, c. 57 to effect the voluntary liquidation of the Company’s assets, including the Lands. The Liquidator has sought and obtained a court order, approving the manner in which the Company’s assets will be marketed and sold (the “Sales Process”). The Sales Process will culminate in the presentation of sealed bids to the Court on a date specified by the Court and selection of the winning bid by the Court on the basis of the bid which, in the Court’s view, is in the best interests of the Company.
This scalable 18.59-acre site is perfectly positioned in the highly desirable Lower Mission neighbourhood of Kelowna. The property has premium frontage along Lakeshore Road, is situated directly across from Rotary Beach and is adjacent to some of the world class amenities that service the Okanagan. Future development on the site will enjoy remarkable views of Okanagan Lake.
The Site is located within one of Kelowna’s most prestigious residential areas, in high demand from both buyers and renters looking for an amenity rich neighbourhood close to services and entertainment options.
The Property is designated in the new 2040 OCP for residential development. This iconic landmark site, within the heart of the fast-growing Kelowna marketplace, provides a very rare opportunity for developers to acquire up to a 18.59 acre Site. The site will transform into a well-designed, master planned community that comprises a wide range of residential product forms.
Property Profile
| CIVIC ADDRESS | 3745 Lakeshore Road, Kelowna, BC |
| PIDS | 010-723-170; 011-099-879; 007-262-108 007-262-078; 009-623-345 (5 potential lots) |
| SITE SIZE | Up to 18.59 Acres (Potential for Subdivsion) |
| CURRENT ZONING | MH1 (Mobile Home & Camping Zone) |
| OCP 2040 FUTURE LAND USE | C-HND (Core Area Neighbourhood) |
| IMPROVEMENTS | 146 Pad Mobile Home Park (36 owned by the Vendor) |
| ANNUAL NOI | Contact Agents for Details |
| FINANCING | Treat as Clear Title |
KEY PROPERTY HIGHLIGHTS
Future potential for a multi-phased master planned community that comprises a wide range of multifamily residential typologies
Large scalable redevelopment opportunity allowing investors to capitalize on development and cost efficiencies
Prominent lakefront location on high-traffic Lakeshore Road in Kelowna
Total potential buildable area of over 1.45M square feet at build out (using base FAR)
Future Land Use in Core Area Neighbourhood Plan which supports 6-storey developments with a base FAR of 1.8x
Potential subdivision options available - To be confirmed with the City of Kelowna planning department
Planning and Land Use
Core Area Neighbourhood Plan (C-HND) |
|
| Supported Uses | Single and two dwelling residential |
| Ground-oriented multi-unit residential | |
| Small-scale commercial and institutional | |
| Stacked townhomes | |
| Apartment housing | |
| Mixed use development | |
| Supported Forms | Attached and detached buildings up to 3 storeys |
| Multi-unit buildings up to 6-storeys | |
| Density (FAR) | Up to 1.8 along Transit Supportive Corridors and strategic locations |
Casorso Area Redevelopment Plan
The City of Kelowna planning group is currently producing a new Area Redevelopment Plan for a 50-acre area of the South Pandosy neighbourhood. This planning initiative is to include the subject site and will help to guide future development in the area based on infrastructure, road capacity, housing needs and other City of Kelowna planning goals. This new, specific, re-development plan will tie into the future Pandosy Urban Centre Plan. The Casorso Area Redevelopment Plan is actively under development and interested parties should connect with the City of Kelowna for more information on timing and potential outcomes.
Location
Kelowna
CANADA’S FASTEST
GROWING CMA
Kelowna saw 26.7% population growth from 194,892 people in 2016 to over 247,000 people in 2023 and anticipates adding approximately another 50,000 to 60,000 residents by 2040.
Kelowna is one of the strongest rental markets in the country. The current vacancy rate in the long term rental market is about 1.3% (estimated by CMHC).
Kelowna continues to see high demand for quality multi-family product in walkable locations.
New infrastructure announcements, a new 2040 OCP, a dramatic increase in the number of qualified development groups from other markets now looking to Kelowna for opportunities, all indicate that the pace of growth in Kelowna is only expected to continue to accelerate.
Lower Mission
KELOWNA’S MOST DESIRABLE
RESIDENTIAL NEIGHBOURHOOD
Over the past five years there have been several notable developments within a ±1km radius from the Site. Completed projects such as The Shore, Sopa Square, 468 West and Southgate Pandosy Village were among the first medium to high density developments in this area of the City, cumulatively contributing almost 300 new units. Late 2021 to early 2022 saw an influx of pre-sales condo releases for new residential projects along
Lakeshore Road including the sold out Caban, Movala (Phase 1) and Aqua (Phase 1) developments. We have since seen the release of luxury condo building 450 Parc and the phased rental-only development Ledge on Lakeshore located directly next to the Site. In total, these developments will account for approximately 1,800 new units in the immediate surrounding area.
The historical success of condo pre-sale projects in the area, coupled with rental vacancy rates around 1% continue to support the high absorption rate of well-positioned projects in the Kelowna market.
Personal Real Estate Corporation
Commercial Sales & Leasing
William Wright Commercial
[email protected]
236 420 3558
Jeff Brown
Managing Director, BC Interior
William Wright Commercial
[email protected]
236 420 3558
Shelby Kostyshen
Commercial Broker
William Wright Commercial [email protected]
236 420 3558
Personal Real Estate Corporation
Executive Vice President
CBRE Limited
Capital Markets National Apartment Group – BC
[email protected]
604 662 5141
Vice President
CBRE Limited
Capital Markets National Apartment Group – BC [email protected]
604 662 5178
Transaction Manager
CBRE Limited
Capital Markets National Apartment Group – BC
[email protected]
604 662 5179