Located on a quiet street in the desirable Spring Valley neighbourhood, this sizeable 0.47 acre lot is the perfect site for your future townhouse development. The city supports rezoning this parcel to MF2 to accommodate up to 20,400sq ft GFA (Base FAR: 1.0). At two stories in height, this property can comfortably accommodate 14x 1,300sq ft townhouses, but greater density could be achieved if building up a 3rd story (up to FAR: 1.3 possible w/ Public Amenity or Rental Bonus). The existing house and sizeable workshop will provide solid rental income while you are perfecting your development plans, and proximity to shopping, restaurants, schools, parks, Mission Park Greenway, Orchard Park Mall, Costco, public transit, and much more will aide your future development in being a big success! The Property Transfer Tax Exemption on new construction means that a buyer can purchase a $650k townhouse with less than $45k down if they included the GST in their mortgage, and the upcoming change allowing high-ratio mortgages to amortize new construction over 30 years could result in said buyer’s mortgage payment being less than $3k/mo (assuming 3.5% interest rate at time of project completion). Sample floor plans have been provided to demonstrate what is possible, but the size and shape of this lot affords considerable flexibility to realize your own development vision. (id:47423)
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Listed By
Century 21 Assurance Realty Ltd, Royal LePage Kelowna
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Detailed Information
Amenities Nearby
Public Transit, Park, Schools, Shopping
Community Features
Family Oriented
Features
Cul-de-sac, Level lot
Listing Contract Date
2024-06-26
Municipal ID
003-338-207
Ownership Type
Freehold
Property Type
Vacant Land
Road
Paved road, Cul de sac
Transaction Type
For sale
Zoning
Multi-Family
Building
Type
Other
Utility Water
Municipal water
Utilities
Type
Description
Cable
At Lot Line
Electricity
At Lot Line
Natural Gas
At Lot Line
Telephone
At Lot Line
Sewer
Available
Water
At Lot Line
Land
Total Size
0.47 acres
Access Type
Easy access
Amenities
Public Transit, Park, Schools, Shopping
Current Use
Development residential
Landscape Features
Landscaped, Level
Sewer
Municipal sewage system
Size of Irregular Land
0.47
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