2987 Lowe Court, Kelowna, British Columbia V1Y 8L3

UNIQUE DEVELOPMENT OPPORTUNITY w/ LOADS of POTENTIAL in OKANAGAN COLLEGE TRANSIT DESIGNATED AREA, allowing up to 6 STORIES and a 2.5 FAR or up to 110, 206 BUILDABLE SQUARE FEET! This property is part of the 6 lot GORDON Drive/LOWE Court LAND ASSEMBLY and must be purchased in conjunction with 2997 Lowe Crt, 2977 Lowe Crt, 2922 Gordon Dr, 2930 Gordon Dr and 3010 Gordon Dr. In a superb location (KEL SOUTH), the LAND ASSEMBLY is within 400m of a Transit Exchange meaning parking requirements greatly reduced (Commercial and Universal Accessibility Parking only). Easy walk to buses, college and high schools, beaches, restaurants, shopping, the hospital and more! Upcoming changes allow option to rezone to UC5. Gordon Drive is also a TRANSIT SUPPORTIVE CORRIDOR but with only 4 Kelowna TRANSIT ORIENTED AREAS under the NEW PROVINCIAL LEGISLATION, this parcel contains 4 of only 793 total lots being rezoned in the Transit Oriented Areas. Flat site, easy to build with exceptional exposure on Gordon and excellent access off Lowe Crt. Buyers to do own due diligence on intended use, both municipally and provincially. Total Purchase Price $10,139,000. Estimated Total Revenue, adding owner occupied units: $283,200/year ($23,600/mo). (id:27476)

This property is situated in a prime location in Kelowna South, offering a unique development opportunity with a lot of potential. It is part of the 6-lot Gordon Drive/Lowe Court Land Assembly and must be purchased together with 2997 Lowe Crt, 2977 Lowe Crt, 2922 Gordon Dr, 2930 Gordon Dr, and 3010 Gordon Dr. The location of the land assembly is highly convenient, within walking distance to transit, schools, beaches, restaurants, shopping, and the hospital.

The zoning of the property offers a wide range of opportunities for developers. The Official Community Plan (OCP) supports ED/INST zoning, allowing for up to 6 storeys with a 2.0 FAR. This rare zoning allows for various uses such as restaurants, medical/dental facilities, therapy centers, private clubs, and more. The total land size of the properties currently zoned RU4 is 1.012 acres, with the potential for up to 88,165 buildable sq ft. The parcel fronts Gordon Drive Transit Supportive Corridor and is within a 400m radius of OK College Bus Exchange, making it one of only 4 Kelowna Transit Oriented Areas under the new provincial legislation.

The property is a flat site, making it easy to build with exceptional exposure and access off of Lowe Crt. Buyers are advised to conduct their own due diligence on the intended use, both municipally and provincially. The total purchase price for the entire land assembly is $10,139,000, with an estimated total revenue of $283,200/year ($23,600/mo) when adding owner-occupied units.

Located at 2987 Lowe Court in Kelowna, British Columbia, this property is for sale and offers a land size of 0.19 acres. It features 5 bedrooms, 3 bathrooms, and has an architectural style of "Other." The building construction style is detached, with central air conditioning and heat pump for cooling, and electric baseboard heaters for heating. The exterior finish of the building is vinyl siding, and it spans 2.50 stories. This property is classified as a house.