Development potential with MF1 zoning

Great development opportunity on this 68×120 lot in the heart of Kelowna South just steps to the shores of Lake Okanagan, Pandosy Villiage, and Kelowna General Hospital.  With the new provincial zoning legislation, the possibilities for this central prime lot. The home has 3 separate living spaces to maximize rental income.

The Home

The home is currently situated on the front of the lot and has 3 separate living areas to generate 3 rental incomes while working on future development details. 

The main area offers 1221 sqf.t of living space with 3 bedrooms, full bathroom, living and dining with kitchen and laundry.  The kitchen has direct access to the deck overlooking the backyard.  

The lower level has 2 suites with shared laundry that could be converted to a 3 bedroom suite. Currently set up with a 711 sq.ft  2 bedroom suite on one side of the home with a separate entrance and a 215 sq.ft studio suite on the other side with a private entrance.   

Kelowna South Area

Located just steps to the Kelowna General Hospital, this desirable area is transforming into a vibrant city center.  With the new MF1 zoning, development throughout the area has added multi-family dwellings and townhouses creating a positive change to the look and feel of the neighborhood.  

Amenities in the area include: 

• Beaches and parks
• Abbott corridor with miles of walking trails
• Restaurants 
• Coffee shops
• Local shops and services
• Art galleries

Development Potential 

The possibilities are endless.  The lot could be stratified and two separate homes could be built front and back with or without legal suites.  With the positioning of the current home, this could be done in stages while collecting rental income or occupying it yourself. 

The MF1 zoning also allows for a 4 plex and potentially 6 plex and there is plenty of space for garages with lane access.  This unique piece of development land could be a great holding property as has the potential for land assembly in the future.