1015 Park Ave Nanaimo, British Columbia V9R 4J5

$2,580,000

Prime Multi-Family Development Opportunity in South Nanaimo! Discover an exceptional 4.74-acre development site in one of Nanaimo’s fastest-growing neighborhoods, surrounded by newly built million-dollar homes. This R10 zoned property offers scenic territorial views and flexible development potential. A now expired development permit for a multi-family development, consisting of 14 three-storey, single-family homes, was approved in 2017. However, a recent topographic survey indicates a substantially larger area of developable land than estimated in the expired DP, permitting a maximum potential density of 23 single-family homes or stacked townhouses under the current R10 zoning. The City of Nanaimo may also consider site specific density of up to 35 units where a feasible design meets all zoning guidelines and site constraints. Combined with the lower parking ratios introduced through the recent Citywide Parking Review, this opens the door to smaller unit sizes, higher unit yields, and significantly improved land efficiency. Ideally located steps from transit, close to schools, shopping centres, the Parkway Trail and Vancouver Island University, this property offers a rare opportunity to provide modern, affordable homes in a highly desirable location. Topographic Survey and other due diligence reports are available to serious buyers. The Buyer is responsible for independently verifying all property details and development potential through the City of Nanaimo, relevant authorities, or qualified third-party professionals. (id:61048)

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https://www.realtor.ca/real-estate/29220147/1015-park-ave-nanaimo-south-nanaimo