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Home BC Greater Nanaimo Nanaimo Five Acres
1015 Park Ave
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1015 Park Ave $3,300,000
2 days ago
$3,300,000
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1015 Park Ave
Nanaimo, British Columbia V9R4J5

MLS® Number: 994224
0
Bathrooms
-
Square Feet

Listing Description

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 topographical 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 up to 35 units with a feasible design plan meeting all zoning guidelines and site constraints. And the Citywide Parking Review is expected to ease parking requirements, adding further potential benefits. Ideally located steps from transit, close to schools, shopping centers, 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. (29116030)

Property Summary

Property Type
Vacant Land
Neighbourhood Name
South Nanaimo
Title
Freehold
Land Size
4.74 ac
Annual Property Taxes
$4,998
Time on REALTOR.ca
2 days

Building

Bathrooms
Total
0
Building Features
Features
Acreage, Central location, Park setting, Southern exposure, Wooded area, Corner Site, See remarks, Other

Land

Lot Features
View
City view, Mountain view
Other Property Information
Access
Road access
Zoning Description
R10
Zoning Type
Multi-Family
Data provided by: Vancouver Island Real Estate Board 6374 Metral Drive, Nanaimo, British Columbia V9T 2L8

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