1270 Bernard Avenue Kelowna, BC
1440 Developments and 1440 Capital has formed a Limited Partnership, to develop a 35+ Unit apartment project in the heart of South Glenmore in the Bankhead neighborhood of Kelowna. 1440 Capital Limited Partnership is raising $3.0 million in equity from Limited Partner (LP) Investors (min $100K investment). The investment horizon is projected to be 36-48 months with funds from LP Investors due on or before March 15th, 2022.
Summary: if MF3 (5 storeys) is supported by the City, we would anticipate achieving +/- 50 units on the site with parking to suit or 17 townhome units.
- Gross site area = 26,099SF (2,425 m2>1,400 m2 required for rezoning to MF3)
- OCP Future Land Use is C-NHD located on a transit supportive corridor
- Anticipated supported height of 5 storeys = (average between 4 and 6 that is identified in the new OCP - refer to C-NHD cross section attached for frontage on a transit supportive corridor)
- MF3 supports 65% building site coverage with 85% overall site coverage
- Max FAR = 1.3 for 4 storeys and 1.75 for 5 storeys and above (anticipate 5 storeys)
- Based on c, max FAR = 45,673 total finished floor area
- Estimate 12 units/floor maximum (storeys 3-5) and 10 units on floor 2 +/- 4 townhomes (50 units total)
- Development Status Planning and Design Phase
- Construction Begins Fall 2022
- Occupancy Date Fall 2023