D2

65%
Funded
50%
Share of All Profit
12%
Targeted Annual Preferred Return

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.

Property Highlights

  • 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 Timeframe

  • Development Status Planning and Design Phase
  • Construction Begins Fall 2022
  • Occupancy Date Fall 2023
65%
Funded
50%
Share of All Profit
12%
Targeted Annual Preferred Return

D2

1270 Bernard Avenue Kelowna, BC

Property Specifications

This 3 lot land assembly of properties offers a corner site with 216’ frontage on Bernard Avenue.
The properties are highly walkable, and are situated just 5 minutes from Downtown, schools, retail/ grocery, restaurants, lake/beaches)
Easily accessible with transit stops serving east & west destinations only steps away.
Support for multifamily redevelopment because of location on busy arterial road and part of the transit supportive corridor.
Flat site, easy to build.

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