A premium commercial property with significant redevelopment potential as new commercial building, hotel, or purpose-built rental, located onSpall Road in Central Kelowna. Approx. 1.96 acres of flat, rectangular-shaped land with +/-177,200 ft of frontage along Spall Rd and+/-177,200 ft to the back of the property along Bredin Road. Single-storey commercial building of approx. +/-24,882 SF provides a source ofholding income while awaiting redevelopment. Current C2 zoning would potentially allow for a new 3-storey commercial building, 6-storey hotel,and all with possible bonus allocations for additional FAR. Strategically located between the Capri-Landmark Urban Centre and the MidtownUrban Centre and only one block south of the Harvey Ave/Highway 97 corridor. This is a well-established commercial area of Kelowna, close torestaurants, coffee shops, gas stations, boutique shops, specialty businesses, banks, and public transportation.
Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."
Why are Real Estate Incentives Important and to Whom?
"Incentives" are vital today and in the future because:
U.S. Public: Many incentives focus on job creation and Affordable Housing
Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.
