“VELA VISTA” LAKE VIEW DEVELOPMENT SITE

Okanagan Lake, Vernon, BC

For Sale

Although this information has been received from sources deemed reliable, we assume no responsibili-ty for its accuracy, and without offering advice, make this submission subject to prior sale or lease, change in price or terms and withdrawal without notice.

Macdonald Commercial Real Estate Services Ltd.1827 West 5th Avenue, Vancouver, BC V6J 1P5T 604.736.5611 | F 604.736.7976 www.macdonaldcommercial.com

Mike Riesterer 604.315.2984 mike@macrealty.com

Rendering showing Yacht Club

EXECUTIVE SUMMARY 7914 Okanagan Landing Road, Vernon, BC

Introduction

Situated at the north end of Lake Okanagan, opposite the Vernon Yacht Club, the 2.76 acre Vela Vista development site is zoned and approved for development of 54 residential apartment units in three buildings.

The property is strategically located between the major Okanagan cities of Kelowna and Vernon, approximately 28 miles (45km) north of the Kelowna International Airport and 4 miles (6km) from downtown Vernon.

Daytime Rendering

Nightime Rendering

ADDRESS: 7914 Okanagan Landing Road

LEGAL DESCRIPTION:Lot A District Lot 6Osoyoos Division Yale District Plan KAP 86996

NET SITE AREA: 1.42 Acres (1.12 hectares)(Less area over 30% gradient)

ZONING: HR3, Hillside Residential Apartment

SITE DENSITY: 54 Units

MAXIMUM SITE COVERAGE: 65%

PROPOSED SITE COVERAGE: 47%

PRICE 3,950,000

Site Description

EXECUTIVE SUMMARY 7914 Okanagan Landing Road, Vernon, BC

Project Description

Nestled in the hillside overlooking Lake Okanagan and the Vernon Yacht Club, the proposed Vela Vista development will comprise a total of three buildings in a series of terraced residences that are as unique as the view it celebrates.

Inspired by the singular beauty of its surroundings, and designed by FNDA Architecture Inc. (fndesign.com), the Vela Vista’s subtle arching lines and ascending terraces recall the curves of sails and the landscape of the surrounding mountains.

FNDA Architecture Inc. is an award winning firm located in North Vancouver, Canada. Their work spans a diverse range of building types and is international in scope, with projects in Canada and the U.S., and as far afield as Tajikistan, Kenya and Pakistan. Their portfolio includes hotels, educational buildings, conference, health care, spiritual centres and cultural facilities.

Offering Price

The Offering Price for the serviced site is $3,950,000

Parking Stalls

Total of 81 spaces, including accessible & visitor parking Parking for Buildings B & C is shared and located under Building B

Building Height

Building A – 4 1/2 storeysBuilding B – 4 1/2 storeysBuilding C – 3 storeys

History

Okanagan Landing began as an unincorporated settlement at the north end of Okanagan Lake, and was a port and shipyard for steamboats operating on the lake, as well as the terminus station for the Shuswap and Okanagan Railway.

After the last steamship on the lake, the SS Sicamous, was retired in 1936, the ship yard operated until the 1960’s. The decommissioned land was bought in 1971 by the Okanagan Landing and District Community Association and Okanagan Landing and was later annexed to the city of Vernon in 1993.

Neighbourhood Description

Okanagan Landing has seen significant development since being annexed by the City of Vernon.

Okanagan Landing Plaza serves the communities general shopping and social needs. An indoor soccer and sport center has been built at Marshall Fields, and two new schools have been built to serve the local community.

Waterfront and water view properties have experienced strong demand, attracting several new resort type developments and rising sharply in value over the past decade.

Site Plan

Property Survey 7914 Okanagan Landing Road, Vernon, BC

Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission subject to prior sale or lease, change in price or terms and withdrawal without notice.