32 Backstreet Boulevard

For Sale | Development Land | ± 13,319 SQFT | $1,975,000
Overview

An amazing opportunity to purchase a 0.306-acre development site in a prime location in Downtown Penticton. The site is located just off Front Street and Main Street, which is just footsteps from countless amenities and is considered one of the most desirable locations in Penticton. This area of the city continues to grow and be redeveloped into a vibrant urban community. The property is currently zoned C5, which is the most flexible and sought after zoning in the City of Penticton.

This zoning gives a developer multiple options in terms of density and construction form. The city is encouraging additional mixed-use product in this area, as demand has greatly outgrown supply for both purpose rental and market condominium product. The Penticton market continues to perform very well as population growth has increased over 9% over the past years and viable development opportunities in the Downtown area remain limited.

Property Highlights

  • Prime, vacant 0.306-acre development site (currently being used for parking which could be monetized during entitlements)
  • Amazing downtown development opportunity with flexible zoning allowing for up to 6 FAR
  • Great north-central location in a growth area of Penticton
  • High demand for mixed-use developments in this area
  • In-lieu parking options to help facilitate development on site
  • Upgraded off-site servicing already completed in the area and to the lot line (providing significant savings for development)
  • Potential for Vendor Take Back Mortgage
  • Holding Income (12-month leaseback based on parking revenue)

The Opportunity

The property, as zoned, would allow for up to 12 stories, however the site lends itself more to a six story, mixed use, wood-frame form. The walkability of the site, potential water views and lack of multifamily product in the Penticton Downtown, make this a very compelling opportunity for developers looking to enter the booming Penticton marketplace.

The vendor will also consider a VTB mortgage, please inquire with the listing brokers.

Details
Status

For Sale

Address

32 Backstreet Boulevard, Penticton,
Canada

Size

± 13,319 SQFT

Type

Development Land

Price

$1,975,000

PID

030-181-666

Zoning

C5

Legal Description

LOTDISTRICT LOT 202 SIMILKAMEEN DIVISION YALE DISTRICT PLAN EPP72675

Location

Steady Increase in Growth Year After Year
Like much of the Okanagan Valley, Penticton has seen significant growth over the last number of years and has faced historically low vacancy rates in both the commercial and residential sectors. Penticton has seen consistent population and household income growth over the decades and continues to be one of the premier vacation destinations in BC. With a shift of more professionals working from home since the pandemic, the City of Penticton expects this population growth to steadily increase along with the demand for quality multifamily projects and commercial/retail offerings.

Penticton is Growing
As demand and population continue to grow, the City of Penticton has proven they are open for business and willing to work with developers to help address the housing need within the community while ensuring a renewed sense of vibrancy is created with every project. Current developments underway include everything from rental housing and condo units to single-family homes.

The North Gateway Plan
The North Gateway Plan is a newly adopted redevelopment strategy located within the city’s northwest corner. Its vision is to create a connected, complete sustainable destination that captures and celebrates Penticton’s natural beauty, sports excellence, events and festivals while adding to the economic vitality, housing diversity and local fare. This long-term plan will redefine the north end of Penticton and increase value for the entire surrounding area.


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Jeff Hancock
Jeff Hancock

Personal Real Estate Corporation

Commercial Sales & Leasing

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This communication is not intended to cause or induce breach of an existing agency agreement. E&OE: All information contained herein is from sources deemed reliable, and have no reason to doubt its accuracy; however, no guarantee or responsibility is assumed thereof, and it shall not form any part of future contracts. Properties are submitted subject to errors and omissions and all information should be carefully verified. All measurements quoted herein are approximate.