0.93 ACLand$4,750,000Sale
This offering is for a prominently situated property at the Northeast corner of 208th Street and 40th Avenue. Designated as Commercial Village within the current Rinn Neighbourhood Plan, the property is well located across the street from existing neighbourhood retail, including coffee shops, restaurants, and a gas station. The current Commercial Village land use designation allows a FAR of 1.85 with a maximum of 6 storeys. There are stipulations within the NP that provide allowances for the commercial / retail at grade not to be included in the gross allowable buildable if the retail is for specific uses, including fitness centres, pharmacies, and childcare. The plan highlights that the Township would like to encourage childcare facilities within the Commercial Village Designation.
Based on the Commercial Village Designation, the potential building design could be a concept such as the one below. The potential buildable area based on 1.85 FAR is 74,853 sqft. Potential to increase buildable area via use specific Commercial / Retail at grade. This works out to be $63 per buildable sqft at the ask price. The Township Sanitary Line is 210m North of the subject property line. The Municipal Water Line runs along the South and West property lines.