This 3.16 ac medium density, multi-family residential development property is ideal for apartment buildings, 4 plexes, senior residence with accompanying support services; etc... Old plan had been approved by the City of Nanaimo for 3 apartment buildings with a total of 114 units. Housing loan opportunities may be available thru Cmhc and its program to Develop new affordable housing. Property strategically located just off Jordan off Mostar - a main corridor route into North Nanaimo and all its amenities. Easy access from both the Parkway Hwy 19 and the Old Island highway. This lot fronts Ledgerwood Rd and is in the Rutherford area of North Nanaimo. Immediate area a mix of light industrial and residential. Lot is irregular in shape. Grade level at Ledgerwood with a moderate downward slope. Municipal water is located along the frontage; sanitary runs along the back boundary storm sewers at both the frontage and west side... services available by easement. Ledgerwood is a paved wood but will need improvements with redevelopment (eg. wider road, sidewalk, et...) Shopping nearby. Nanaimo is the place people are coming to. Nanaimo is nestled between mountains and the ocean and close to Vancouver. It is the hub city of the central island. More people coming here means increasing demand for housing. Great time to be developing on Vancouver Island. House on property is habitable but has little value. It needs a new roof, windows, heating system. Pellet stove serves as heat. 3 Bedrooms up with 2 bedroom, family zoom and a bathroom down. House is being rented out for next 6 months to end of October 2017. House could be utilized by developer during development stage but will likely be removed during the process. Land is zone R8 - a covenant on title limits development to 120 units. Please see covenant for details.
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