Fraser Valley Redevelopment & Investment Opportunity
One of the best locations in Historic Downtown Abbotsford adjacent to Jubilee Park, this prime 34,107 SQFT site is currently occupied by the well-known Red Lion Hotel and liquor store.
Identified in the OCP as Primary Retail Area with a designation of Urban Centre Mixed-Use, the opportunity exists for redevelopment requiring a minimum of 3 storeys and a maximum of 6 storeys of commercial and residential mixed-use space. In the interim, the Vendor has agreed to lease back the property from a new buyer thereby giving a good holding income pre-development stage.
+ Currently zoning: C-7 Historic Downtown Commercial
+ Designation: Urban Centre Mixed-Use – commercial uses at grade with up to 5 floors of residential
+ Excellent holding income with leaseback from the current owner
+ One block from Transit Hub
+ Adjacent to Jubilee Park’s many recreational facilities
+ Proven high demand for condos in the area
+ Potential 5% CAP rate hold income
Historic Downtown’s historic buildings and public realm are the backbones of its unique character, contributing to the unique, human-scaled streetscapes and setting the neighbourhood apart from other areas in Abbotsford. By preserving the existing character and reinforcing it through new development, the neighbourhood can continue to be a historic destination.
Adjacent to the site to the West is Jubilee Park, the largest open space in the neighbourhood. Over time, it will become a city-wide destination for community activities and events. Recreational facilities abound in close proximity; literally on the doorstep of the potential new development for future tenants and owners to enjoy.
Located in Abbotsford’s Historic Downtown core, this site not only gives the opportunity to redevelop a Commercial Residential Mixed-Use building but also allows an excellent investment income in the interim.
Current zoning allows for a 2.5 FSR; the lot coverage of 95% with a minimum of 3 and a maximum of 6 storeys, with up to 5 of these as residential.
In addition, the site is near the Primary Transit Corridor and the Signature Corridor, both of which feature as important options for residents and visitors.
The Transit Corridor is anchored by a Transit Hub on Montrose Avenue one block away, which will become the transit focal point for the City overall; the Signature Corridor links the area to the City Centre along South Fraser Way featuring a high-quality streetscape including a generous tree canopy, bicycle and pedestrian facilities as well as on-street parking.
This unique parcel of land offers an unparalleled location within this thriving historic city.