0.5 acre parcel on the coveted Bernard Avenue, walking distance to Parkinson Recreation Centre, Landmark Office District, Downtown Core, Kelowna Golf and Country Club, and Shopping. Property DP was submitted prior to March 8, 2024, and as a result is grandfathered into the 2018 code. The new 2024 BC Building Code brings sweeping and expensive changes to adaptable dwelling units in apartment buildings that will not be applicable to this property’s DP. Potential buyers of this property have two options for purchase. Firstly, an assignment of current option to purchase at $2,245,000 with a 1.96 proposed FAR, $53/net leasable SF. Zoning bylaw currently being adopted to MF3r! Secondly, potential buyers could enter into a building contract with the seller for the proposed 51 unit rental apartment building outlined herein at $24,500,000. 51 rental units with an average unit size of 973 SF, with spectacular views from upper floors. Seller will deliver fully constructed building to occupancy stage. Suite mix: 6 Studio, 17 x 1BR, 24 x 2BR, 4 x 3BR. 61 on-site parking stalls and 46 on-site bike stalls. Projected rent of $3.02/SF per month, with a 4.77% Cap Rate ($1,168,326 NOI). Price/unit of$480,392.