About This Property
Rare development opportunity to acquire three seaside lots within the Primary Growth Area (PGA) of Cordova Bay Village, including 5090, 5094, 5098 Cordova Bay Road. Located in one of Victoria's most prestigious neighbourhoods, They are the core of this community. With stunning views of the ocean and direct beach access across the road, this site offers inherent potential to take advantage of the existing blend of commercial and residential zoning, in step with Official Community Plan updates. The three vacant lots are zoned RS-18, with the new OCP paving the way for rezoning to commercial mixed use for up to four storeys on two lots that lie within the PGA, and two storeys on the remaining lot. This opportunity for future development will help shape the landscape of Cordova Bay. (id:64973)
At $8.25 million, this prime Cordova Bay waterfront development opportunity appears competitively priced compared to the Saanich luxury market, given the exceptional 0.91-acre lot size and coveted oceanfront location. Savvy developers or high-net-worth individuals seeking a prestigious coastal redevelopment project will find immense value in this rare multi-lot assemblage with flexible commercial and residential zoning.
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