C$550,000

Discover an unparalleled opportunity to build in the heart of St. John’s most affluent and historic neighbourhood. This oversized, 711 square meter vacant lot offers a blank canvas for developers and dream-home builders alike in the prestigious Churchill Square area. The property presents significant versatility, whether for a custom single-family residence or a higher-density project. Property is zoned R1 Residential, and borders directly onto a Commercial Mixed Zone. The City is currently encouraging multi-unit, mini-home, and micro-unit developments through municipal policy and federal funding programs. With a minimum requirement of only 360 square meters for semi-detached development in this zone, it would be worthwhile to consult with the City regarding opportunities for multi-unit development. Given the proximity to the Commercial Mixed zone and being steps away from a vibrant business district , commercial opportunities may exist subject to City approval. In addition to the Rowan Street access, the family owned property also benefits from a long-standing historical agreement with adjacent commercial property owners for access to the rear of the lot. A low-back is in place at the rear of the lot, and there is documentation on file from the City acknowledging this arrangement which has existed since 1954. The property is within walking distance to Memorial University of Newfoundland, and it is directly adjacent to ""Terrace in the Square"" offering medical & professional offices, boutique shops, banking, etc. Redevelopment in this neighbourhood includes the 2023 construction of a high-end luxury apartment complex and the addition of major retailers such as Shopper's Drug Mart and Pet Value. This is a rare opportunity to acquire a substantial parcel of land in a community defined by its stability, central location, and high desirability. Don’t miss your chance to secure a footprint in one of St. John’s most iconic neighbourhoods. 2024 survey on file. (id:41202)