Prime multi-family, commercial, mixed use development site in the heart of downtown Nanaimo's desirable Wesley Quarter. Elevated ocean, city and distant coastal mountain view site offered in a prominent, desirable location at the corner of Wallace and Fitzwilliam Street. Zoned DT2, multiple commercial and residential uses are permitted with 100% site coverage, 4m height, zero parking requirement and 2.3 FSR. Greater FSR may be possible subject to application and approval by the City of Nanaimo. This unique property offers high visibility on the main corridor connecting downtown Nanaimo, the water front, seawall, seaplane terminal, Inland Island Highway, VIU, Ice Centre and Aquatic Centre. Ocean views overlooking the inner harbour across to the coastal mainland mountains and city would be achieved from East facing units with potential Mt. Benson views facing West. The site neighbours Wesley Quarter with destination restaurants, shops and professional offices. Wallace Street is currently experiencing new development of multi-family buildings with commercial, retail and/or offices on the main level providing greater foot traffic and community vibe throughout the Old City Quarter. Directly across the road is Bastion Bridge meandering to the city centre shopping, dining, hotel and entertainment hub. The location is ideally positioned for commuters who work on the mainland with the seaplane and Hullo Ferry within walking distance. This may be a suitable location for a stratified seniors assisted living residence with onsite medical services and an option for independent unit ownership that permits rentals. Bring your ideas to this fabulous location.
Address
311 Wallace St
List Price
$799,000
Property Type
Commercial Sale
Type of Dwelling
Unimproved Land
Transaction Type
Sale
Area
Nanaimo
Sub-Area
Na Old City
Lot Size
16770 Ac.
Lot Size (Acres)
0.38 Ac.
MLS® Number
1017831
Listing Brokerage
Macdonald Commercial Real Estate Services Ltd.
Postal Code
V9R 5B6
Tax Amount
$27,647.00
Tax Year
2025
Amenities
Adult-Oriented Neighbourhood, Central Location, Cleared, Corner Lot, Cul-De-Sac, Curb & Gutter, Easy Access, Family-Oriented Neighbourhood, Marina Nearby, Near Golf Course, No Through Road, Recreation Nearby, Serviced, Shopping Nearby, Sidewalk
