This is a rare opportunity to acquire one of Nanaimo’s landmark properties. Currently operating as a hotel and marina, the owner proposed a rezoning application to the city in 2019. This proposal included plans for 25 to 30 condominium units and 110 hotel rooms over 10 storeys, as well as conference space, a lounge and cocktail bar, spa, and food outlets. The application received full support from city staff and council; however, it was ultimately postponed. Any future purchaser may acquire the drawings for this proposal and either resubmit or create a new vision for this one-of-a-kind site.
The existing 45-room Waterfront Hotel was originally developed in 1974 by Nanaimo’s colorful former mayor, Frank Ney. The building and marina operations are well-established and run seamlessly, ensuring a smooth transition for the next owner.
Developing a new hotel or condominium in Nanaimo presents a promising opportunity. The city's expanding population, combined with its appeal as a destination for both residents and visitors, suggests a sustained demand for additional housing and hospitality services. Investing in such developments could meet this demand and contribute to the city's ongoing growth and economic vitality.
Interested parties may inquire to tanner@tannersaywell.com for pricing details. 2024 assessment $6.4m.
