This lot is tarmac currently generating revenue as a month to month parking lot. The property is zoned DT5 which provides for higher density residential developments. The property is located opposite 77 Chapel St that has an approved Development Permit to construct three - six storey buildings totaling 157 residential units. It is also located close to 91 Chapel St, a 61 condo unit development that was completed in 2019. The property is located 5 minutes from downtown restaurants and the Nanaimo Harbour Front.