Lupines are legumes (like peas) and add nitrogen to the surrounding soil. They are dangerous to animals who may become ill from eating the seeds. They naturalize in arid, dry soils and gravel.
Lupines can grow to 5 feet. They bloom in May and June. If your plant is new/young, it may not bloom the first year. They are considered a good plant for mass planting near water or in woodland areas. They self seed. They do not do well when transplanted, so they should be grown in the ground or a really large, deep pot since the roots are very long. They can be grown from seed, divisions, or cuttings.
This is an unusual choice for a patio plant, but it could work for you.
If you live in a cold winter climate, think about using annuals on your balcony. They bloom all summer but only live for the one growing season. Petunias, geraniums, marigolds, zinnias, jack-in-the-pulpit, and others. You can try growing perennials that you bring inside for the winter months.
If you live in a warm winter climate, you can more easily grow perennials or even shrubs and dwarf trees in pots on your patio. And there is no reason to not grow annuals, too.
Since you already have the lupine, get a nice big pot (like 3 feet deep) and transplant just once. Don't use soil with lime. Try organic compost as the fertilizer.