DECEMBER 2023 CAPITAL REGION COMMERCIAL REAL ESTATE REPORT

December 29, 2023

Image caption: 15-storey Mod (at left), situated at Cook and View streets in Victoria’s Harris Green neighbourhood, is nearing occupancy. The 129-suite project is over 60% sold, and has begun welcoming residents. © Citified.ca

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By Mike Kozakowski of Citified.ca

VICTORIA
The largest townhome development built within the City of Victoria in nearly two decades has completed construction. Washington, from Victoria-based developer Formwell, is comprised of 34 townhomes in Victoria’s Burnside Gorge neighbourhood at 3080 Washington Avenue. The development houses two, three, and four-bedroom townhomes in 10 buildings, that replaced three single-family homes on the property. Representing the largest townhome project to be built by unit count since the City of Victoria adopted its current development record-keeping system in 2005, construction on Washington began in late 2021 following a busy pre-sales campaign and strong market demand that pre-dated the establishment of Victoria’s Missing Middle Housing Initiative. Read more here

 

Harris Green’s first condominium tower to complete since 2021 has secured its occupancy permit for 129 one and two-bedroom residences. Developers Fraser McColl and Dan Robbins are overseeing completion of their latest residential offering, known as Mod, standing 15 storeys above Cook and View streets as downtown Victoria’s southeast ‘book-end.’ Known for its protected views and big-city architecture, Mod has sold over 60% of its homes with layouts ranging from just over 400 to nearly 900 square feet, while a ground floor commercial component will deliver a new cafe to the downtown core as part of several street-oriented retail spaces. Read more here

Council at Committee of the Whole approved Chard Developments’ plans in early December that will complete the build-out of Harris Green’s former Pacific Mazda dealership on Yates Street at Cook Street in Harris Green. The proponent acquired the Mazda property last fall with plans to erect two rental towers comprised of 483 residential units (including two guest suites) and ‘community-serving’ ground floor retail space. The developer secured a height variance from a 17-storey maximum massing to 25 floors, and a re-allocation of density from three towers to two (25 and 15 storeys). Chard will finalize the block’s redevelopment that began under developer Jawl Residential with The Dalmatian, an 11-storey affordable housing tower fronting Johnson Street that also includes a new No. 1 Victoria Fire Department fire hall. Read more here

A purpose-built rental proposal in its seventh year of municipal planning will have to wait until next year for council’s review, following the applicant’s decision to postpone a City staff presentation scheduled for the December 14th Committee of the Whole. Nelson Investments, the proponent of a 269-suite pet-friendly rental building envisioned for 937 View Street, requested the deferral of today’s proceedings and council’s vote on the tower’s future. “Feedback from council suggested additional time to review our application would be helpful in their decision-making process, and considering the heavy agenda council has today, our team agreed that postponement was the best path forward,” said Chris Nelson, CEO of Nelson Investments. Council passed a unanimously-supported motion to review the application early next year. Read more here

VIEW ROYAL
A 37-suite condominium project along the 200-block of Island Highway is under construction once more after a hiatus since summer of 2022. Four-storey Skyeview from TLA Developments, is back on track and will complete next year, says developer Troy Grant, one of the company partners. Due to the delays, a dozen buyers chose to rescind their purchase agreements, opening up new homes for purchase in a variety of floorplans that had previously been sold as the project’s initial sales program led to an 85% sold-out status before construction was halted. With homes now starting at $459,900, Skyeview offers up-market interior designs, proximity to nature near View Royal’s abundant waterfront parkland, and alternative transportation options like the E&N Rail Trail connecting downtown Victoria and the West Shore, and frequent bus services running between Victoria General Hospital, downtown Victoria, UVic, CFB Esquimalt and the West Shore. Read more here

Council has granted approvals for a two-building, 238-suite rental development at the site of Island Highway’s Cambridge Motel opposite Fort Victoria RV Park. Developer Boardwalk with partner Invictus Commercial Investment Corp. initially envisioned a four then later three-building project with approximately 260 residences in massings of up to seven storeys tall, before reducing height and pitching two six-storey buildings with a density of just under 240 homes. Earlier this month, View Royal council held a public hearing for Boardwalk’s and Invictus Commercial’s rezoning application with an official community plan variance for 339-345 Island Highway. Units will range from entry-level studio layouts to family-oriented three-bedroom homes. Parking will be within an underground parkade, and a central square will be constructed between the woodframed lowrises. Read more here

Mike Kozakowski is with Citified Media and can be reached at mailto:mike@citifiedmedia.com

Copyright (C) 2023 by Citified Media Inc. Content under license to Business Examiner.

 

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