Quadra Street Landmark Slated for Redevelopment

March 31, 2021

An aerial view taken in February of the #MyBelmont community in the City of Langford. At-bottom is Belmont Residences West along Reunion Avenue, an 80-suite condominium building completed in 2020. At-centre are Crossing at Belmont 1 and 2, a duo of rental buildings with 156 apartments between them completed in 2019. To their right a construction crane stands over the site of Belmont Residences East, an 85-suite condominium offering. At-top, centre, is the newly opened Thrifty Foods grocery store that anchors #MyBelmont’s commercial component, Belmont Market. © Ledcor Property Investments

Approximately 300-units of affordable seniors and workforce housing have been proposed for the 6800-block of West Saanich Road. Developer TL Housing Solutions, on behalf of the South Vancouver Island Housing Society, has submitted plans to the district for a three-building, three phase project that could deliver some 230 homes for seniors, including 30-units for seniors requiring memory care, and between 60 and 70-units of workforce housing across four properties on West Saanich Road at Kersey Road.

A 4.2-acre parcel between the Island Highway and Wale Road at Colwood Corners has been listed for sale to the tune of $32 million, representing one of the highest per-acre raw land asks, ever, on southern Vancouver Island. Given the asking price, it is estimated that a residential unit density of approximately 1,100 homes would be required across four-acres to achieve an average of $30,000 per door.

A new phase of condominiums at Aragon Properties’ Esquimalt Town Square development adjacent to Esquimalt’s town hall has hit the market as the mixed-use project nears completion in the township’s civic district. The Arbutus, a follow-up to the Douglas condominium at Esquimalt Town Square (over 60 perc ent sold-out) is tapping into significant demand for up-market condominium residences within the seaside municipality.

The multi-phased, mixed-use #MyBelmont community on the former lands of Belmont Secondary School is celebrating three years since shovels first hit the ground. Construction at the 22-acre site anchored on Jacklin Road at Reunion Avenue began in March of 2018. Since then, developer Ledcor Property Investments has delivered 156 rental homes within two purpose-built rental complexes known as Crossing at Belmont, and 80 condominium suites within the first phase of homeownership opportunities, dubbed Belmont Residences West. A further 85 condominiums at the five-storey Belmont Residences East, currently 90 per cent sold-out, are under construction with completion targeted for mid-2022.

A Quadra Street landmark at the intersection of Tattersall Drive dating back to the early 20th century is slated for redevelopment into a mixed-use commercial and residential complex. The five-storey proposal from Alan Lowe Architect, currently before the District of Saanich, is envisioned for 3572, 3580 and 3584 Quadra Street, a trio of properties anchored by Quadra Appliances and Proline Roofing.

Further refinements to one of the largest development proposals within the City of Victoria have been submitted to the municipality, building on a rezoning submission unveiled in the spring of 2020 that could deliver some of the tallest buildings on Vancouver Island and a performing arts centre designed by world-renowned architect Frank Gehry. This spring, the vision has crystallized with an application that could yield as many as 2,000 rental apartments in a collection of four towers on the ‘north’ side of the Roundhouse parcel and two on the ‘south’ side, a split roughly along the E&N Railway tracks that span across the property, and which will be slightly re-aligned to assist with spacing. Three condominium towers and a hotel tower are also envisioned.

A luxury yacht marina along the shores of the Inner Harbour has been listed for sale three years following its completion in the Vic West neighbourhood. The 28-slip Victoria International Marina (VIM), which got underway in 2016 with a construction budget of $24 million, opened in 2018 as the first dedicated superyacht moorage on North America’s west coast and operates as one of only a handful of such facilities in the world. Presented for sale by the Victoria-based offices of global commercial real-estate brokerage CBRE, the listing is un-priced pending solicitations from what are anticipated to be well-capitalized investment and real-estate firms with a long-term vision for a one-of-a-kind acquisition opportunity.

Redevelopment of the Kiwanis Village seniors community into affordable apartments is progressing through the municipal planning process. The Kiwanis Village Society of Victoria’s proposal to build nearly 80 affordable homes for seniors in studio, one and two-bedroom layouts within a four-storey complex at 1419 Mallek Crescent recently went before the Advisory Design Panel as it nears formal approvals. Envisioned for an eight-acre property to the north of Cook Street’s and Cedar Hill Road’s nexus in the Oaklands neighbourhood, is the first phase of redevelopment that will yield a four-storey building fronting onto Cook Street at Mallek Crescent on the former footprint of nine apartments within four single-storey bungalows.

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