July 2022 Capital Region Commercial Real Estate Report

August 3, 2022

A rendering of The Sterling, a five-storey condominium approved by Esquimalt council for 815-825 Selkirk Avenue just west of the Esquimalt-Victoria border. The project will be comprised of 46 one, two and three-bedroom suites. © TLA Developments

 

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COLWOOD – The second phase of the mixed-use Colwood Corners development on Sooke Road at Goldstream Avenue is now underway as the project’s anchor tenant, a Save-On-Foods grocery store, opens for business.
Developer Noni Group is currently building two additional rental blocks, at 1910 and 1920 Jerome Road, following last year’s completion of Colwood Corners’ first phase of residences within a five-storey, nearly 140-unit complex (home to a roughly 40,000 square foot Save-On-Foods).

ESQUIMALT – Abstract Developments’ newest condominium offering has been unveiled overlooking the scenic Gorge Waterway.
Known as Central Block, the six-storey attainably-priced landmark will rise at the entrance to Esquimalt Gorge Park on the former site of Tillicum Road’s Gorge Pointe Pub, and a stone’s throw from the Gorge Vale Golf Club.
Comprised of 99 suites priced from the mid-$300,000s and ground floor commercial units, Central Block’s one, two and three-bedroom homes will appeal to purchasers with sights on a home close to parkland, in walking distance to amenities, and proximity to Victoria’s most iconic natural water feature.

Council has approved a 46-unit condominium building proposed for 815-825 Selkirk Avenue, just west of the Victoria-Esquimalt border.
Known as The Sterling, the five-storey project will deliver 26 one and 19 two-bedroom residences, and a three-bedroom suite. 58 electric vehicle-ready parking stalls will be contained within a two-storey underground parkade.

LANGFORD – Developers 360 Pacifica of Montreal and Terracap of Toronto have disclosed plans to build 29 townhomes at 2089 Champions Way near the village centre of Bear Mountain Resort, despite existing zoning allowing some 150 high density apartments or condominiums in the form of a six-storey building, and potential precedent set by a formerly approved proposal from 2006 envisioned with 201-units across 23-storeys.
The developers say they chose a significantly lower density and smaller massing to preserve trees, fit in with the architectural context of the immediate area, and to provide more open green space for residents while hiding vehicles under a platform that will double as an open air amenity space.

A collection of townhomes and single-family-residences on-track for occupancy later this year are on the market in the Westview community.
Nearing the completion of its third phase of city, ocean and mountain view homes along Bear Mountain Parkway, Langford’s Westview development is down to its final five single-family-dwellings with suites, and seven luxury townhomes. Future phases will include additional single-family-homes and townhomes.

SAANICH – The District has approved over 300-units of housing at two development sites in the Carey and Royal Oak neighbourhoods.
Mike Geric Construction’s (MGC) Mateah proposal – planned for 750 and 760 Enterprise Crescent at Glanford Road in Carey (at the site of the Bird of Paradise Pub) – will deliver over 250 condominium and rental residences within three buildings that will also include a non-profit daycare, plus light industrial and retail spaces.
Developer Aryze also secured approvals for a 68-unit rental complex at 520 Normandy Road and Elk Lake Drive. The four-storey building will rise close to the Commonwealth Pool.

The Capital Region Housing Corporation (CRHC) has submitted plans to the District seeking approvals for the replacement of 12 affordable townhomes along McCoy Road adjacent to Velox Field.
The CRHC’s proposal for its Campus View property at 2249 McCoy Road calls for nearly 120-units of affordable rental housing within two six-storey buildings. Parking will be in the form of an underground parkade, while a common courtyard will be situated between the two buildings.

VICTORIA – 200-units of old stock rental apartments along the Gorge Waterway in the Burnside-Gorge neighbourhood could be redeveloped redeveloped.
The Oxford at 133 Gorge Road East, with 59 one-bedroom suites across four levels, and the four-to-six storey Gordreau Apartments at 129-135 Gorge Road East (with 141 one and two-bedroom suites across three buildings), are slated for replacement by partners Belmont Properties and Itracorp Homes.
A letter sent to tenants states the parties are in the “early application stage with the City of Victoria,” with a formal development application anticipated to be filed with the municipality by late 2022.
The brief identifies the 59-unit Oxford, nearest Gorge Road of the four buildings, as the first property scheduled for redevelopment with construction possible by early 2024, pending municipal approvals.

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

 

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