May 2022 CAPITAL REGION COMMERCIAL REAL ESTATE REPORT

May 26, 2022

 

An exterior rendering of Mod, a 15-storey condominium tower coming to Cook Street at View Street to the former location of Pluto’s Diner. Southern and eastern views from the highrise, the developers say, are unlikely to be obstructed given the tower’s ‘book-end’ location among Victoria’s current and future highrise buildings. © Sakura Developments

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ESQUIMALT
Lexi Development Group has celebrated a groundbreaking for Pacific House, a nine-storey condominium tower coming to Esquimalt Road at Head Street. The project has drawn significant purchaser interest for its view-oriented one and two-bedroom condominium offerings plus a collection of multi-storey townhomes. With construction starting, the concrete tower will deliver 66 residences by late 2024.

LANGFORD
The historic completion of Canada’s second-tallest mass timber-designed residential tower has unveiled 120 up-market rental residences to Langford’s growing downtown core.
Tallwood 1, rising 12-storeys above the 2800-block of Peatt Road at Goldstream Avenue to claim the title of Langford’s tallest highrise, is an example of modern changes to British Columbia’s Building Code adopting high-tech advancements in wood-based building materials able to deliver more housing faster, with environmental benefits over traditional options.
Constructed of mass timber, steel and a concrete ground floor, Tallwood 1’s one and two-bedroom (plus den) apartments are pet-friendly with modern conveniences that include a full appliance package, in-suite laundry, quality finishings, large terraces – and a rarity in Victoria – environmentally-friendly geothermal temperature control that includes air conditioning.

Demand for light industrial space on lower Vancouver Island has the city ramping up efforts to provide several million square feet of light industrial and strata commercial spaces to businesses, warehouse operators and contractors.
Multiple projects are already underway in the municipality to address the regional shortage, including sites along Sooke Road, Leigh Road, Millstream Road and West Shore Parkway. Significant inventory of light industrial space is targeted for completion between 2023 and 2027.

SAANICH
Abstract Development’s six-storey, 77-suite Cadence condominium, coming soon to Quadra Street at Palmer Road, has only several homes remaining in one-bedroom to two-bedroom plus-den layouts as its sales surpass 90 per cent sold-out status. The project is the latest homeownership opportunity from the builder which recently completed the Rockland neighbourhood’s Bellewood Park condominiums and townhomes.

SOOKE
14 years following the construction start of its first phase, Sooke’s Heron View townhome development along the shores of Sooke Harbour has reached completion.
Situated along Nordin Road a short stroll west of Sooke’s town centre, the 91-home project from developer Silvercreek Development is comprised of ten phases and includes a wide array of residential amenities. Heron View’s busiest sales year was 2020 with 21 transactions.

VICTORIA
Condominium pre-sales for a 15-storey downtown mixed-use tower on the former site of Pluto’s Diner are now in full swing.
‘Mod,’ comprised of 129 residences in one and two-bedroom layouts, has hit the market as homebuyers struggle to find inventory for new-build homes amid a surge in demand for city centre condominiums.
Already under construction, the highrise is scheduled for completion by late 2023, and from its southeast downtown sighting it offers desirable southern and eastern views the development team says are safeguarded from future infill.

Following the City of Victoria’s nixing of a proposal to build retail spaces and 60 affordable apartments on Douglas Street at Queens Avenue, a new concept has emerged with usage aligned with the City’s vision for lands north of downtown.
Metro Vancouver-based Bradley Group of Companies has proposed a four-storey building with light industrial units along its ground floor and three levels of self-storage spaces above at 2300-2312 Douglas Street. The pitch corresponds with city hall’s desire to retain a significant portion of Burnside-Gorge’s southern half as light industrial and commercial land uses in lieu of residential densification. High density residential uses reportedly sunk a 2020 plan from Laing Properties.

The relocation of downtown Victoria’s Harris Automotive Dealership from its long-time hub at Yates and Cook streets and the company’s transition to a new facility on the West Shore will bring one of the most ambitious redevelopment plays in Victoria’s history a step closer to fruition.
Starlight Developments, working towards a 1,500-unit rental and retail proposal for the Harris car lot and the entirety of the 900-blocks of Yates and View streets, is awaiting its public hearing date from the City of Victoria for approvals to build the single-largest infusion of rental housing – ever – in the downtown core.
Recently the company unveiled an all-abilities children’s play park as a component of a green space and public plaza that will be situated between the 900-blocks of Yates and View streets. The unique design will be able to accommodate children in wheelchairs and mobility devices.

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

 

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