Capital Region Commercial Real Estate Report
A rendering of Chard Development’s Haven condominium nearing construction on Johnson Street east of Cook Street. The six-storey, 104-suite project was designed with BC Housing’s “AHOP” affordable home ownership program in mind. © Chard Development
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REGIONAL
One of the Capital’s largest developers of new housing has received a coveted honour from the Victoria Residential Builders Association (VRBA) recognizing leaders in sustainable West Coast design and construction. Victoria-based Abstract Developments, with multiple residential projects underway and in planning throughout the region, has been named Green Builder of the Year at VRBA’s 30th annual CARE Awards hosted by CFAX 1070 at the Fairmont Empress Hotel.
LANGFORD
A West Shore landmark on Goldstream Avenue near Veterans Memorial Parkway is earmarked for eventual redevelopment into what could become affordable rental housing.
The two-storey Goldstream Masonic Lodge at 679 Goldstream Avenue and Aldwynd Road has presided over the area since the 1950s, and plans are afoot to transform the land into what could be a mixed-use investment as a partnership between the Goldstream Masonic Hall Association, the Greater Victoria Housing Society (GVHS), and TL Housing Solutions.
Redevelopment information through GVHS’s project status portal indicates nearly 70 homes are proposed within five and three-storey buildings, along with ground floor commercial space as part of the five-storey lowrise and completion by 2023. Masonic Lodge #161 will occupy space within the project.
However, despite an active application submitted to the City in late 2020, the project’s status is currently on-hold, according to TL Housing Solutions, which places its development timeline in flux. The City of Langford has confirmed the holding pattern.
SOOKE
Victoria’s western-most suburb of Sooke has set a new real-estate record for the district with the sale of a luxury condominium suite valued at rates commonly seen in downtown Victoria.
The Residences on Sooke Harbour, a 27-unit condominium project completed last spring at the foot of Maple Avenue South west of Sooke’s commercial core, has secured a re-sale of a fourth floor penthouse for $1.1 million, or $1,158 per foot for its 950 square foot layout.
VICTORIA
Victoria-based homebuilder Formwell broke ground on December 7th on its inaugural collection of family-friendly townhomes amid strong demand for ‘missing middle’ housing and soaring real-estate prices across the Capital.
Washington, located at 3080 Washington Avenue in the Burnside-Gorge neighbourhood, will be comprised of 34 townhomes in two, three and four-bedroom options with floorplans ranging from 1,300 to 1,600 square feet. The project replaces three houses previously located on the property, offering new market housing options for families and individuals outpriced from traditional single-family-homes.
A $100 million proposal for what could become Victoria’s first office tower of the decade went before council on December 9th as part of a public hearing, but its fate will have to wait for December 16th due to time restrictions from a turn-out that saw approximately 75 speakers address officials.
TELUS Ocean, a collaboration between telecommunications giant TELUS and Victoria-based real-estate development firm Aryze, is envisioned for the City’s Apex property on the corner of Douglas Street and Humboldt Street.
Planned as a 12-storey mid-rise building, Diamond Schmitt Architects-designed TELUS Ocean will encompass approximately 144,000 square feet of office and commercial space, provide employment space for hundreds of workers and include industry-leading building advancements that will help train Victoria trades on constructing future landmarks that utilize cutting edge materials and technologies.
The opening of Greater Victoria’s third Walmart Supercentre has been pushed back to spring of next year as the retail giant enters the final stretch of a years-long retail space renovation at Hillside Shopping Centre. Walmart’s initially planned late 2021 opening has now been delayed to spring of 2022.
BC Housing’s Affordable Home Ownership Program (AHOP) is making a big impact on Victorians working to turn their homeownership dreams into reality.
AHOP was created to help moderate-income households bridge the gap between renting and buying a home through down payment assistance and lower monthly mortgage payments.
Building on the success of a pilot program that launched in 2017 with downtown Victoria’s Vivid at the Yates condominium – a 135-suite, 20-storey tower completed earlier this year – BC Housing is assisting future homeowners through AHOP at a Fernwood development known as Haven.
Envisioned specifically within the context of AHOP, Haven’s condominiums have drawn a significant amount of interest among individuals ready to make the leap into homeownership, although struggling to satisfy down payment requirements to secure a mortgage.
BC Housing’s AHOP program matches a purchaser’s 10 per cent down payment with an additional 10 per cent, allowing the purchaser to apply for a mortgage as though a 20 per cent down payment has been secured.
Mike Kozakowski is with Citified Media and can be reached at mike@citifiedmedia.com
