The Hudson Mews | 12-storeys | Residential, commercial
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The Hudson Mews is the second phase of the multi-phased Hudson project on the old Hudson’s Bay Department Store property in downtown Victoria.
The Hudson Mews follows the redevelopment of the Hudson’s Bay Company (HBC) department store, dubbed The Hudson, and will consist of the largest rental housing component built in downtown Victoria in many years
The project was originally meant to become a 75% subsidized rental and 25% market condo tower, although the partnership between TL Housing Solutions (a spin-off development outfit of Townline Group of Companies), BC Housing and the City of Victoria disintegrated in the late summer of 2010.
Ground floor retail is also envisioned.
See also: The Hudson, tower I; The Hudson, tower II; The Hudson
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This project's public discussion on VibrantVictoria.ca
Below are the five latest responses to the dedicated discussion thread for this project:
Mike K.
May 08, 2012 at 4:31 pmQuote: Bob Pearce, Townline Developments vice-president, said the next phase of the Hudson site - the 120unit, 12-storey Hudson Mews rental tower - should start coming out of the ground by the end of this month
"We are feeling cautiously optimistic," said Pearce. "We are feeling good about the market. It's certainly not as strong as we'd like it to be but there is interest out there and what product there is on the market is gradually getting absorbed.
According to the Victoria Real Estate Board, there has been a decent level of activity in the condo market of late as April sales increased 20 per cent to 171 sales compared with March. In April 2011 there were 153 condo sales.
I'm not sure I completely understand the situation here. If Townline is building a rental tower then why the concern over the "market" and the tidbit about VREB condo sale stats?
As far as we're aware Muse/Mews has been planned as a 20% market/80% rental but the TC article doesn't mention anything to that effect yet relates the condo sales scene to this project.
Am I missing something, or this rental tower not really a
Kapten Kapsell
May 08, 2012 at 4:54 pmQuote: I'm not sure I completely understand the situation here. If Townline is building a rental tower then why the concern over the "market" and the tidbit about VREB condo sale stats?
As far as we're aware Muse/Mews has been planned as a 20% market/80% rental but the TC article doesn't mention anything to that effect yet relates the condo sales scene to this project.
Am I missing something, or this rental tower not really arental tower per-se but still planned with a mix of market and rental units? :squint:
Maybe the condo bits refer to Hudson Walk (also covered in the article)?
Mike K.
May 08, 2012 at 7:48 pmI thought about that, but then why insert the quotes referring to the market immediately after bringing up Mews, not Hudson Walk?
The sense one gets is Mews is moving forward because of an improving/sustained condo market even though its apparently a rental building. I'm not entirely sure how that makes sense unless Mews is not really a rental building but a (still, as initially proposed) mixed housing (market + rental) project and needs the market housing to make it viable.
G-Man
May 08, 2012 at 8:34 pm^ I think your sense is correct. The funding would come in from lenders with the understanding that Townline needs to build that 12 storey tower of rental before it can start on the market portions of the project. Rental takes a lot longer to recoup money from but perhaps the lenders are thinking longer term. I am hopeful that this actually happens.
Mike K.
May 08, 2012 at 8:41 pm...but again, why drop condo sales stats when discussing a rental project? The next phase at Hudson won't be built for a couple of years, according to Bob Pearce, and rental housing can take decades to become profitable.
I guess the article raised more questions for me than it answered, but luckily, if what we read holds water, there'll be answers in the coming days :)
