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Recent development proposals, approvals and construction starts in downtown Victoria
Despite a perceived slowdown in the downtown Victoria multi-unit real-estate market developers continue to float new proposals as shovels hit the ground on approved projects.
One of the newest major proposals to come before planners is Vancouver-based Chard Development’s concept for a 10-storey, 82 unit residential building with ground floor commercial space at 836-838 Broughton Street. Having recently completed an 11-storey luxury tower in the 600-block of Broughton, this project will pad the developer’s downtown Victoria roster for a total of five buildings. [Read more]
[Burnside-Gorge - Victoria] Brizo 19 | Condos | 5-storeys | Under constructionCondo
Posted 07 April 2008 - 03:23 PM
It's a proposal for a 5 storey condo at the end of Speed Street on the right hand side. Speed Street is off Douglas right across from Mayfair mall. There's a recently finished condo next door.
Developer is Farid Haji Esmaeili and the architect is Eric Barker.
The interesting thing about the design is that it's set at a 45 degree angle to the street.
They also propose the possibility of totally landscaping the street in front of the development. Speed Street is a dead end and I guess they figure it will always be, so might as well shorten it and create a little park. One by one the old houses on this notorious street are vanishing. There are some huge mature plane trees on this street which look great.
Posted 07 April 2008 - 03:43 PM
Posted 07 April 2008 - 06:54 PM
Speed Street is already a million times better with Mayfair Mews. Once the other houses come down it can be the beginning of a great TOD with the BRT station right at the end of the street there.
I expect we see that motel come down in a couple years. A nice twelve storey building with some ground floor commercial could make that area a destination. Eventually the Mayfair folks will figure out that their land is worth more than having parked cars there.
Posted 08 April 2008 - 06:43 AM
THough I am questioning 19 units at 2.6 million seems awfully low.
Posted 08 April 2008 - 07:44 AM
Posted 08 April 2008 - 04:00 PM
Posted 08 April 2008 - 08:05 PM
The Alpha/Beta/Delta/Gamma/ streets area would be a good place for a Greek restaurant.
-City of Victoria website, 2009
Posted 08 April 2008 - 09:25 PM
Posted 09 April 2008 - 05:55 AM
Posted 16 June 2008 - 10:14 AM
I believe the houses are all mainly rentals.
It might be treed, but the street looks like the slummiest area I know of in Victoria.
Posted 16 June 2008 - 11:08 AM
Posted 26 June 2008 - 11:42 PM
The 819 Yates developers were stunned at all this. Vancouver developers are always shocked when they come to our ADP. Vancouver's Urban Design Panel is much more straightforward I'm told.
Posted 27 June 2008 - 09:45 AM
Who else are they worried about? The giant blank white wall behind them?
Posted 27 June 2008 - 10:08 AM
The way I see it, 19 units, averaging only $250k a pop (likely could get more) nets the guy $4.75M. Land at $600k ish and fees at about $400k means the fellow would stand to make over $1M on the development. However, I would guess that the construction costs wouldn't be under $3.5M. (If he spent $4M, he could sell for more.) This puts him about even money, which puts the project on hold.
Anyway, that's just the way I see it based purely on speculation (except for the part about construction costs being over $2.6M. I'll bet my hottness on that).
Posted 27 June 2008 - 10:46 AM
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