236 replies to this topic

[qnx]

Craigslist ad: https://victoria.cra...6219040739.html

 

From ad:

 

Rents for studio suites range between $862.50-$1100.
Rents for one bedroom suites range between $925-$1600.

[Baro]

I thought this was supposed to be affordable housing or something, i thought it was subsidized or built by some sort of affordable housing group.

[Nparker]

I thought this was supposed to be affordable housing or something

That was certainly how it was being touted:

..A proposal to build 65 units of affordable and moderately priced rental apartments across Blanshard Street from Save-on-Foods Memorial Centre will go to public hearing. The Greater Victoria Rental Development Society wants to build a seven-storey building, to be called the Azzurro, at 1950 Blanshard Street...

http://www.timescolo...aring-1.1213335

 However, the Greater Victoria Rental Development Society (GVRDS) doesn't seem to mandate subsidized housing

...In 2009 GVRDS was registered as a non profit society. Our mission is to develop new build affordable rental and market housing on Vancouver Island for the working people. Our mandate is to provide well built, well managed, non subsidized new apartment units for the lower to middle income families of Greater Victoria. Our hope is to afford low to middle income workers reasonable rent. Our dream is that in providing this they can someday achieve home ownership...

[Mike K.]

Interesting.

[VicHockeyFan]

I thought this was supposed to be affordable housing or something, i thought it was subsidized or built by some sort of affordable housing group.

It is. The province provided $14M in financing (unsure of terms). The City gave them $540M.

[Mike K.]

$540M?

[VicHockeyFan]

$540k sorry. Shell game. Some other developer paid that in. So, for example, private rents in the Juliet are $15/mo higher, Azurro $15 less. It's hardly worth the cost to shuffle the money around.

Edited by VicHockeyFan, 16 July 2017 - 12:22 PM.

[Mixed365]

"Rents for studio suites range between $862.50-$1100

Rents for one bedroom suites range between $925-$1600"

Attached Images

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[Nparker]

So it's market rates.

[Mike K.]

When the project was proposed the targeted rates were noted as $795-$950. Granted, the rates noted by the media may have been solely for bachelor units.

[Nparker]

When the project was proposed, the targeted rates were noted as $795-$950...

Were those closer to market rates at the time?

[Mike K.]

Although that doesn't really make sense, since there are only three studio apartments. The rest are one-bedroom units.

 

From http://gvrds.com/gvrds/project/azzurro

 

"There are 3 studios, 62 small and large one-bedroom units, 13 units have outside patios and 2 units have outside decks."

 

So yeah, prior to starting construction the rates were marketed as $795-$950.

[Mike K.]

Were those closer to market rates at the time?

 

Those rates would have reflected below-market apartment values.

 

So we jumped from $795 to $862.50, which isn't bad, but on the upper end it looks like the rates went from $950 to $1,600. That's huge. And that's a one-bedroom unit without parking, only seven floors up (presumably) in what the GVRDS says is an affordable rental complex.

[Kapten Kapsell]

Does this building have occupancy now?

[DougG]

No sign of anyone moving in yet but it will be open for viewing starting this weekend. No in suite laundry. That's a surprise in a new building.

 

What's up with the second floor? It looks like a single common space with no walls. 

[sdwright.vic]

^Office space

[VicHockeyFan]

Complete?

 

More photos:   https://www.facebook...640982495921416

 

[Nparker]

The addition of the blue panels really helps the aesthetics of an otherwise mostly drab project.

[HB]

What was the final time line from shovel in the ground to completion it seemed like 3 years

[cathawk]

The addition of the blue panels really helps the aesthetics of an otherwise mostly drab project.

I have found this development quite interesting overall. It is quite a departure from other developments in the city. I also like the LED lights that are on at night.