A proposal for a 12-storey (47.1 meter) office building at 726-746 Yates Street has morphed into a 16-storey residential development.

Proponent Concert Properties believes a residential project with groundfloor retail is more economically feasible, a conclusion the firm came to when re-evaluating the local market as the office proposal made its way through the municipal approval process.

Prior to Concert’s purchase of the property from local businessman Eric Charman, a 12-storey, mixed-use office, commercial and residential project, dubbed The Mozart, failed to move from the conceptual stage to construction, although the project itself was approved back in 2005.

Concert, however, expressed no interest in tapping The Mozart’s mixed-use office, commercial and residential zoning. Instead the company forged ahead with commercial space on the groundfloor topped by 11-storeys of offices before recently switching course and going with a primary residential use.

Concert Properties' lot at 726-746 Yates Street was initially eyed for office space. Now the developer is banking on a residential concept for the site. Photo © by VibrantVictoria.ca.

Coincidentally the Vancouver-based developer purchased land in the early 2000’s along the southern edge of downtown with a high-rise office space zoning.  The Y-lot, as the parcel is still referred to, would eventually see three towers rise with hotel and residential uses.  There, too, office space was left out of the equation.

However, Bob Law, Associate Vice President of Colliers International’s Victoria office, says the developer has likely made the right decision.

“Concert Properties is very experienced and very clever.  Right now there is not that much demand for office space and it’s probably a wise move to convert the project to residential,” Law said.

Traditionally the 700-blocks of downtown’s major east-west corridors had been identified as primary locations for commercial and office buildings, and as such eventually became the heart of the central business district (CBD).  The last decade’s trend of building more residential units downtown has diversified the CBD, and according to Law, that’s just the nature of the industry.

“In the past it was the exact opposite.  Office projects were going up when residential buildings were not feasible, although at the moment there is more than the average volume of new office space being built with projects like 800 Yates, 947 Fort and Uptown.  We’re seeing four times the average office construction at the moment,” Law said.

Concert anticipates a development permit for the upcoming tower to be secured within several months.

To discuss the Concert Properties tower on the VibrantVictoria.ca discussion forum and to stay up to date on the latest news concerning the project, click here.  To view the project’s details on the Construction Projects list, click here.

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