519 replies to this topic

[spanky123]

Another development in the tank.

Perhaps everyone doesn't want to live here after all.

http://www.canada.co...7d5b9a49&k=9538

What is the count now?

[aastra]

Everybody's cautious now.

As an aside, I'm thinking it's likely we won't see anything significant happen in north downtown for several years.

In any event, this certainly wasn't the biggest development boom in Victoria's history. Not even close. However, the next boom (~2020?) just might be the big one that some people were expecting this time around. All of the zoning would seem to be in place, especially in the suburbs.

[Mike K.]

They probably assumed they could build and profit like they do in Ontario (not unlike our friends at Radius).

This is such a prime piece of land that it shouldn't go unsold for long.

[spanky123]

I think the main issue is that our friends from out of town had no ties here. When the opportunity to make a buck vanished then so did they.

We have an interesting scenario that despite the Bank of Canada rate declining, mortgage rates for the most part have remained flat or are actually increasing. It makes it really hard to make the numbers work on any project in town these days.

Ontario on the other hand is a different story. Property prices are declining and I am seeing a lot of deals at reasonable prices given the investment return. Not at all suprised then to see money flowing the other way for a while.

[gumgum]

Royal Bay loses potential buyer
But others remain interested in Colwood site

[jdsony]

They're certainly still working at smoothing out Royal Bay. It's getting flatter and flatter everyday. I think Royal Bay is a prime spot for development and the ferry idea is excellent. My only issue with the whole thing is that there is so much prime clear land yet they cleared a whole bunch of forest at the back of the property along Wishart Road. It would have been nice to keep a decently wooded area at the back of the property and it would have provided a nice buffer. As it stands now they've left some trees but really not enough. The wind storm in 2006 already saw a few trees fall on roofs there.

[davek]

A demolition permit has been issued, and there will be a number of structures coming down, starting last Tuesday. I think all the structures west of Metchosin road are gone. This is an interesting site to watch, if anyone is out that way.

[VicHockeyFan]

This development has been sold to somthing called the Statesman Group or something.

EDIT: Here it is: http://statesmancorp...dex.php?id=home

[Mike K.]

Colwood subdivision sold to Calgary-based developer
By VibrantVictoria.ca
http://vibrantvictoria.ca/?p=2027

One of the capital region’s largest subdivisions has been sold to Calgary-based Statesman Corporation after sitting on the market for over three years. The sale also marks a welcome change for the municipality of Colwood, a community that has had to endure a string of real-estate project stalls and failures in recent years.

The 2,800-home Royal Bay project is situated on a 424 acre plot of land once used as a source of gravel for Lehigh Cement. The site is nestled along Colwood’s southern stretch neighbouring the rural community of Metchosin, and offers largely unimpeded views of the straight, the Olympic Mountains and downtown Victoria. [...]

[Layne French]

Heres just hoping you don't get anything resembling some of our "gems" such as this:D not a statesman development, but i have little faith in Calgarian housing developers
http://maps.google.c...213.85,,0,-8.01

BTW yes that is white and red vinyl siding with tiled roof.

[sebberry]

So maybe take some of that gravel and rocks and dump it along the spit at Esquimalt Lagoon to help ward off erosion.

They're gonna have to dump it all somewhere...

[mysage]

Does any one know when the company who bought Royal Bay will release any info on their plans?

[Mike K.]

I would imagine that it might take some time before they wrap their head around the entire project and decide how to proceed.

[aastra]

It would be really neat if they created a waterfront promenade similar to the one at Willows Beach, but with commercial space as well as houses and apartments.

[Holden West]

^Like White Rock, perhaps?

[G-Man]

Putting a train through Colwood seems an unnecessary expense.

[jdsony]

I too have little faith in Calgary developers. At least with Royal Bay they will feel at home building on an already relatively flat surface. Every development they touch with rock they just blast it until it's flat. I wish maximum profits weren't the first thing on everyone's mind.

[sebberry]

I wish maximum profits weren't the first thing on everyone's mind.

Why else would they be in business?

[D.L.]

To provide housing.

[http]

Why else would they be in business?

There's two reasons to be in business, and mere money is second on the list. The first one is fun.

See http://xkcd.com/664/ for an insight as to how differently some people can define fun.