218 replies to this topic

[Nparker]

...Buildings like The Shard or The Gherkin in London would be wildly inappropriate for that site but something smaller could be interesting...

You mean like a 8-storey pyramid-type design perhaps?

[Mike K.]

My sense is there must have been obstacles to building the pyramid. Once real-world costs were factored in and the potential square footage the market is willing to bear also factored in, that design became a no-go.

[RFS]

what do you mean market is willing to bear? don't we keep hearing about how there is no inventory and new condos are in such high demand

[Mike K.]

Sure, but at the lower end of the pricing spectrum (which is still high at Victoria in the $600-$650 per square foot range). Even though demand is high that doesn't mean people are willing to spend $1,000 per square foot at the drop of a hat.

[Kapten Kapsell]

Sure, but at the lower end of the pricing spectrum (which is still high at Victoria in the $600-$650 per square foot range). Even though demand is high that doesn't mean people are willing to spend $1,000 per square foot at the drop of a hat.

Interestingly enough Abstract Developments is getting $1,000 per square foot for at least one suite in a wood-framed condo development... until 401 at the Madisson (corner of Richmond and Foul Bay) is for sale @ $1.3 million and it's just over 1,300 square feet.  

[Mike K.]

Yup, there are quite a number of units in that range. The Private Residences at the Oak Bay Beach Hotel are north of $1,200 per square foot, I believe.

But, that being said, for every $1,000 per square foot unit out there, there are 50 below that (not an exact figure, just a comparison to make a point).

[Nparker]

My sense is there must have been obstacles to building the pyramid...

Yes and her first name is Pam.

[Mike K.]

That design was approved, wasn't it? Or was the design we see on Citified the one that received approvals?

[Nparker]

That design was approved, wasn't it? 

I don't recall the pyramid getting approved.

[Nparker]

Yes, I ran into the development team at City Hall today where they were withdrawing the 257 Belleville application due to what they told me were difficulties obtaining secure financing in these troubled economic times. So, yes: officially cancelled for now.

It appears finances killed the pyramid (back in 2008) before approval was granted (or more likely NOT granted).

[Mike K.]

Ah. Got it.

[Mixed365]

Any updates on this project?

[Kapten Kapsell]

The team behind this development has reapplied to the city for a renewed development permit due to the expiry etc of the old one.  The design is exactly the same except they would like to add an additional level of underground parking.

[Nparker]

...The design is exactly the same except they would like to add an additional level of underground parking.

You mean the pyramid is back?

[Mike K.]

Nope. Check the profile here: http://victoria.citi...leville-street/

[Nparker]

It's still a bit pyramid-ish. I would have loved to have seen the original design built:

[Victoria Watcher]

A proposed eight-storey condominium project that would replace the Admiral Inn in James Bay has been granted another development permit, almost 14 years after it was first approved.

 

The 35-unit residential project at 257 Belleville St. was first green-lit by Victoria council in 2011.

 

While council voted unanimously on Thursday to move forward the stalled project with its fifth development permit, many councillors weren’t happy about it.

 

“I dislike everything about this project — I think the city has gotten played,” said Coun. Jeremy Caradonna. “I think if this [project] were to come to us today as a rezoning — which it’s not — but if it were, we would be handling it very differently.”

 

https://www.timescol...-ahead-10056575

[Ryan Cook]

“If we actually want new housing in the city, we need to give the development industry some assurance that when things come forward, we’re going to support that,” he said. “Developers aren’t going to build in Victoria if they’re worried that we’re going to change the rules every time a project comes forward." - Matt Dell 

 

Well said. 

[aastra]

 

“The applicant could take this back and rethink it and come back with a proposal that has a lot more housing. We should probably be looking at something that’s much bigger,” he said.

 

Meanwhile, another project barely a block away at Quebec Street & Montreal Street was forced to scale down because it was deemed to be too big.