58 replies to this topic

[Mike K.]

Concert just released info about their latest development in Victoria dubbed "Chelsea," located in Fairfield where St Mary's hospital once stood (on Burdett).

No renderings on the site yet but the building will be six-storeys tall with units starting at $455,000:shock:

http://www.chelseavictoria.com

[Holden West]

Business in Vancouver March 7-13, 2006; issue 854

Concert deal sets new record in B.C.’s capital city

Real estate round-up: Peter Mitham

Victoria logs record deal

A recent deal in Victoria by Concert Properties Ltd. has set a new benchmark for the capital.

With the average development site in Victoria trading at $30 to $40 a buildable square foot, Concert bought 999 Burdett for approximately $95 a buildable square foot.

While the total cost of $8 million is small in the big scheme of things, it surprised many Victoria market observers. The price exceeds the $3.65 million Stan Sipos of Victoria’s Cielo Properties Ltd. agreed to pay for the 1.2-acre property in September 2003, a price that worked out to just over $58 a buildable square foot.

Concert president and CEO David Podmore believes the site has outstanding potential, even though it’s further from the harbour than its successful Astoria and Belvedere projects a few blocks away.

“We see it as a premium location in downtown Victoria,” Podmore said.

Concert plans a 56-unit property with suites ranging from 800 to 1,800 square feet. Completion is scheduled for 2008; marketing will begin this fall.

The sale price of the units will undoubtedly reflect the relatively high purchase price for the site, with Podmore already describing the project as “very high-end, very high-quality.”

Podmore said the higher price paid for the deal was justified because the property came with a project design and development permit, which will allow Concert to take the property to market faster than if it were starting from scratch.

Cielo received approval from Victoria for the project in September. The proposed 65-unit residential development came with a price tag estimated at $30 million.

Read the transcript of the public hearing here (.pdf)

http://www.victoria.... ... 25_cnc.pdf

[DelsterX]

Ahh yes home of the heritage brick wall.

[Mike K.]

So a Vancouverite, David Podmore, considers St Mary's location as downtown but Victorian's don't consider the east side of Blanshard street as downtown.

Another case of outsiders commenting on the urban fabric as it truly appears as opposed to our own doomsday-ers fearful of a vibrant urban core.


Oh, and btw, this is the property with the "heritage wall," isn't it?

[Holden West]

Yep, the infamous "heritage wall".

On the north side it's quite nice. Short with fancy gates, but on the east and south sides its a massive, monolithic blank wall of bricks that tilts at a precarious angle.

It has dubious heritage value. It's heritage simply because it's been there for a while.

If you were to propose a development with a new wall made up of old bricks that looked exactly the same you'd be driven out of town for creating an eyesore and a gated community.

[gumgum]

Yeah the south side of the wall needs ivy.
[url=http://imageshack.us:48201][/url:48201]

[gumgum]

[url=http://imageshack.us:735a9][/url:735a9]

[Holden West]

The brick should have been torn down leaving the stone. The wrought iron work is nice. I wouldn't like to be near that wall in an earthquake.

[aastra]

Good call on the brick. It doesn't even look old, that brickwork. Whatever atmosphere the wall lends to the neighbourhood could have been preserved (or even enhanced) by ditching the brick and accentuating the stone.

[Holden West]

I bet the brick dates to much later, perhaps to the 1941 construction of the hospital. If they're truly devoted to heritage they'd restore it to its original height.

Like that great architect Johnnie Cochrane said, "If the brick don't fit, get rid of it."

[gumgum]

I like it.
So many locals might hate me for saying this, but what the hell - the wall reminds me of England.

[aastra]

It reminds me more of Wales.

[Holden West]

Or [url=http://www.gransha-taxi.co.uk/images/peace%20wall%202.jpg:04e14]Belfast[/url:04e14].

[VicHockeyFan]

I say we [url=http://regentsprep.org/Regents/global/themes/conflict/images/Breaking-down-Berlin-Wall-1989.jpg:798cc]Berlin[/url:798cc] it.

[Oxford Sutherland]

The south side of the wall does need ivy, if for no other reason than to cover up the fact that it's falling apart.

[Oxford Sutherland]

I got an email from Concert a few days ago with a super top secret link to the preview section of the website for Chelsea.

It has a small rendering: http://www.chelseavi...ia.com/preview/

It's hard to tell because it's so small, but the architecture seems rather dull to me.

[gumgum]

[url=http://imageshack.us:c580e][/url:c580e]

[gumgum]

Taken today:

[url=http://imageshack.us:cf37c][/url:cf37c]

[url=http://imageshack.us:cf37c][/url:cf37c]

[url=http://imageshack.us:cf37c][/url:cf37c]

[url=http://imageshack.us:cf37c][/url:cf37c]

[url=http://imageshack.us:cf37c][/url:cf37c]

[url=http://imageshack.us:cf37c][/url:cf37c]

[gumgum]

[url=http://imageshack.us:34eb6][/url:34eb6]

[url=http://imageshack.us:34eb6][/url:34eb6]

Lots of bedrock to blast!
[url=http://imageshack.us:34eb6][/url:34eb6]

[url=http://imageshack.us:34eb6][/url:34eb6]

[url=http://imageshack.us:34eb6][/url:34eb6]

[Holden West]

And then the rains came...



Hmm...I wonder if that's Reflections' crane?