725 replies to this topic

[VicHockeyFan]

If you read between the lines here, there is a suggestion that the seismic upgrade substantially increases the buildings sssessed value so it pays much more property tax after the work is carried out, and thus after the exemption ends.

http://www.victoria....escription.html

[Nparker]

If you read between the lines here, there is a suggestion that the seismic upgrade substantially increases the buildings assessed value so it pays much more property tax after the work is carried out, and thus after the exemption ends...

True, but that would happen even without the tax break. If the city had not approved the "tax holiday" are we to believe this project wouldn't have gone ahead? Surely the developer would simply have added the cost of the seismic upgrades onto the cost of the units (which is probably happening anyway).

[lanforod]

^ the point is that the CoV should give the same breaks and benefits to all market rate projects. If they didn't, developers could be more hesitant to take on these types of projects requiring seismic upgrades.

[VicHockeyFan]

True, but that would happen even without the tax break. If the city had not approved the "tax holiday" are we to believe this project wouldn't have gone ahead?

 

It's hard to know because there is no identical control group to see what happens.  But simple economics says things happen, people buy (developers develop, in this case), when they are cheaper.

[Nparker]

...But simple economics says things happen, people buy (developers develop, in this case), when they are cheaper.

But will these units be cheaper? Also, isn't only part of the project covered by the tax deferment?

[Mike K.]

The cost of these refurbished units tends to be much higher than a new-build. So one of the sales tactics is to remind buyers that they’re investing into refurbished heritage and will be rewarded for their investment. The developer does not benefit from the tax break save for any commercial units he retains, but I don’t know if the tax break applies to commercial units. And even then it’s the tenant who pays the taxes so the unit can be offered at a lower NNN lease rate for that period.

[VicHockeyFan]

But will these units be cheaper? Also, isn't only part of the project covered by the tax deferment?

 

Cheaper than what?  There is no other building like this to compare to.  It can't be done.

 

But don't ignore the laws of economics.   Walmart does not have 60% of the retail market and thus increases prices since they can.  They got there by being and continuing to be the cheapest.

 

This building may get some redictuonsin input costs, all economic law says they will pass those savings along to attract buyers.

Edited by VicHockeyFan, 24 February 2018 - 09:15 AM.

[VicHockeyFan]

So doing some consulting work for a retailer I’ve discovered that almost the whole block on the west side of Douglas from Johnson to Yates is under a 6-month demolition clause. Might not mean much, but it does mean you might not expect any of the commercial tenants there to invest in anything long term on their spaces.

This may well apply to the whole square block. Yates, Broad etc.

Edited by VicHockeyFan, 25 February 2018 - 08:53 AM.

[aastra]

As of recently, you mean? Or would this be some ongoing status?

 

That block begs for heritage restorations, new levels on top and around back, and maybe an outright demolition in a couple of places only.

 

The supposed defenders of Victoria's heritage have been whiffing on softballs for at least a dozen years running, so I'm wondering if they'd even bother to show up for this one. Then again, rental apartments and/or condos would surely be involved, so I guess they'd have to say something negative about that aspect.

[Rob Randall]

There are some good old buildings on that block but also an intriguing opportunity to build an inviting public inner courtyard.

 

[VicHockeyFan]

As of recently, you mean? Or would this be some ongoing status?

 

Oh probably been that way for years, but it is interesting that at least the landlords(s) have planned for the possibility of a demolition or substantial change.

[Mike K.]

My last office in Old Town/Chinatown had one of these clauses. I suspect you might find something like this or similar to this to be in effect all throughout Old Town where the developer just wants to have the right to pursue a development before the traditional 5 year lease is up. In exchange for the clause you do get a break on the rent, so it all evens out.

[amor de cosmos]

Mark Walsh, secretary-treasurer for the Greater Victoria school district, said a member of the public noticed mould in a corner of the gym.

“We had a concern raised — and rightly so — about potential air-quality issues,” he said.

Testing was done and there was enough of a concern to close the facility, Walsh said.

“We decided that we just didn’t want to take any risks.”

There is no time estimate on how long the gym will stay shut.

“In the short term, while we come up with a plan, our kids are going to be facilitated through outdoor use,” Walsh said.

“We also have the theatre space … so they could use that for basketball if we can get some temporary nets, that kind of thing.”

The rest of the school, which currently hosts continuing and alternative education programs, will remain open.

The previously established district plan is to move S.J. Willis programs to the former Burnside Elementary School, which is being refurbished, while the S.J. Willis building becomes swing space as other schools undergo seismic work.

Walsh said S.J. Willis needs upgrading in the millions of dollars before other schools can move in, but there is no funding available right now.

“We’ve not done a good job as a school district over the last 30 years maintaining S.J. Willis,” he said.

http://www.timescolo...llis-1.23189524

i hope that doesn't mean they are (or were) planning to demolish it. how many other schools have an entry hall like this


http://search-bcarch...school-victoria

with those windows you may think this is a cathedral somewhere but nope it's the gym at sj willis.

http://search-bcarch...school-victoria

[Midnightly]

with the current situation in the schools of Victoria i would hope they wouldn't be looking into tearing down any schools.. and that gym looks huge!

[Citified.ca]

The stately Bank of Montreal Building at the intersection of Yates and Douglas streets has been listed for sale at $16 million. The 113-year-old bank branch is one of Capital's most iconic heritage buildings.

 

Downtown Victoria's iconic Bank of Montreal building listed for sale at $16 million

https://victoria.cit...-at-16-million/

[zoomer]

Assuming BoM vacate, would be nice to see this redeveloped with th facade maintained of course. This heart of downtown needs some love on three corners here - the Macs building is getting dangerously close to the point of no return. I’d prefer if Telus built their signature building using the BoM base with a complimentary modern office building rising from within.

[Mike K.]

The Oak Bay location will remain leased (btw, in the article it's mentioned that both the downtown and Oak Bay branches are for sale), but the agents are not overly descriptive over the future of the downtown branch. Might they be vacating the building in preparation for digs at an upcoming downtown tower? Maybe they're preparing for an eventual move to the Apex Site? Are they tenants at Douglas House (1515 Douglas)?

[Laszlow]

...it's a small world, isn't

 

 

But I wouldn't want to paint it."  SW


Question re Heritage ... just digging into this - is there a listing where we (residents, inhabiters, lowlifes and non-trendy types can find out if our neighbourhood has been condem... sorry I mean designated as Heritage?

(I would ask the neighbours but as this is Victoria we don't talk to each other.)

[Mike K.]

The City maintains a heritage registry here (scroll down to Victoria Heritage Register). If your property is on this list it'll either be heritage designated, meaning there's no chance of making any significant (or in some cases even minor) changes to the structure, or it's heritage registered, meaning it's on the heritage radar but not designated (and you can pursue redevelopment or major alterations).

[Freedom57]

There are a couple of neighborhoods in our area seeking heritage status for the neighborhood..... not just the properties.