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CANCELLED
Speed and Frances, west tower
Uses: condo, commercial
Address: 606 Speed Avenue
Municipality: Victoria
Region: Urban core
Storeys: 12
Condo units: 83 (loft, 1BR, 2BR)
Sales status: in planning
Speed and Frances, west tower, is a 12-storey residential building with 83 condos, six townhomes and ground fl... (view full profile)
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[Burnside/Gorge] Speed and Frances towers | condos; commercial | 12 & 12-storeys | Cancelled


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255 replies to this topic

#161 Nparker

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Posted 29 October 2015 - 02:11 PM

This would be such a boon to the Mayfair area.


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#162 DavidSchell

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Posted 29 October 2015 - 02:32 PM

12 story "towers"...

 

lol, I always get a kick out of a certain TC reporter who even refers to 8 stories as a tower.

 

Does not quite fit the image of the CN Tower, Sears Tower, Eiffel Tower, etc, etc.


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#163 Mike K.

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Posted 29 October 2015 - 03:04 PM

Oh it gets better. The TC has referred to the six -storey 1515 Douglas office building as a tower.
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#164 Mr Cook Street

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Posted 29 October 2015 - 03:13 PM

And living there, you could be downtown or at Uptown in minutes by transit. Good spot for rentals and presumably lower price condos.


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#165 Mike K.

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Posted 30 October 2015 - 06:11 AM

Absolutely. And there is apt to be some interesting commercial spaces with 26k of space. Across the street from this proposal is that Brio 19 project, a condo with 19 units.

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#166 Fernwoodian

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Posted 30 October 2015 - 01:56 PM

What did Council ultimately accept as the amenity contribution? $200k or 900k? I hope they stuck to their guns and got the $900k.

#167 Mike K.

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Posted 30 October 2015 - 02:21 PM

I'm not sure we should be rooting for the city here. This levy raises the cost per condo unit by over $5,500. On the one hand we complain about housing costs, but on the other we're championing a levy against home buyers?

The City still has to decide how much they'll take and what form the layments will be in.
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#168 Fernwoodian

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Posted 30 October 2015 - 06:13 PM

I thinks that's an overly simplistic view of the issue. I encourage you to read up on amenity contributions. Cameron Gray, a former director at the Housing Centre in Vancouver wrote a good paper about the history of CACs in Vancouver. I won't rewrite what he said in my post but here is the link. It's a good read.

http://www.sfu.ca/co...ameron-gray.pdf

#169 RFS

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Posted 30 October 2015 - 10:22 PM

I thinks that's an overly simplistic view of the issue. I encourage you to read up on amenity contributions. Cameron Gray, a former director at the Housing Centre in Vancouver wrote a good paper about the history of CACs in Vancouver. I won't rewrite what he said in my post but here is the link. It's a good read.

http://www.sfu.ca/co...ameron-gray.pdf


Vancouver and Victoria are very different markets, and what can be justified in Vancouver cannot necessarily be justified here.

#170 Fernwoodian

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Posted 31 October 2015 - 09:00 AM

Vancouver and Victoria are very different markets, and what can be justified in Vancouver cannot necessarily be justified here.


I get that. This project has been reviewed by a professional land economist who has recommended the value of the amenity contribution. If this were in Vancouver, the amenity contribution would be in the millions as land values are greater.

#171 Mike K.

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Posted 31 October 2015 - 11:10 AM

It's just one opinion. The City's consultant will of course want to start negotiations as high as possible.

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#172 amor de cosmos

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Posted 01 November 2015 - 08:52 AM

The developer wanting to build two 12-storey residential towers across from Mayfair Shopping Centre is balking at the prospect of paying the city $975,000 for amenities.

Victoria requires developers to make an amenity contribution tied to changes in zoning that increase allowable density, which increases the value of the land. For properties outside the core, city policy calls for an amenity contribution equivalent to 75 per cent of the additional value of the land, as determined by an independent consultant.

In this case, the potential increase is estimated at $1.3 million, so the amenity contribution would be $975,000.

http://www.timescolo...loper-1.2101013

rendering, looks like the speed side

speed__frances.jpg
http://www.praxisarc...esidential.html

Edited by amor de cosmos, 01 November 2015 - 08:53 AM.


#173 jonny

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Posted 01 November 2015 - 08:58 AM

It is absurd that this small amount of density requires amenities i.e. bribes to get approved.
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#174 Mike K.

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Posted 01 November 2015 - 09:12 AM

The developer emailed us to say that the two towers are both condos, not a mix of condos and rentals despite council debating a condo and rental project at the PLUC. I've emailed them again to confirm now that the TC is saying condos and rentals.

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#175 MarkoJ

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Posted 01 November 2015 - 09:51 AM

I'm not sure we should be rooting for the city here. This levy raises the cost per condo unit by over $5,500. On the one hand we complain about housing costs, but on the other we're championing a levy against home buyers?

The City still has to decide how much they'll take and what form the layments will be in.

 

They will probably also force the developer to throw in some crazy sewage holding tank the pumps only at night. The tank cost $3,000 per unit at the Escher building.  Who know what else the city imposes.  By the time you add up $5,500 + other stuff from city + PTT + GST the consumer is having to absorb another 15% plus aside from what it actual costs to build the unit.


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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2020 | Fair Realty

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Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#176 jonny

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Posted 01 November 2015 - 10:04 AM

So really what you're saying Marko is we don't actually give two shits about "affordable housing"?

We should be incentivizing not punishing.
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#177 Mike K.

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Posted 01 November 2015 - 10:13 AM

That sewage tank is in addition to what the city wants. It costs $200,000.

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#178 mysage

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Posted 01 November 2015 - 11:04 AM

So really what you're saying Marko is we don't actually give two shits about "affordable housing"?

We should be incentivizing not punishing.

Affordable housing is not attainable unless the various levels of government relax thier fees and we all know that is not going to happen.

 

It is a great "plank" in a campaign platform but not much more than that. We continually elect socially conscious politicians and yet we see very little in the way of change. Money talks and thus social housing continues to be a pipe dream. Our locally elected officials all talk the talk prior to election but none of them walk the walk after elected..


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#179 MarkoJ

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Posted 01 November 2015 - 11:25 AM

It's like the city doesn't understand basic economics at times.  

 

It is even worse on small residential projects.  For example, one of the many things, they will make a builder or owner-builder replaced the entire frontage of the sidewalk (irrelevant of existing condition)/boulevard curb where the driveway is and the re-asphalt once the curb is replaced.  Ohhh yea, and the company you are using has to be approved by the city.

 

All of their policies add immense cost, percentage wise, to a small project.  You can't exactly hire uncle Bob to come do curbs/re-asphalt.  

 

I think within 24 months it won't be possible to find a single family home in City of Victoria on a 5,500 sq/ft lot under $1,000,000.

 

Condos will need to up in price too with all the crap being thrown at bigger projects.

 

New house in Oakland's area.  Previous sidewalk was just fine.

 

Sidewalks.jpg


Edited by MarkoJ, 01 November 2015 - 11:28 AM.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2020 | Fair Realty

www.MarkoJuras.com Full Service MLS® - 2.75% | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#180 MarkoJ

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Posted 01 November 2015 - 11:33 AM

I guess someone has to pay for the $55+ million payroll at city hall.


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2020 | Fair Realty

www.MarkoJuras.com Full Service MLS® - 2.75% | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


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