799 replies to this topic

[Mike K.]

One is 608 Broughton (already approved) but I'm not sure about the other.

[Nparker]

Ahhh I had forgotten that they were the developers behind 608 Broughton...another project I really like.

[Mike K.]

Here are a couple of new renderings

[collywobbles]

The other 'downtown' project is actually in James Bay, at 640 Michigan. Here's the info from Chard's website:

640 Michigan

This prime development site is located in Victoria just blocks from the provincial legislature, downtown business district and Beacon Hill Park in the residential neighbourhood of James Bay. Chard acquired the site in 2005. A 50-60 unit residential development is contemplated for the site.

LOCATION: Michigan Street between Government & Douglas Streets, Victoria, BC.
DETAILS: Approximately 60,000 Sq.Ft. residential or rental
TEAM: TBD
ARCHITECT: TBD
STATUS: Planning Stage

[Mike K.]

Ok, that makes sense.

[gumgum]

Love the cobalt blue!

[jklymak]

This will be great if they get this one going. Are those townhouses fronting Johnson? Or live/work lofts?

[Lover Fighter]

Wow, it reminds me of.... every other condo building in Victoria?
Ah, who am I kidding, I love it. Glad to see the four-storey brick base that works so well in downtown Victoria.

[gumgum]

Some retail wouldn't work on the ground floor?

[Baro]

This only reminds me of one other building, the Corizon. And that is a very good thing.

[concorde]

The 834 is launching this May with scheduled completion in late 2011.

I assume by "launch" they mean to start presales. When I spoke with people close to the project, construction wasn't expected to start until September/October.

[Phil McAvity]

Builder to go ahead with downtown condo tower

By Andrew A. Duffy, Times Colonist April 25, 2009

A global recession and the resulting consumer appetite for value has stalled or slowed a number of higher-end residential developments in Greater Victoria, but it seems to be playing into the hands of at least one developer.

Chard Development, which in November completed the Juliet condominium project at the corner of Blanshard and Johnson streets, and the Corazon on Cormorant Street in 2006, has announced it is ready to go ahead with a third residential tower in Victoria's downtown.

Chard intends to start demolition this summer at 834 Johnson St. to make way for a 110-unit tower called The 834.

The project, which is expected to be finished in the late fall of 2011, is geared for first-time buyers and people wary of dealing with a condominium purchase beyond the $350,000 level.

"We are going for a more affordable, well-priced condo here that is in reach of many first-time buyers or those looking to move up," said president Dave Chard. "It's a high-quality building with high-quality finishes but we are not at the same luxury end that a lot of other condos that have come on stream over the last few years are striving for."

[...]

[Nparker]

It would have been nice if Duffy had mentioned the location of Chard's next tower because I really don't think "834 Johnson" means much to most people, the old "Peacock Billiards site" would helped people better understand it's location.

How much more precise can you be than to give the street address? With the use of numerous internet map systems, or even the old paper variety map I can locate "834 Johnson". Unless one has lived in Victoria for some time, what use is it to say at the site of the former anything? Giving directions to someone based on what USED to be somewhere has always seemed to me like a very "backassward" way of helping people out.

[spanky123]

Wow, 450 sq ft condos. That is about the size of my master bedroom.

[Caramia]

It's about the size of my suite, which suites me well, but doesn't accept a guest comfortably.

[yodsaker]

I think Mr. Chard is on to something here.
A decent 1-BR close to the centre rents for about $750-900 (I think, correct me if I'm wrong).
If a young person can scare up $20K down on a $200K unit then the mortgage is about $450-500/month. Add condo fees and utilities and s/he's paying out about the same for a spanking new unit, lots of glass, new plumbing, appliances maybe, nice kitchen etc. Right downtown so a car isn't 100% necessary. And some equity can be built or it can be rented if job change or travel comes into play.
I'm thinking 834 would be 18-24 months away from delivery. By that time the economy might be turned around and demand up again.
It all makes sense to me.

[Phil McAvity]

How much more precise can you be than to give the street address? With the use of numerous internet map systems, or even the old paper variety map I can locate "834 Johnson". Unless one has lived in Victoria for some time, what use is it to say at the site of the former anything?

My point was that by saying those five simple words ("the old Peacock billiards site") that would saved a lot of people having to look up the location and since it was there for about 20 years, I expect most people would know exactly where it is. Just ask people where 834 Johnson St. is and i'll bet at least half of them can't even describe the block.

[P.Schilling]

I think your numbers are a tad off there, just for the sake of it i started at $200,000 n chose a $20,000 down payment and a 25 year fixed for the life of the loan(simply as its not going to get much cheaper interest ratewise) and a 25 year amoritzation and the numbers RBC is cranking out are $1379 a month. soo No i wouldn't say its cheaper than renting, not by a long shot however its a much better option towards building equity and its a definate step in the right direction.

[yodsaker]

I was figuring 180K mortgage @3% = $5400/yr = $450/month.
With the BoC rate at 0.25% I figured there could be mortgages at 3%.
Just guessing at all of it but in the end it seems to me still not a bad deal for a young person's first buy.
I bought my first house (@10.25%!) when my wife showed me we could do P.I.T. for $345/month and we were renting for $325. It was a no-brainer but she had to show me coz I had no brain!

[Nparker]

My point was that by saying those five simple words ("the old Peacock billiards site") that would saved a lot of people having to look up the location and since it was there for about 20 years, I expect most people would know exactly where it is. Just ask people where 834 Johnson St. is and i'll bet at least half of them can't even describe the block.

I have lived in Victoria for over 30 years and I doubt if I were asked to say where the old Peacock Billiards was that I could have given an answer. I simply never had any reason to go there. MY point was that the street address is generic information that would be useful to anyone, local or tourist, newbie or oldtimer. While it would have been INTERESTING to include the Peacock information, I doubt it would have aided very many people in determining the location of Chard's new development.