224 replies to this topic

[Mike K.]

Yup. On the other side there's one alcove they can't put a gate on because it is at an emergency exit door, so Colliers is stuck having to "cleanse" the doorway on a regular basis.

[thundergun]

Couldn't they install an emergency exit door into the gate?
Any word on redevelopment plans for this site? I had heard of some a while back but given the site next door going ahead, I'm assuming this spot will now sit for a while.

Not sure what they could do with the theater part of the building though to get a tenant in.

[sdwright.vic]

It was once rumored to become a Thrifty Foods. Empire which is Sobey's owns the site. I think they are sitting on it for now.

[Mike K.]

It's such a shame such a major and prominent site is being left to the elememts. Is this the future Janion because some guys out east are too busy to do something with it?

See, if I were running things I'd impose a 75% unleased fee. If 75% of the square footage is unleased for 6 months, the landlord pays the fee. We'd solve a lot of our vacancy issues right quick.

[jonny]

The building is purpose built as a movie theatre. Converting it would be expensive - probably cost prohibitive. Demo-ing the building will be expensive.

 

Would be a great location for an Art Gallery.

[Rob Randall]

I talked to someone in the industry years ago that dreamed of redeveloping the property--but keeping the theatres by putting them underground, like at University Heights. A great win-win.

[jonny]

Empire didn't think there was a business case to have movie theatres at this site. How is that a win-win?

[Rob Randall]

^Perhaps not six smaller theaters but I'm sure three or four large screens would do well. As long as there are compelling stories to be told and teenagers going on first dates there will be movie theatres. Sometimes Netflix just doesn't cut it. Besides, Empire never said the Capitol 6 was losing money. They said they sold the theatres to focus on Sobey's and real estate. Empire wouldn't comment on Capitol 6's financials at the time.

[jonny]

If Capitol 6 was viable as a movie theater, wouldn't a buyer have surfaced by now who intended to run the property as a movie theater?

[Mike K.]

There can be no buyer unless the building is for sale, and currently it is not on the market.

 

I'm going to chalk this up as yet another case of a large corporation seemingly forgetting about a stale property in some far flung western Canadian city (Loblaw's and Mayfair lanes).

[Nparker]

And now with the rental project on the adjacent lot all but a "fait accompli", what sort of development is even viable on the Capitol 6 lot? Certainly nothing very tall.

[lanforod]

If someone offered to buy my property for good value, I would consider it, regardless of whether it is on the market or not. Pretty sure Empire would do the same.

[jonny]

Regardless, if some purveyor of moving picture shows came along and offered to purchase the property, Empire would sell if the price was right.

[sdwright.vic]

You all assume Empire wants to sell? They have a prime spot for a downtown grocery store. Don't know how much air rights are going to be left though.

[jonny]

I wouldn't call it an assumption.Back when Capitol 6 was closed, Empire said "We plan to realize the real estate estate value for the property at some point in the future."

 

http://www.timescolo...r-site-1.661353

Edited by jonny, 26 May 2015 - 12:44 PM.

[sdwright.vic]

But realizing the real estate value is not always to sell.

[Mike K.]

Empire's plan to realize the full potential of their property is from 2013. As of then the property has sat silent and unused. I'm going to assume it'll sit as such for many more years to come.

[sdwright.vic]

They own the land and are collecting rent from at least the tenants? That may be enough for them to say let's hold on to this to see what happens with all the residential development going on downtown.

Don't forget they bought the Belmont Secondary land around the same time and announced plans for a store way back then. Sometime these huge companies see holding onto a piece of land as better in the long term, even if it become a blight in the short term.

[Mike K.]

Sobey's has listed the Capital Six building for sale. There is no sale price, they want to see what the market will offer.

 

Too bad this is about four years too late otherwise Chard could have incorporated this property into 819 Yates. Major opportunity lost.

Colliers International is pleased to introduce 812 View Street to the market as an excellent mixed-use development site located in the heart of Downtown Victoria, at the busy intersection of Yates Street and Blanshard Street. 812 View Street represents one of the last large scale redevelopment sites located in the downtown core.

 

This property is improved with a two storey building, purpose built for the former Capital 6 movie theatre. There are three ground floor retail units providing potential purchasers holding income with the flexibility for a future redevelopment.

http://www.colliersc...10#.Vfg-GJ3BzGc

 

[sebberry]

 Major opportunity lost.

 

 

Yup