236 replies to this topic

[Mike K.]

The answer will be: not my deal.

This project was touted as affordable housing and today its top unit commands what must be the highest rent for the size and unit amenities in the entire city. Parking is also $50/month higher than at Hudson Walk (at last pricing update). Odd.

[VicHockeyFan]

This was October, 2014, when council (including Helps) approved giving them $455,000:

 

At the Azzurro, monthly rent for the one-bedroom units will range from $725 to $950. They will have the same layouts and size as units in the high-end Hudson next door, said developer Alanna Holroyd, executive director of the Greater Victoria Rental Development Society. Its distinctive blue will be on the exterior, with some of the panels glowing at night with the help of LED lights, she added.

 

Across from the Save-on-Foods Memorial Centre, the Azzurro will contain five studio apartments, two accessible units and 58 one-bedroom suites.

 

http://www.timescolo...dings-1.1466174

Edited by VicHockeyFan, 18 September 2017 - 10:02 PM.

[Rob Randall]

Look, I understand if it's the case that the expensive market units in Azzuro are subsidizing the below-market apartments in other buildings.

But is that helping affordability overall?

Are the Hudson managers looking at Azzuro saying, "Why the heck are our prices so cheap?"

It's one thing to bring apartments to the market--another thing to push the envelope on that market, encouraging others to jack prices further.

[VicHockeyFan]

But the whole housing fund where developers are charged and that miney is used on places like Azzirro is just a big shell game too.

[Mixed365]

Who is the developer of this? 

Should they not be held accountable?

[VicHockeyFan]

It may be that these advertised units are market. Dunno.

Greater Victoria Rental Development Society

Edited by VicHockeyFan, 19 September 2017 - 09:40 AM.

[Jackerbie]

It may be that these advertised units are market. Dunno.

Greater Victoria Rental Development Society

 

But even these "market rate" units are priced at the upper end of the spectrum, and without the floor area or amenities you would expect for the price! $1,600 for 480sq. ft. and shared laundry? It's hard to justify charging more than the "high-end Hudson next door" when the unit profiles are so skewed in the Hudson's favour.  

[lanforod]

Jeez, if these are market rentals, and people are willing to pay that price, its a fair price. People shouldn't be very willing to pay that price if there are better and cheaper alternatives.

[MarkoJ]

The rental market is tight but $1,600 for 480 sq/ft and no in suite laundry is probably beyond what the market will support.

[Mike K.]

I'd wager that this might be assumed by a worker who's here for a limited timeframe with rent paid by the employer.

[VicHockeyFan]

 

Boy, it sure would have been easier if one of the many press releases or news articles on the building said this.

 

Alanna Holroyd, executive director, Greater Victoria Rental Development Society –

“The Azzurro will add 65 units of affordable rental housing to our existing development portfolio of 185 units in the Greater Victoria area. We are grateful for the support from our partners; the Province of B.C., City of Victoria and Capital Regional District.”

 

 

https://reddoorhousi...housing-coming/

 

The rental development society says that 43 units in the Azzurro would be for low-income residents and 22 for moderate-income with rental rates to be set at no more than 30 per cent of household income.

 

 

http://www.timescolo...aring-1.1213335

Edited by VicHockeyFan, 19 September 2017 - 03:00 PM.

[Rob Randall]

https://victoria.cra...6311351612.html

 

 

 

The Azzurro- $1100-1 Bedroom-fifth floor east facing or sixth floor east facing 

Viewings available 
Tuesday September 19th 5-630pm
Wednesday September 20th 4-630pm
Thursday September 21st 11am-130pm
Please email for an appointment and application.

One bedroom suite on sixth or seventh floor (east facing) features contemporary urban design.
Suite features: ceasar stone countertops, open concept kitchen/living room, plank flooring, large
expansive windows.
Size 480 square feet.
Building features: laundry room on each floor, secure bike storage, common south facing
outdoor patio, car share program (upon approval) on site with two 2016 Nissan Rogues. Secure
fob access.
Limited vehicle parking for an additional $200 monthly. 
Small dogs permitted with approval and
pet deposit.
Free Telus or Shaw internet services for 1 year.
Rent includes: water and hot water. 
The Azzurro is a smoke-free building.
We look forward to meeting you.

Managed by RealHomes Management.

 

I guess that's a little more reasonably priced but still. Over at Townline you might pay a bit more but the finishing is nicer, you get your own laundry and access to a sweet gym.

[Nparker]

...I guess that's a little more reasonably priced but still. Over at Townline you might pay a bit more but the finishing is nicer, you get your own laundry and access to a sweet gym.

So why would anyone pay $1600 as per the other advertised Azzurro unit?

[Mixed365]

If they receive so much funding from governments and have only partially subsidized units, where is the profit going?

[Mixed365]

Looks like they have since lowered the rental fee from $1600 to $1350 in just 5 days. 

Attached Images

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[Mattjvd]

^^Much more reasonable. I'm relieved to hear the market won't bear $1600 for a bare-bones 1 bedroom.

[Rob Randall]

Are you sure the price was reduced? It appears like they're using the same ad to promote a range of different suites.