742 replies to this topic

[Nparker]

It seems like ages since I last heard anything about this proposal. Does anyone have an update? Has the designed been "blandified" any further?

[Rob Randall]

Waiting for financing to come together, last I heard. Like so many other projects around town.

[Mike K.]

Which other projects are awaiting financing?

[Rob Randall]

^LeFevre's gasworks building in Rock Bay (dead, I've been told)

Charity/McColl's Jukebox on View

 

The Shire on Quadra just started recently after being dormant for a long time. Gateway Green, of course. That's the ones that come to mind. Some of these are waiting for tenants and/or financing. It's a chicken or the egg thing. Can't get financing without tenants (or sales) and vice versa.

[Mike K.]

The one Lefevre just bought is a no-go? Really? I'll have to do some digging.

 

What's up with Shire, anyways? It re-started but then nothing was happening the last couple of times I drove by.

 

Gateway Green is officially dead, btw, and Jukebox has deep pockets behind it, doesn't it? It's not so much a matter of financing as getting the whole thing ready to proceed as far as I've heard. They were delayed a long time by design changes and without a fire under their feet there was no rush.

[Rob Randall]

An informed source told me LeFevre couldn't get financing settled and the option expired.

 

The Shire seems healthy now. They are finishing excavation and getting ready to pour the footings.

 

I don't know what the hold up is on Customs House. You'd think it would be a financial slam dunk compared to Rock Bay where uncertain sellability and dirty soil conditions likely scare away lenders.

[Mike K.]

No kidding. I'll try to get some more info.

[Mike K.]

I can confirm that Lefevre is still involved with the BC Hydro project.

[Mike K.]

Looks like the office component of this project may be dropped in favour of condos.

 

Preliminary work on Customs House project to start in March

http://victoria.citi...start-in-march/

 

Preliminary work on the high-profile mixed-use Customs House project at Government and Wharf streets overlooking Victoria's Inner Harbour is scheduled to start next month, according to developer Stan Sipos of Cielo Properties.

 

The development will involve an extensive heritage façade restoration and seismic upgrade of the 102-year-old Customs House building, situated at Wharf and Courtney streets, and the demolition of its 1950's extension on Government Street at Wharf Street to be replaced by a modern seven-storey lowrise.

 

However, the new-build component's originally planned use as a high-end 61,000 square foot office building may no longer be feasible, Sipos says, confirming that "negotiations with an office tenant have not progressed." [Full article]

[Baro]

With the amount of office going up right now I can understand that, but I think a mix of uses would have been better for the area.

[Rob Randall]

It's a constantly swinging pendulum. Poor developers are swinging between what banks will lend for today and what buyers will want three years from now.

[Mike K.]

I's all about ensuring you get the "pre" of whatever it is you're offering.

 

Office tenant backs out? No problem, switch to residential if your phone is ringing off the hook asking about residences. In this case demand for condos is high, demand for rentals is super high, and switching the new-build wing from one use to another doesn't delay the demolition of the 1950's addition or the restoration of the 1912 heritage building.

[Hotel Mike]

If there is a high tech company out there, can you imagine a more enticing prospect for your recruiters, than a location right at the junction of Victoria's Inner Harbour and the old downtown? I still think it might be healthier as a mix of office and residential.

[jonny]

If there is a high tech company out there, can you imagine a more enticing prospect for your recruiters, than a location right at the junction of Victoria's Inner Harbour and the old downtown? I still think it might be healthier as a mix of office and residential.

 

As the Rolling Stones said, you can't always get want you want.

[viccity]

Any signs of demolition prep?

[Mike K.]

Signage is now installed on the building, and that's always a good sign.

[Mr Cook Street]

Scaffolding going up on the side facing the tourist center.

[Gary H]

Looks like demo work has begun...

 

[Mike K.]

I just learned that they've actually been quietly working on the interior demolition for some time now. Wouldn't have known it until the last few days.

 

Crazy.

[AlbertaGal]

On the corner (Govt and Humboldt, or is it Wharf?) of the Customs House building they are putting up signage right now:

 

"Victoria's Most Exclusive Waterfront Residences.  COMING EARLY 2017  Register Now  www.customhouse.ca"

 

Cielo Properties and Magnum are also mentioned the signage along with a photo of the harbour.

 

Sorry no pics - just watching them put the signage up, now.