1107 replies to this topic

[Nparker]

Unfortunately this building has very little 'wow' factor going for it.

It just sort of feels like the poor cousin of The Promontory.

[MarkoJ]

Photos from Sept 7th

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[aastra]

In all its glory:

https://www.flickr.c...04/43950371204/

 

As it nears completion it looks less overdone with the seafoam spandrel as compared to earlier in the construction process. But in my opinion it's still too much. Dial the spandrel coverage down by 20% and I wouldn't complain.

[shoeflack]

This photo desperately makes me want to get a peak into unit 2101 at the Promontory. What a location that guy has...what is it, two stories with the main floor having 12 ft ceelings?

 

And why exactly do we call the Promontory 21 stories? Isn't it actually 22 because of the multi-floor penthouse unit (2101)?

[MarkoJ]

This photo desperately makes me want to get a peak into unit 2101 at the Promontory. What a location that guy has...what is it, two stories with the main floor having 12 ft ceelings?

 

And why exactly do we call the Promontory 21 stories? Isn't it actually 22 because of the multi-floor penthouse unit (2101)?

 

One level penthouse.

[shoeflack]

One level penthouse.

 

Does the penthouse have a rooftop patio? Just curious what that top level is above the penthouse...in aastra's image it has the white umbrella and glass railing.

[Mike K.]

Looks like they utilized the mechanical penthouse for access to the roof of the 21st floor, together with a glass awning.

[finnamored]

Are there any owners here who will be renting out their parking space in the building? How much will you be charging per month?

[Mike K.]

The going rate downtown in residential buildings is $125-$175. I think going above $175 is possible if your parking spot is in a prime location or has a perk that others my not).

[tjv]

except this building isn't downtown.  Its what a 20 min walk to the centre of downtown?  if downtown spots are 125-175 a month then this place should be around half that.  Plus isn't there free unlimited parking on Harbour Rd?

[Mike K.]

Nah, it’s not that bad. It’s a ten minute walk to Market Square.

I guarantee you the parking stalls will rent for $150-$175 in that building.

[laconic]

Stratas often limit rental of stalls to owners/tenants in the building. That tends to limit the market.

 

There is a Facebook group for Promontory residents where they advertise parking stalls. I believe the monthly rates have been $75-125. It tends to depend on demand, which can change as the mix in the building changes. There are definitely residents of Promontory who park on the street and move their vehicles daily rather than pay for an extra stall in the building.

[tjv]

I guarantee you the parking stalls will rent for $150-$175 in that building.

Probably, long term parking in downtown Victoria is disappearing at an alarming rate

[MarkoJ]

Stratas often limit rental of stalls to owners/tenants in the building. That tends to limit the market.

 

There is a Facebook group for Promontory residents where they advertise parking stalls. I believe the monthly rates have been $75-125. It tends to depend on demand, which can change as the mix in the building changes. There are definitely residents of Promontory who park on the street and move their vehicles daily rather than pay for an extra stall in the building.

 

+1 exactly. The Promontory has more parking stalls than units so it supresses that market. Also, given the 8-10 min walk downtown some owner and tenants don't have a car. For example, my tenant at Promontory does not have a car. September 17th someone posted on the Facegroup page a parking spot for $75/month.

 

When you get to buildings like the Era which has 84 parking stalls and 157 units parking is $250-$300 per month.

 

The Encore also has a large surplus of parking spots compared to units so I am guessing $100 per month will be the average at most. There are at least 30 units with 2+ parking spots.

 

If you could rent to individuals outside of the building it would prop up the market for sure, but you can't. 

Edited by MarkoJ, 23 September 2018 - 08:36 AM.

[Nparker]

...If you could rent to individuals outside of the building it would prop up the market for sure, but you can't. 

And that's usually for good reason. In my building we cannot rent unused parking spaces to non-residents and I fully support this. I do not want anyone who doesn't live here having access to wander freely around where I live.

[MarkoJ]

And that's usually for good reason. In my building we cannot rent unused parking spaces to non-residents and I fully support this. I do not want anyone who doesn't live here having access to wander freely around where I live.

 

+1 I am in agreement too. Plus you have to give them the fob registered to your unit to get in/out. Too much liability. 

[MarkoJ]

I am doing more walk-throughs at Encore next week with clients if anyone has requests for any pictures.

[tjv]

+1 I am in agreement too. Plus you have to give them the fob registered to your unit to get in/out. Too much liability. 

are you saying that fob gets you in and out of the garage plus access to your unit too?

[Casual Kev]

The parking surplus is interesting to me because if they built more room underground than usual it means they might have given up square footage in higher floors for that. So basically, the cost of expanding underground area to accommodate more parking spots could've been allocated to have more residential units. How likely is that be to be true?

[MarkoJ]

The parking surplus is interesting to me because if they built more room underground than usual it means they might have given up square footage in higher floors for that. So basically, the cost of expanding underground area to accommodate more parking spots could've been allocated to have more residential units. How likely is that be to be true?

 

Extremely unlikely. The Promontory and Encore are both on relatively large building parcels so they can accommodate large parkades without going too deep or having to shore up too much. It doesn't break the bank to provide a ton of parking. Downtown it would as you would be 7 stories underground.