551 replies to this topic

[VicHockeyFan]

I like the Calgary figure - 0 vacancy, $55/ft.

[Ms. B. Havin]

^^^

Colliers International's Victoria market report recently showed the vacancy rate for that type of office space was 1.8 per cent. The only Canadian city where that rate is lower is Calgary at 0.0 per cent. The overall office vacancy rate is 4.4 in downtown Victoria.

Just for the heck of it, I'd really like to know what boundaries Colliers uses to determine downtown, and how/ whether they match up to other "official" d/t boundaries. Just curious.

"[Those sites] probably should have gone office, but with the residential market so strong the developers have been able to make a faster return on investment by going residential," he said.

He's referring specifically to Astoria and Belvedere and The Falls with reference to "those sites," and I really disagree strongly. I think residential is a great use for this area. If more office space had gone specifically into that area, it would have been tied to the legislative precinct, wouldn't it?, in which case that whole quadrant would have been dead as a doornail come Friday 4PM (except in summer, when tourists would still flock on the main street -- but think of it at other times: grim...).

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Do we have a James Bay thread here? I don't know where to put this, but did anyone else remark on another article in today's T-C, [url=http://www.canada.com/victoriatimescolonist/story.html?id=fc5efc47-67f2-4905-8d45-483ca67d8866:e6dde]A boom in the bay[/url:e6dde], which deals with James Bay/ real estate/ square foot prices there? My favourite quote is from a Mr. Larry Pilcher, aged 70s, who has lived in James Bay for 40 years. He says:

While Pilcher says that he and his wife Dorothy are pleased that newly completed townhouses two doors down the street are selling for $500,000 each, he cannot fathom the attractiveness of living close to town. "I just can't figure out why people would want to live here," says Pilcher, who has lived in James Bay on and off for the past 40 years.

Oh, Larry -- you're Victorian to the core, aren't you? Can't figure out why someone might like something that you don't like?

On the second page of the article, Shoal Point is described in a way I haven't seen done before: it's called "staid" and "buttoned-down":

The appeal of James Bay enjoyed a lift with the construction of luxury condo projects such as Shoal Point in 2002 and The Reef in 2005, says realtor John Daviss.

"While Shoal Point was seen to be staid and buttoned down, The Reef projected a more hip and funky cachet," says Daviss. "Either way, it reaffirmed James Bay as a desirable locale, with lots to offer."

Finally, the JBNEA weighs in re. rising prices squeezing families out, and Brian Sikstrom (planner) offers a motherhood statement about rising tides lifting all boats...

While James Bay Neighbourhood Environment Association director Marc Pakenham recognizes the need for development he is concerned about how the changes are ripping up the fabric of what makes the area desirable.

"What makes James Bay unique are the varied demographics," says Pakenham. "The disproportionately high property prices have meant that there has been a reduction of purchases by families with children, causing a shift in social dynamics."

City of Victoria senior planner Brian Sikstrom agrees that James Bay is enjoying a resurgence of popularity. The area was a desirable residential location in Victoria's early years, mainly because of its proximity to the new legislature buildings, Sikstrom says.

"It still is popular due to its closeness to the (Beacon Hill) park, the ocean and downtown," says Sikstrom.

The area, which currently has 11,000 residents, is unique in Victoria because of the way industrial, office and residential properties co-exist within its boundaries, Sikstrom says.

While he acknowledges that demand has raised land values, he does not feel that prices in James Bay have risen any more than in other areas of town.

"A rising tide," Sikstrom notes, "raises all boats."

[aastra]

That quote by Mr. Pilcher is hilarious for its honesty. He's lived there for decades himself, and yet he can't fathom why anybody else would choose to to live there. So what keeps him around?

I've made this point many times at SSP: many Victorians just can't understand why anybody would put their hard-earned money down on an expensive house (or, even more absurd, an expensive condo) in the city of Victoria. These same Victorians can often be found at the forefront of opposition to revitalization, curiously enough. Victoria sucks, Victoria is supposed to suck, don't you dare go trying to make it less sucky.

What a bizarre sentiment: they hate it the way it is, and they'll do everything in their power to prevent anybody from making it better.

So is it paradise or isn't it?

[G-Man]

That is truly bizarre but I have met people just like him before. They are a very small part of the population though I am not sure why they were chosen to be in the article.

[Holden West]

CH News showed a diagram of the neighbourhood with the Well office building labelled "Radius".

[Lover Fighter]

Yeah, there is an article in the TC today saying the Well has officially been renamed the Radius and that the anchor tenant of the office component will be Univeristy Canada West.

[D.L.]

WOW great to hear that university is expanding!

[Mike K.]

I guess the geothermal component has gone kaput?

[Holden West]

Ah, I thought UCW was going to be in addition to the office/residential components. Remember, the original mix was, office, residential, fitness/wellness (possibly the Y or UVic).

This leaves Gateway Green as SoBa's (heh) sole new business-oriented new office tower. Will that be enough?

[Mike K.]

One interesting point in that article was the the developer behind Radius will assume the lease for UCW and re-develop the land into rental housing. Go lowrise medium density housing go!

[G-Man]

Maybe it can be pushed up to 6 storeys?

[Mike K.]

Perhaps. It's such a significant parcel of land that a medium-density "rental" project would be a disaster. No doubt the "rental" housing would be pushed to the same clientèle currently living in the Blanshard Courts.

[Holden West]

"University Canada West has signed on to lease 30,000 square feet of the expected 174,000 square feet of available Class A office space within the 350,000 squarefoot development."

Ah, that answers my question. Plenty of room left for other tenants.

[Mike K.]

So what's the deal with the Radius. I thought the heights were going to be increasing and the design was going to be slimmed down. My understanding is the residential portion has been slimmed down but everything else has remained the same. Anyone in the know?

[Mike K.]

http://www.radiusvictoria.com

[G-Man]

So that is a rebranding of the whole place. It is a big improvement on The Well...

[Scaper]

So is this building still coming in at 12 stories or are they bumping it up to 14?

[aastra]

Here's a tiny rendering. Have we ever seen a large version of this pic?

[Mike K.]

No, that's new to me.

The only other images that I'm aware of are on the MCP pages at: http://www.vibrantvi... ... office.htm and http://www.vibrantvi... ... iusres.htm

[aastra]

I got it from this page:

http://www.downtownvictoria.ca/development.php