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UNDER CONSTRUCTION
The Row
Uses: condo, rental
Address: 1154 Johnson Street
Municipality: Victoria
Region: Urban core
Storeys: 6
Condo units: 38 (studio/bachelor, 1BR, 2BR, penthouse)
Sales status: in planning
The Row is a six-storey condominium and rental project on Johnson Street at Chambers Street in the City of Vic... (view full profile)
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[Fernwood] The Row | condos, rentals | 6-storeys | Under construction


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#81 Nparker

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Posted 28 August 2019 - 03:40 PM

My understanding is that it will be a condo/rental split.

I'd hate to be part of that strata. 



#82 Mixed365

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Posted 29 August 2019 - 07:26 AM

My understanding is that it will be a condo/rental split.

 

In one building - rental and strata? 


“To understand cities, we have to deal outright with combinations or mixtures of uses, not separate uses, as the essential phenomena.”
- Jane Jacobs 


#83 Jackerbie

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Posted 29 August 2019 - 07:33 AM

In one building - rental and strata? 

 

Single building, 38 strata condo units and 10 rental units (which I think are also individually strata titled?)



#84 Nparker

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Posted 29 August 2019 - 07:39 AM

So who owns the rental units? Who will manage them?



#85 Jackerbie

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Posted 29 August 2019 - 07:53 AM

So who owns the rental units? Who will manage them?

 

That's up to whoever buys them. Individual titles means they can be all owned an managed by a single person/company or up to ten different people/companies.



#86 Nparker

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Posted 29 August 2019 - 07:58 AM

Will these rental units have voting rights in strata matters?



#87 Mixed365

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Posted 29 August 2019 - 07:58 AM

Copy. So technically... it was just an investor who bought 10 units and will be renting them out. The zoning/use of land didn't change at all. 


“To understand cities, we have to deal outright with combinations or mixtures of uses, not separate uses, as the essential phenomena.”
- Jane Jacobs 


#88 Mike K.

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Posted 29 August 2019 - 08:01 AM

The approval of the building came with a requirement that ten of the units to be rentals. It is highly likely that far more than ten will be available as rentals.

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#89 Mixed365

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Posted 29 August 2019 - 08:02 AM

The approval of the building came with a requirement that ten of the units to be rentals. It is highly likely that far more than ten will be available as rentals.

 

This contradicts what Jackerbie just said. 


“To understand cities, we have to deal outright with combinations or mixtures of uses, not separate uses, as the essential phenomena.”
- Jane Jacobs 


#90 Mike K.

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Posted 29 August 2019 - 08:04 AM

How?

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#91 shoeflack

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Posted 29 August 2019 - 08:09 AM

This contradicts what Jackerbie just said. 

 

Not at all. All it means is that there are 10 units with a covenant on them stating they cannot be owner-occupied, so they must be rentals in perpetuity. As for the other 38 unites, those owners can choose to rent them out if they wish, unless the strata turns it into a no-rental building. Even in that case, those 10 units would still be protected as rentals.



#92 Jackerbie

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Posted 29 August 2019 - 08:11 AM

Not at all. All it means is that there are 10 units with a covenant on them stating they cannot be owner-occupied, so they must be rentals in perpetuity. As for the other 38 unites, those owners can choose to rent them out if they wish, unless the strata turns it into a no-rental building. Even in that case, those 10 units would still be protected as rentals.

 

The same covenant restricts the strata from not allowing rentals, IIRC :)



#93 Jackerbie

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Posted 29 August 2019 - 08:14 AM

Will these rental units have voting rights in strata matters?

 

The owners of the rental units would have voting rights if they are part of the same strata. If there is an airspace subdivision, things get more complicated.

 

It's basically the same as any other strata building, except ten of the units are required to be investment properties  ;)



#94 Nparker

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Posted 29 August 2019 - 08:39 AM

Bottom line: I'd never knowingly buy into this sort of strata building.



#95 Mike K.

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Posted 29 August 2019 - 08:42 AM

It’s really no different than any other strata that permits rentals. The only difference is ten units will be rented in perpetuity, but the owner(s) of those units will still be required maintain those suites to the satisfaction of the overall strata.

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#96 Nparker

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Posted 29 August 2019 - 08:45 AM

It’s really no different than any other strata that permits rentals. The only difference is ten units will be rented in perpetuity, but the owner(s) of those units will still be required maintain those suites to the satisfaction of the overall strata.

Unless they are part of a separate strata or stratas. I am still not clear if that is the case for this project. 



#97 Mike K.

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Posted 29 August 2019 - 08:53 AM

Right. We’ll know more once the project begins selling.

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#98 tiger11

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Posted 29 August 2019 - 07:45 PM

Right. We’ll know more once the project begins selling.

 

They won't be selling, there was a forward sale of the building to single investor who intended to rent them. However, plans can change and units could be sold



#99 Nparker

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Posted 29 August 2019 - 07:55 PM

They won't be selling, there was a forward sale of the building to single investor who intended to rent them...

So essentially this will be a rental building when completed.



#100 Mike K.

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Posted 30 August 2019 - 04:59 AM

They won't be selling, there was a forward sale of the building to single investor who intended to rent them. However, plans can change and units could be sold


Right. I’ll confirmm exactly what’s happening. In conversation with someone from the team it was intimated there would be sales. Hold tight.

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