I don't have an issue with 5% affordable housing which I believe this site is doing, and this is actually becoming a standard %. My understanding is it would be unusual to increase it beyond this amount. At some point you have to cut the subsidy/guiding hand off because if you increase it to 20% the cost of the other 80% is just going to go up even more, so did we actually help or hinder affordability?
Marigold Lands, condo 1
Address: 7874 Lochside Drive
Municipality: Central Saanich
Region: Saanich Peninsula
Condo units: 38 (1BR, 2BR, penthouse)
Sales status: sold out / resales only
[Central Saanich] Marigold Lands | Multi-phased residential community | Approved
Posted 19 June 2020 - 07:45 AM
The developer is selling over 2.3-acres of this project's undeveloped land.
The initial phases, a condo and some townhomes, are taking quite a while to sell (condos are 80% sold) with sales having started in 2017, I believe. We sometimes see difficulty arise when a builder/industry firm jumps into the development side of the equation. It's a lot different to build something for someone than to be responsible for selling sell out a residential project.
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