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Condo conversions


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#1 VicHockeyFan

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Posted 25 January 2007 - 11:54 AM

I guess with what stuff is selling for these days, converting apartments to condos is worth the cost of the inprovements.

I see two permits listed in this weeks Business Examiner. One is for $950,000 to do that little fairly new apartment building next to Mohawk (864 Pembroke) and one for $900,000 to convert 527 Michigan (not familiar with that one).

EDIT:

4.2.Heritage Alteration Permit #00035 – 527 Michigan StreetCommittee received a report dated May 24, 2006 from the Planning & Development Department with respect to Heritage Alteration Permit #00035 for 527 Michigan Street. The proposal is to convert an existing Heritage Registry building from office use to nine residential units. An addition is proposed for a second storey setback from the street edge, and a portion of the building will be converted to 9 parking stalls. A rezoning application is proceeding concurrently with this application.Action:Councillor Thornton-Joe moved that it be recommended to City Council that Council authorize the issuance of Heritage Alteration Permit #00035 in accordance with:1) Plans dated May 17, 2006.2) Development meeting all bylaw requirements.
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5) 527 MICHIGAN STREET
Mr. James, a representative from the Government of British Columbia, delivered a synopsis of what the potential plans for the site could include.
527 Michigan Street is currently occupied as an office building. The current R2 Zoning does not allow private office use; the only allowable office use is public.
The City of Victoria would like to have a heritage listing on the site.
BCBC wants to relocated the two houses at 524 and 526 Michigan St. to the parking lot behind the James Bay Community Project, and sell them as single-family dwellings. Both houses are already listed as heritage.
It was noted that our current community plan does support the two houses being relocated. It is also guaranteed that the two houses will stay in James Bay - they will not be moved to another area of town. There was some concern that potential buyers of the houses could seek a rezoning and have them made into duplexes.
The new lots will be slightly bigger than a standard lot in James Bay. The present zoning is a mixed-use zoning. It is not known at this time whether or not the proposed plans will affect the community garden. Moving the houses will not affect parking at the project, as they currently do not have use of that parking lot. It was noted that the parking lot where the houses will be moved to is currently not in compliance with the zoning bylaws either as the R2 zoning that the parking lot is under does not permit "parking lot" as a use.
A question was raised about the condition of the interior of the two houses. Evidently, one house used to be used as a fire and earthquake training location for the fire department, and the other has been used as office space. Inside, both are structurally sound, however, in order to be used as residential dwellings, they will need significant renovations.
Mr. James did note the general consensus of the community that the community garden on Michigan Street is a vital part of our community and that we would like it to continue as such, even if it must be in a different location.
Currently, the fate of the tenants besides WSI is unknown, however, WSI has been given notice and will be vacating.
This has simply been an information session - Mr. James will return when there is more information available.
Some members requested that we request a form of cash contribution as BCBC will be making a considerable profit from the sale of these houses, while other members noted that a request as such would be hypocritical of our position on density bonus.

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#2 ch33ky

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Posted 08 February 2007 - 11:41 AM

one for $900,000 to convert 527 Michigan (not familiar with that one).


That's the Redstone condo - where Lifecycles used to be.

 



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