91 replies to this topic

[gkz]

Times Colonist article:

"$200 million rental housing plan pitched for View Royal"

http://www.timescolo...royal-1.6418140

 

...

The bulk of the $200 million development budget will go toward construction costs, she said. That includes $500,000 to be spent on the intersection at Shoreline Drive and the Island Highway, another $200,000 on Shoreline Drive improvements such as a new sidewalk and street lights. A total of $1.5 million in building permit fees will go to View Royal. Another $1 million will go to the region’s affordable housing fund.

Plans call for buildings to meet LEED system environmental standards or equivalents.

...

 

 

Edited by gkz, 06 January 2017 - 09:40 AM.

[Mixed365]

I'm kind of confused. On Google Maps it looks like there is already a development on this site?

[amor de cosmos]

i'm glad they didn't go with 9-story buildings. it looks much better with them set amongst the trees
 

 

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[Nparker]

i'm glad they didn't go with 9-story buildings. it looks much better with them set amongst the trees
 

It would terrible if buildings in the CRD were ever taller than the trees - or heaven forbid - Hydro/telephone poles! 

[dasmo]

This would be nicer....

[amor de cosmos]

It would terrible if buildings in the CRD were ever taller than the trees - or heaven forbid - Hydro/telephone poles! 

 

This would be nicer....

you mean destroy the rhythm of the sawtooth pattern made by the roofline, which is reminiscent of the line of treetops the project is set amongst? to accomplish what, add maybe 10 units to the project which already has around 500? no thanks

[dasmo]

No, I mean varry the massing and rooftop heights to reflect the rhythm of the trees and create view corridors. No added units since other sections could be lower and more row house like...

Edited by dasmo, 06 January 2017 - 01:29 PM.

[nagel]

I like the blend in of the shorter version.

[dasmo]

I like the blend in of the shorter version.

because the trees hide it. 

[nagel]

I gotta look at that from the Goose when I go get booze at Eagle Creek.  I like to pretend it's some sort of freak forest protruding into the water.

[Malahat]

looks pretty good from this angle.

a doubling of rental units in that area (where not much new product gets built) will only help the situation.

we're staring down the barrel of about 3,500 new rental units in the greater victoria region? 

not bad.

[Redd42]

I'm kind of confused. On Google Maps it looks like there is already a development on this site?

 

Yes, there is. 

 

http://www.realstar....apartments.html

[VicHockeyFan]

I'm kind of confused. On Google Maps it looks like there is already a development on this site?

 

Yes, built in the 60's.

[amor de cosmos]

chek story
http://www.cheknews....nounced-253569/

[nagel]

Only been down there one time and it shocked me. Shabby rental apartments on what might be the best strip of land in the region. Common sense says this should be a vacation spot for a 1%er

[VicHockeyFan]

Only been down there one time and it shocked me. Shabby rental apartments on what might be the best strip of land in the region. Common sense says this should be a vacation spot for a 1%er

 

Ya, that's what I always thought.  Although at some tides and time of year it can be slightly stinky.

[Mike K.]

Yeah, same here. I was shocked to see what was/is on that land.

[Nparker]

Yeah, same here. I was shocked to see what was/is on that land.

I recall the first time I was ever out that way 25+ years ago; even then I thought it looked like a run down, 2-level mobile home park situated on some of the most picturesque land in the region. Time has not improved the impression one bit.

[exc911ence]

Took a ride down on Friday having never done so before... I had no idea there was anything down that road even though I'd gone past Shoreline a thousand times on Craigflower. 

 

The idea of updating the area and adding many more units is an admirable one but where are all of the current tenants going to go in the meantime? 

[Sparky]

The proposed re-development project at Christie Point has got me to thinking.

 

Would the project be in the cards if rent controls in British Columbia did not play a roll in the rental market industry? It would appear that the property was sold to a deep pocket developer in 2014. The vision for the property appears to remain as rental and not to be sold off in bite sized pieces. I wonder why the previous owner decided to sell?

 

One of the possible reasons is that due to rent controls the financial incentive to keep and maintain the buildings doesn't exist. While there is a clause to assist landlords should an unexpected cost arise, for the most part the maintenance costs need to be absorbed within the 2.5-3.5% annual increases allowed by the BC government.

 

In my opinion, when something upsets the natural supply and demand cycle of business, there is a manageable unbalance in the short term that will ultimately affect the long term viability. Christie Point is no exception.

 

It is not unreasonable to assume that in today's market, this property is underutilized. It is not unreasonable to assume that the current owner will not be able to continue to rent to the existing tenants at the current rents, given that they most likely paid top dollar for such a property and given that the government restricts rental increases no matter what the income and expense ledger states.

 

It is also not unreasonable to have feelings for those who are caught up in an artificial cat and mouse game that ultimately will catch someone in some sort of financial trap.

 

I found this paper online worth a read. http://www.walterblo...sh_columbia.pdf