This development site is now for sale; it can be yours for $5 million:
https://www.realtor....ctoria-downtown
CANCELLED 930 Fort Street Uses: condo, commercial Address: 930 Fort Street Municipality: Victoria Region: Downtown Victoria Storeys: 12 Condo units: (1BR, 2BR, penthouse) Sales status: contact agent |
Posted 25 March 2021 - 02:40 PM
This development site is now for sale; it can be yours for $5 million:
https://www.realtor....ctoria-downtown
Posted 25 March 2021 - 02:46 PM
This development site is now for sale...
...Building Permit plans almost completed for 62 residential units of either market condominium or rental with 29 under ground parking stalls. No Inclusionary Housing requirement from the City of Victoria...
So why is the development not going ahead?
Posted 25 March 2021 - 02:47 PM
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Posted 25 March 2021 - 02:51 PM
So why is the development not going ahead?
My guess is that the developer couldn't get financing; a development loan is hard to obtain even for 'standard' developments, but the challenging soil conditions and the associated risk may have made it impossible for this developer to line up the $$ needed.
A larger developer like Concert Properties would have the liquidity/financing tools available to develop this site without getting a third party development loan (the same applies for some smaller firms like Mosaic, which developed a challenging site at the Jukebox and likely didn't have to get an external loan, i.e. there were limited presales here- if any at all- before shovels were in the ground).
Posted 25 March 2021 - 03:00 PM
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Posted 25 March 2021 - 04:15 PM
Is this not a project related to Mosaic?
Posted 25 March 2021 - 04:53 PM
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Posted 10 April 2023 - 03:15 PM
This development site is now for sale; it can be yours for $5 million:
Downtown Victoria concrete development site. Expired Development Permit was for 13 storey, 49,480 SF building in the sought after Harris Green District on Fort Street. Expired Building Permit plans almost completed for 62 residential units of either market condominium or rental with 29 under ground parking stalls. Building designed by Wensley Architecture with all units offering floor to ceiling windows and exterior balconies. Unit sizes range from 368 sq.ft. - 1,347 sq.ft. All reports and plans are available upon request.
$4,950,000
https://www.realtor....ctoria-downtown
Edited by Victoria Watcher, 10 April 2023 - 03:16 PM.
Posted 10 April 2023 - 04:33 PM
It is interesting that this may not be the only development being bailed out on in Victoria.
Posted 10 April 2023 - 07:20 PM
Posted 11 April 2023 - 08:17 AM
It's been for sale for a couple of years now. I think the team behind this project had tried to purchase the adjacent Lund's property, but the owner doesn't appear ready to sell.
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