This development site is now for sale; it can be yours for $5 million:
https://www.realtor....ctoria-downtown
![]() | APPROVED 930 Fort Street Uses: condo, commercial Address: 930 Fort Street Municipality: Victoria Region: Downtown Victoria Storeys: 12 Condo units: (1BR, 2BR, penthouse) Sales status: in planning |
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
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
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
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
Posted 25 March 2021 - 04:15 PM
Is this not a project related to Mosaic?
Posted 25 March 2021 - 04:53 PM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
0 members, 0 guests, 0 anonymous users