151 replies to this topic

[Kapten Kapsell]

This development site is now for sale; it can be yours for $5 million:  

 

https://www.realtor....ctoria-downtown

[Nparker]

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?

[Mike K.]

Interesting. Wasn’t this closer to $6 million not that long ago?

[Kapten Kapsell]

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).

[Mike K.]

Is this not a project related to Mosaic?

[Kapten Kapsell]

Is this not a project related to Mosaic?

I thought it was Sakura, the firm behind the Pluto’s condo proposal. Are they related to Mosaic?

[Mike K.]

Yes, they tend to work quite closely, but that’s not to say all projects are intertwined.

[Victoria Watcher]

This development site is now for sale; it can be yours for $5 million:  

 

https://www.realtor....ctoria-downtown

 

 

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.

[Nparker]

Remind me again what killed this proposal?

[Barrrister]

It is interesting that this may not be the only development being bailed out on in Victoria. 

[GaryOak]

My guess is that the developer is trying to get a land assembly so they can build bigger

[Mike K.]

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.