191 replies to this topic

[Nparker]

Does anyone else feel like this entire project has been a bit "fly-by-night"?

[Victoria Watcher]

What's the status of the rentals application?

[GaryOak]

I'd say this whole project has been underwhelming. There should have been 10 stories at minimum on top of the "Historic" facade

[Matt R.]

He’s selling the Montrose property too, eh? Wonder that that means for my neighbourhood…

[Victoria Watcher]

David began his first commercial real estate company, Pacific 1 Properties in Portland, Oregon in 1993 at the age of 27.

 

https://www.merchant...apital.com/team

 

So he is 27+24+7= 58 years old.

 

I don't know, some guys want to retire by 65.

[Victoria Watcher]

He’s selling the Montrose property too, eh? Wonder that that means for my neighbourhood…

 

The Vortex:

 

https://www.merchant....com/ssi-vortex

 

MORE:  https://www.oceanestuaryresort.com/

Edited by Victoria Watcher, 11 April 2024 - 10:38 PM.

[Victoria Watcher]

March, 2023:

 

 

 

 

 

In January, Colliers, who are leading the leasing of the Victoria Press Building, confirmed to STOREYS that substantial construction of the building completed in November, and was approximately 50% leased to two major tenants: Codan Communications and Coho Commissary Kitchens. Tenant improvements are currently ongoing and are expected to be completed in the first half of 2023.

 

 

 

 

 

https://storeys.com/...-house-capital/

 

 

 

I'm not sure Coho ever moved in.

Edited by Victoria Watcher, 11 April 2024 - 10:49 PM.

[Matt R.]

The Vortex:
 
https://www.merchant....com/ssi-vortex
 
MORE:  https://www.oceanestuaryresort.com/

Oh yeah, and we wait and wait and wait… remember it’s taking over a year to get approval for three sea cans.

[Bambam]

Bye bye.....

 

Victoria Press Building placed under receivership in 2025 - Victoria Times Colonist

[Victoria Watcher]

Victoria Press Building placed in receivership, with company debt over $42M

 

https://cheknews.ca/...er-42m-1286977/

Edited by Victoria Watcher, 01 November 2025 - 06:26 AM.

[aastra]

Seems ready to go as a community centre, fitness centre, and/or educational/institutional space. And meanwhile we see news stories all the time about desperate shortages in that regard. True or false?

 

Build two Hudson-style towers on the property and make it all work as a definitive kind of neighbourhood place.

 

New construction behind the Scott Building should have been more substantial.

 

Prime parking lots and under-developed sites are all around.

 

Big redevelopment is coming to Blanshard Courts.

 

That area was in effect "downtown north" pretty much from the beginning, but it went on pause for a few decades. Get the ball rolling all over again.

[Victoria Watcher]

But Merchant Capital, which was behind the renovation of the Victoria Press Building in the Douglas and Bay area, formerly home of the Times Colonist, ran into financial difficulty as far back as 2023.

According to court documents, starting in April 2023, Merchant House and its associated partners committed multiple defaults, including using secured money for unauthorized purposes, relating to the Victoria Press Building project.

As of June 2025, Merchant Capital and its partners owed more than $41 million to Timbercreek Mortgage Servicing and a partner relating to the Douglas Street venture, and a receiver was appointed last fall.


https://www.timescol...d-sale-12115868

Edited by Victoria Watcher, 10 April 2026 - 02:00 AM.