Jump to content

      












APPROVED
Cook & Pendergast
Uses: condo, commercial
Address: 324-328 Cook Street
Municipality: Victoria
Region: Urban core
Storeys: 4
Condo units: 48 (1BR, 2BR, 3BR)
Sales status: in planning
Cook and Pendergast is a proposal at 324-328 Cook Street and 1044-1054 Pendergast Street for a four-storey res... (view full profile)
Learn more about Cook & Pendergast on Citified.ca
Photo

[Fairfield] Cook & Pendergast (Pic-A-Flic Video site) | Residential and commercial | Proposed


  • Please log in to reply
191 replies to this topic

#181 Nparker

Nparker
  • Member
  • 29,559 posts

Posted 16 July 2021 - 04:52 PM

And it barely took 4 years. That's light speed for CoV council.



#182 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 25,436 posts

Posted 17 July 2021 - 06:04 AM

A proposed condo development in Cook Street Village that was rejected by Victoria council last year is moving forward after a public hearing.

 

 

Aragon Properties plans to demolish the former Pic-A-Flic Video store, two houses and a duplex at Cook and Pendergast streets to build a four-storey condo with businesses on the first floor and 48 units in a range of one-, two- and three-bedroom suites.

 

On Thursday night, councillors voted 5-3 to move forward with the project.

 

https://www.timescol...ward-1.24343220


Edited by Victoria Watcher, 17 July 2021 - 06:06 AM.

  • Kapten Kapsell likes this

#183 A Girl is No one

A Girl is No one
  • Member
  • 2,210 posts

Posted 17 July 2021 - 07:53 AM

So who voted against? The usual suspects? Isitt, Potts, Dubow?
  • DavidSchell likes this

#184 punk cannonballer

punk cannonballer
  • Member
  • 170 posts

Posted 19 July 2021 - 09:05 AM

So who voted against? The usual suspects? Isitt, Potts, Dubow?

 

One need not even check the minutes.


  • A Girl is No one and Vicgolflover like this

#185 Glen

Glen
  • Member
  • 269 posts

Posted 24 September 2021 - 03:24 PM

I've heard this project won't have pre-sales, rather sell at completion. That's too bad if you are looking to lock up a condo in CSV



#186 Mixed365

Mixed365
  • Member
  • 1,037 posts

Posted 27 September 2021 - 08:27 AM

I've heard this project won't have pre-sales, rather sell at completion. That's too bad if you are looking to lock up a condo in CSV

 

This is quite typical of all of Aragon's projects. 


“To understand cities, we have to deal outright with combinations or mixtures of uses, not separate uses, as the essential phenomena.”
- Jane Jacobs 


#187 Kapten Kapsell

Kapten Kapsell
  • Member
  • 3,158 posts

Posted 27 September 2021 - 12:13 PM

Aragon likely has the funds available to self-finance construction (similar to Mosaic Group).


Edited by Kapten Kapsell, 27 September 2021 - 12:43 PM.

  • Nparker likes this

#188 Casual Kev

Casual Kev
  • Member
  • 743 posts

Posted 27 September 2021 - 01:05 PM

I've heard this project won't have pre-sales, rather sell at completion. That's too bad if you are looking to lock up a condo in CSV

 

If you have the cash to fund the project yourself, why sell now when it's going to fetch a lot more at completion?



#189 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 25,436 posts

Posted 27 September 2021 - 01:17 PM

If you have the cash to fund the project yourself, why sell now when it's going to fetch a lot more at completion?

 

risk management. 

 

if you borrow most of the money and all goes sideways you can always go bankrupt with that new company (you incorporate a new company for each project).  


Edited by Victoria Watcher, 27 September 2021 - 01:25 PM.


#190 Mike K.

Mike K.
  • Administrator
  • 65,220 posts

Posted 27 September 2021 - 01:32 PM

In this market the risk can be somewhat mitigated in that the units can be converted to rentals on completion, and the building sold to an REIT.


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#191 Nparker

Nparker
  • Member
  • 29,559 posts

Posted 27 September 2021 - 01:33 PM

In this market the risk can be somewhat mitigated in that the units can be converted to rentals on completion, and the building sold to an REIT.

Or sold to BC Housing at twice market value.



#192 G-Man

G-Man

    Senior Case Officer

  • Moderator
  • 13,297 posts

Posted 27 September 2021 - 07:00 PM

In CSV? I don't think that is allowed.

Visit my blog at: https://www.sidewalkingvictoria.com 

 

It has a whole new look!

 


 



0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users