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APPROVED
The Pearl Residences
Use: condo
Address: 1628 Store Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 8
Condo units: 133 (studio/bachelor, 1BR, 2BR, 3BR)
Sales status: pre-sales
The Pearl Residences, coming to the 1600-block of Store Street in downtown Victoria's Chinatown district, is a... (view full profile)
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[Downtown Victoria] The Pearl Residences | Condos; commercial | 8-storeys | Approved


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#221 Banksy

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Posted 29 October 2019 - 02:01 PM

The launch dates are indeed a little confusing. They had their soft launch in 2018 just before Christmas (early December) and then the plan was to start formal sales in early 2019. The completion date of 2022 is what a rep confirmed, so I guess they think they can still meet that completion deadline. I don't know what the project's sold-out status is.

 

Janion's (relatively small) excavation began in May of 2014. The project received occupancy in November 2016, 29 months later.

 

It's impossible for this project to complete in 2022 unless Farmer Construction hires Townline's construction company to build it  :badpc:



#222 Mike K.

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Posted 29 October 2019 - 02:36 PM

Given the right ground conditions they may not need to do much blasting, so we'll see. Janion completed in 29 months, and as of November it'll be 38 months to December 2022.


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#223 ovovov

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Posted 30 October 2019 - 09:52 AM

buy buy buy now..



#224 Kapten Kapsell

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Posted 29 December 2019 - 09:15 AM

Does anyone know when construction will start here?  Is the developer waiting for additional pre-sales?



#225 Jackerbie

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Posted 02 January 2020 - 02:52 PM

Does anyone know when construction will start here?  Is the developer waiting for additional pre-sales?

 

According to the Open Data Portal, the BP has not been issued yet. It's still "In Progress."



#226 Banksy

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Posted 15 February 2020 - 02:15 PM

Given the right ground conditions they may not need to do much blasting, so we'll see. Janion completed in 29 months, and as of November it'll be 38 months to December 2022.


35 months left to finish by December 2022. 34 in March. The way things are moving in this town I think 2023 is guaranteed even if they start this in March and it doesn’t look like they will. Nobody is even talking about this project so it doesn’t surprise me they are waiting for a start.
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#227 Nparker

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Posted 15 February 2020 - 06:02 PM

...Nobody is even talking about this project so it doesn’t surprise me they are waiting for a start.

This puzzles me. In what other city would a prime waterfront project like this be so slow to get off the ground? 



#228 Jackerbie

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Posted 15 February 2020 - 08:06 PM

Looks like the City still hasn't issued the BP

#229 Banksy

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Posted 09 March 2020 - 12:11 PM

Mike help us out here they have been selling this since December 2018 and nothing is happening on the property. Will this ever get built or will they pass it off to another developer to sell.



#230 Mike K.

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Posted 09 March 2020 - 12:18 PM

Sorry, I know as much as you do. I am not involved with this project and have not been in regular communication with their sales team.


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#231 Kapten Kapsell

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Posted 09 March 2020 - 02:33 PM

I think marketing is still active for this project...


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#232 DavidSchell

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Posted 09 March 2020 - 02:35 PM

I think marketing is still active for this project...

 

I was in there the other day and was surprised to find there were still two bedrooms condos facing the water for sale. 



#233 Mike K.

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Posted 09 March 2020 - 03:40 PM

What’s the sold status, David, if you know?

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#234 Mixed365

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Posted 10 March 2020 - 06:41 AM

It is all very weird. 

The Farmer family is very well known, have a lot capital and incredibly experienced. 

Maybe they're looking to sell the site now for some reason we aren't aware of. 


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#235 Banksy

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Posted 10 March 2020 - 06:51 AM

As an investor I was ready for another version of the Janion but they came out with small condos for $500 grand and that’s just not possible to invest in and make money. If they had $250 or $275 pricing it would make sense but not at twice that amount. Poor advice is what they got and they should be 75% spoken for with excavators in the ground now and not still a waterfront parking lot.

#236 Rob Randall

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Posted 10 March 2020 - 07:03 AM

When Mermaid Wharf was built 20 years ago (!) suites were priced $79,900-$200,000.


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#237 Mike K.

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Posted 10 March 2020 - 07:18 AM

Indeed, way back when.

Max T. set the stage for that part of town and in the late 90s that area was not exactly a hot spot, if you catch my drift.

But yeah, I don’t know. I get a lot of calls and emails from buyers and investors asking about specific buildings or units, but I have yet to receive any enquiries regarding this project, and not being involved with it I can’t speak for the project’s milestones or address any questions you guys put forward.

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#238 Banksy

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Posted 10 March 2020 - 07:29 AM

When you walk into the sales centre there on the wall in big lettering is some cliche marketing speak that says “discover sophistication and lifestyle refined” which is then followed by a grammatical disaster of a paragraph that tries so hard to be sophisticated and refined. I’m not the best writer but even I cringed at this. You want someone to spend half a million dollars on sophistication and lifestyle refined and the windows start three feet off the floor like it’s 1992 or something.

Ok I’m done being negative I just want this to move. It’s a big project and other investors are looking to it as a barometer.
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#239 Jackerbie

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Posted 10 March 2020 - 07:32 AM

BP still hasn't been issued



#240 Mixed365

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Posted 11 March 2020 - 07:34 AM

When you walk into the sales centre there on the wall in big lettering is some cliche marketing speak that says “discover sophistication and lifestyle refined” which is then followed by a grammatical disaster of a paragraph that tries so hard to be sophisticated and refined. I’m not the best writer but even I cringed at this. You want someone to spend half a million dollars on sophistication and lifestyle refined and the windows start three feet off the floor like it’s 1992 or something.

Ok I’m done being negative I just want this to move. It’s a big project and other investors are looking to it as a barometer.

Haha. 

 

Did they fire the firm that was marketing it (Magum I think) to do it all in house?


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