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CANCELLED
Corvette Landing
Use: condo
Address: 669 Constance Avenue
Municipality: Esquimalt
Region: Urban core
Storeys: 12
Condo units: 83 (studio/bachelor, 1BR, 2BR, 3BR)
Sales status: pre-sales
Corvette Landing was a proposal for a 12-storey, 83-unit condominium complex at the nexus of Constance Avenue,... (view full profile)
Learn more about Corvette Landing on Citified.ca
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[Esquimalt] Corvette Landing | 12-storeys | Rentals (formerly condos) | Approved


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48 replies to this topic

#41 AllseeingEye

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Posted 17 December 2019 - 08:50 PM

^ I can't decide is that image showing the back ass of the building overlooking the base or it that the "front" that will be seen from Admirals Rd?



#42 Mike K.

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Posted 18 December 2019 - 10:12 AM

From the homepage on Corvette's website:

Located at the corner of Admirals Road and Naden Way, Corvette Landing is set to become the gateway to the future of Esquimalt. This is the first residential project in British Columbia to feature Mass Timber Construction combined with Passive House Certification. Corvette Landing will be a visually stunning addition to the area.

 

With outstanding views of Esquimalt Harbour and the Strait of Juan de Fuca from every floor, we’re taking liveability and lifestyle to the next level. Our efficiently designed floor plans appeal to a broad spectrum of owners, from the smaller studios for the first time buyer to our larger 3 bedroom homes for a growing family.

 

 

I guess they haven't fully updated the content yet.

 

Have we seen this sort of thing before, where a condo in active pre-sales converts into a rental project?


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#43 Citified.ca

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Posted 18 December 2019 - 11:36 AM

Esquimalt condo dev in active pre-sales switches gears to become rental complex

https://victoria.cit...rental-complex/


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#44 Kapten Kapsell

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Posted 18 December 2019 - 03:15 PM

Do we know how many units they sold before switching to all rentals here?

 

This kind of thing has happened in the Toronto market where a big institutional investor like Ivanhoe Cambridge will come in and buy a pre-sales tower outright, triggering deposit refunds.  I can't recall it happening locally; the two closest examples (The Row on Johnson and 200 Cook Street) received development permits as strata but converted to rental before pre-sales really got going ...



#45 tiger11

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Posted 18 December 2019 - 08:24 PM

From the homepage on Corvette's website:

 

I guess they haven't fully updated the content yet.

 

Have we seen this sort of thing before, where a condo in active pre-sales converts into a rental project?

 

Yes we have, I know of one other project that is transitioning similarly in Greater Victoria. Unfortunately it all comes down to units sold and whether financing can be obtained given the strength in presales.



#46 Mike K.

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Posted 18 December 2019 - 09:13 PM

Is that right.

Can you speak to the details, or even a part of town?

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#47 Victoria Watcher

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Posted 19 January 2020 - 06:17 AM

An Esquimalt development is switching from a condominium to a rental project, even after pre-sales began.

 

Corvette Landing at 669 Constance Ave. is proposed to be Vancouver Island’s first mass-timber building. The 12-storey, 83-unit development would include seven studios, 27 one-bedroom plus den units, 43 two-bedroom units and six three-bedroom units. Ten of these units would also to be accessible units, plus commercial space on the ground floor. These units would be specifically designed for people who are blind, in wheelchairs, have upper-body prosthetics or suffer from PTSD.

 

 

 

https://www.vicnews....dos-to-rentals/

 

In December, however, Standing Stone Developments decided to switch the project from a condominium complex to a rental complex.

 

“There’s a much bigger need for rentals in the area,” said Casey O’Byrne, developer at Standing Stone in an initial phone call with Black Press Media.

 

Pre-sales for the project began in the spring, but O’Byrne said any units sold were to larger investors.

 

Several follow up calls and emails to Standing Stone were not returned, however the business did put in a notice to the Township of Esquimalt about the proposed changes.

 


Edited by Victoria Watcher, 19 January 2020 - 06:18 AM.


#48 Mike K.

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Posted 19 January 2020 - 06:46 AM

My friend isn’t a large investor and she purchased a unit there.
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#49 Victoria Watcher

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Posted 01 April 2020 - 06:06 PM

corvette gets a mention today in canadian architect:

 

 

 

The approach is already seeing significant success. Two projects based on the platform—the four-storey Monad_Rupert and 12-storey Corvette Landing—received a 2017 LafargeHolcim North America Award in their design phase. Both buildings start construction this summer. Corvette Landing was one of 11 projects selected in the CleanBC Better Buildings competition for net-zero energy-ready buildings.

 

 

 

https://www.canadian...itish-columbia/


Edited by Victoria Watcher, 01 April 2020 - 06:06 PM.


 



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