153 replies to this topic

[VicHockeyFan]

http://www.timescolo...rket-1.23262693

 

A nearly seven-acre assembly of land that includes the historic Capital Iron building, running from the foreshore of Victoria’s Upper Harbour east to Government Street, is going on the market for an unspecified price.

 

 

Mike Black, Ronald Greene’s son-in-law, is now sole owner of the Capital Iron business, which is a tenant in a building at 1900 Store St. Capital Iron also has stores in Sidney and Langford.

....

“Capital Iron has control of its leases for all three stores for the foreseeable future,” Black said.

 

 

 

Family spokesman and consultant David Ganong, managing director of Colliers International on Vancouver Island, said, “This is probably one of the best sites remaining in the city of Victoria. Where else do you find seven acres?”

Developers have approached the family in the past, he said.

He anticipates that given the size and scope of the lands, that Lower Mainland developers will be interested, noting that other major development properties have been purchased recently by Vancouver companies.

 

 

While all the lease terms are intact, it does not sound like a long-term thing.

[PPPdev]

This will be a feeding frenzy...

[Nparker]

This will be a feeding frenzy...

And a 50 year fight with CoV officialdom to get anything built here. 

[G-Man]

Wow this could be epic. This site has a lot going for it. Waterfront, heritage building and lots of space in a transition area.

Some areas for concern:

What is the state of the land under the waterfront parking lots. Are we going to see environmental remediation issues?

Public space. While of course a ribbon along the water will be needed along with some sort of pedestrian access from Store Street, I hope that we don't see large portions being set aside as public park or squares. With the lands around the bridge already being excessive and the future space that will be on the Rock Bay lands, too much here will be a negative.

I would hope that they seek rezoning from the industrial lands to residential especially since they are be used as industrial now in any part.

[spanky123]

And a 50 year fight with CoV officialdom to get anything built here. 

 

If the tenant leases are to remain in place, what could anyone really do with the property in the near term anyways?

[sdwright.vic]

I think it only the Capital Iron leases. The parking lot and shopping centre across the street could be redeveloped.

[rjag]

My neighbor is a manager there and I was just saying to him last week that I thought it interesting that the old man was still holding on to the parking lot and that it was still free parking. If anything I thought he would be putting pay parking in 2/3 of it or selling it ....guess something subliminal was going on in my mind....

 

Doesn't sound good for the business though, looks like if anything some downsizing will result. I was on the Chamber with Mike Black and knew him through business for a few years. Not sure if its still relevant or not, but he used to say a massive part of the business was the BBQ side of things from custom installations to simple sales and assembly. 

 

This one place is a serious local institution and I hope it will be around for years to come...unfortunately with MEC, Can Tire and Home Depot etc I'm not so sure

[rjag]

If the tenant leases are to remain in place, what could anyone really do with the property in the near term anyways?

 

Depends on the terms of the leases, any type of development could be 3-5 years in the works and that's usually a typical lease term with break clauses or renewals thereafter

[VicHockeyFan]

And of course any type of lease can be overcome with the right $$$$ offer.

[tiger11]

Ive heard the land adjacent to the water have difficult soil conditions. Between this and the multiple other lots in this area that are in the process, this area is starting to look quite attractive

[PPPdev]

All of Victoria has difficult soil conditions...

[Rob Randall]

^Come to think of it, in ten years I have never heard a developer say, "Soil's perfect!"

 

The potential of this site is mind-boggling. I can't conceive of what's truly possible.

[Bob Fugger]

The response on FB's "Old Victoria BC" page was about what one would expect.  Vancouver! Condos! Evil Developers!  All of the comments were basically a variation on:

 

 

 

 

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[Nparker]

The response on FB's "Old Victoria BC" page was about what one would expect.  Vancouver! Condos! Evil Developers! 

I sometimes wonder if there is a certain madness that affects people who live here.

[dasmo]

This is a hugely under utilized area. I would suspect they leave capital iron alone and build around it. They would just need to find alternate storage for all their "stuff" instead of WATERFRONT IN ONE OF THE MOST VALUABLE REALESTATE AREAS IN THE WORLD. The parking is also under utilized since it's not public anyway. It's a bigger thing losing my always there backup parking lot on the Flat Iron location. This development should integrate some form of parking though. Otherwise the parkades downtown are simply finished.... 

[Casual Kev]

I sometimes wonder if there is a certain madness that affects people who live here.

 

The attitude is prevalent in most big Canadian cities, sadly. That's what happens when the opinion of every idiot matters. "B-but this rental building will destroy the character of my listless neighborhood, only people like me have the right to live here!" "C-c-condo towers? How will I have privacy in my monster home yard next to downtown?" "I will not stand idly while entrepreneurial people want to do something with this old, derelict building I've never been to - preserve our heritage!". Even Atwood the progressive superstar author has publicly engaged in some ridiculous NIMBYism in Toronto.

Edited by Casual Kev, 11 April 2018 - 08:37 PM.

[grantpalin]

The response on FB's "Old Victoria BC" page was about what one would expect.  Vancouver! Condos! Evil Developers!  All of the comments were basically a variation on:

Got a link? I've been browsing that page but haven't found any news item featuring Capital Iron. I did expect there would be quite a hue and cry over this news, with the usual "Condos! Densification! Too much like Vancouver!" alarms.

[VicHockeyFan]

I dunno just because it’s up for sale does not mean anyone is gonna buy it.

I think folks are ahead of themselves here.

[VicHockeyFan]

Also why was the info leaked? Ahead of an actual listing usually everyone just denies it. Here everyone is talking.

[tiger11]

On my soil comment I meant in relative terms. Heard some serious costs would be associated above and beyond similar properties to the south (not that it would stop development). 

 

 

Also why was the info leaked? Ahead of an actual listing usually everyone just denies it. Here everyone is talking.

 

I was kinda wondering the same thing. I believe it to be accurate but odd cause I'm pretty sure Dave is no longer working with Colliers as of a month ago....