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Capital Iron lands


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#41 Kapten Kapsell

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Posted 29 May 2020 - 12:00 PM

This is Chris Le Fevre’s domain. I’m sure that competition for this land was something else.


Isn’t Chris planning to retire after the final Railyards phase...?

#42 IPH

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Posted 29 May 2020 - 12:38 PM

From the TC story:

EZM5cRgXYAAIgY9.jpg

Interesting that this shows the portion on the West side of Store street extending all the way to the water on the West side.  BC Assessment shows that portion as 4 separate legal lots with the largest one being the western most strip along the harbour.  That lot was previously owned by Transport Canada and had some nasty contamination on it that was capped but not removed to my knowledge.  I suspect that's why it has the lowest assessed value even though it the largest lot on the west side of Store Street. 



#43 Nparker

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Posted 29 May 2020 - 12:39 PM

Selling/creating a moderately dense residential component on the "east" lot could help finance the waterfront parcel.


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#44 Victoria Watcher

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Posted 29 May 2020 - 12:43 PM

that's where the casino was supposed to go.



#45 IPH

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Posted 29 May 2020 - 12:46 PM

that's where the casino was supposed to go.

I thought the casino was suppose to go north of there?



#46 Rob Randall

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Posted 29 May 2020 - 12:59 PM

that's where the casino was supposed to go.

 

And the 1994 Commonweath Games stadium.


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#47 Victoria Watcher

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Posted 29 May 2020 - 01:01 PM

And the 1994 Commonweath Games stadium.

 

i think you mean the arena.  that was never build in time.



#48 Rob Randall

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Posted 29 May 2020 - 01:15 PM

Right, the arena. The stadium was supposed to be the harbour at that time.


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#49 spanky123

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Posted 29 May 2020 - 01:44 PM

This is Chris Le Fevre’s domain. I’m sure that competition for this land was something else.

 

Not really. Reliance may be the developer that bought the lands but this has Helps and council's fingerprints all over it. Nothing is going to get built in that area unless it has lots of affordable and social housing, the arts gallery, performance centres, an ocean tech cluster and every other pet project they have dreamed up. Helps will view this as her one chance to actually get something in place before she leaves.

 

I fully expect that by early next year Capital Iron will be announcing their closure as they start to sell off inventory. I suspect the business was marginally profitable when they owned the land but they can't be in a position where they can afford anywhere near market rent.


Edited by spanky123, 29 May 2020 - 01:48 PM.


#50 mbjj

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Posted 29 May 2020 - 01:49 PM

Gosh I really like Capital Iron's kitchen section. That would be a darn shame if it goes.They have a good selection and good prices. There aren't many places like that in Victoria that I can think of. Also good Christmas light section.



#51 Nparker

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Posted 29 May 2020 - 02:03 PM

... good Christmas light section.

CI's Xmas offerings have really been pared down in the past couple of years. They used to be my go-to place for seasonal holiday decor, but now I barely even bother to make a visit.



#52 IPH

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Posted 29 May 2020 - 02:04 PM

 

I fully expect that by early next year Capital Iron will be announcing their closure as they start to sell off inventory. I suspect the business was marginally profitable when they owned the land but they can't be in a position where they can afford anywhere near market rent.

If that was the case then their Westshore location would have closed years ago.  I would imagine that Ron Greene was charging the business market rent and as Mike Black said in the TC article, they plan to continue operations, the only change is where the rent check goes.


Edited by IPH, 29 May 2020 - 02:05 PM.


#53 North Shore

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Posted 29 May 2020 - 04:46 PM

Good 1947 aerial photo. What a mess.

 

http://vintageairpho...com/bo-47-1456/

 

I had no idea that the ValueVillage building was older than the Memorial Arena, yet that photo shows the arena being built..


Say, what's that mountain goat doing up here in the mist?

#54 VIResident

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Posted 29 May 2020 - 06:15 PM

Not really. Reliance may be the developer that bought the lands but this has Helps and council's fingerprints all over it. Nothing is going to get built in that area unless it has lots of affordable and social housing, the arts gallery, performance centres, an ocean tech cluster and every other pet project they have dreamed up. Helps will view this as her one chance to actually get something in place before she leaves.

 

I fully expect that by early next year Capital Iron will be announcing their closure as they start to sell off inventory. I suspect the business was marginally profitable when they owned the land but they can't be in a position where they can afford anywhere near market rent.

 

THIS developer will wait for the right Mayor and Council and highly unlikely working with the current one at all - unless they make an offer that simply cannot be refused i.e. tax free decade etc. 



#55 Rob Randall

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Posted 29 May 2020 - 06:30 PM

I had no idea that the ValueVillage building was older than the Memorial Arena, yet that photo shows the arena being built..

 

It was the Kelly Douglas & Co. wholesaler until the 1970s when it became Wosk's Furniture.


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#56 Mike K.

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Posted 30 May 2020 - 05:57 AM

Not really. Reliance may be the developer that bought the lands but this has Helps and council's fingerprints all over it. Nothing is going to get built in that area unless it has lots of affordable and social housing, the arts gallery, performance centres, an ocean tech cluster and every other pet project they have dreamed up. Helps will view this as her one chance to actually get something in place before she leaves.

I fully expect that by early next year Capital Iron will be announcing their closure as they start to sell off inventory. I suspect the business was marginally profitable when they owned the land but they can't be in a position where they can afford anywhere near market rent.


The mayor has her sights set on multiple projects so not all eggs will go into one basket here. There’s a lot going on in terms of providing modernized services for residents via new projects.

We also may not want to assume Reliance intends a fast play here, as Le Fevre has several more phases to go with Ironworks and is working on Powerhouse.

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#57 G-Man

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Posted 30 May 2020 - 09:28 AM

They have been able to move pretty quick on the Northern Junk Buildings. Hoping the city lets them do the same here.
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#58 spanky123

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Posted 30 May 2020 - 09:55 AM

THIS developer will wait for the right Mayor and Council and highly unlikely working with the current one at all - unless they make an offer that simply cannot be refused i.e. tax free decade etc. 

 

I think that most developers feel as though they have a pretty friendly Mayor. The vast majority have been left off the hook on CAC's and been given the density they wanted for projects. 


Edited by spanky123, 31 May 2020 - 09:48 AM.

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#59 Mike K.

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Posted 30 May 2020 - 05:00 PM

They have been able to move pretty quick on the Northern Junk Buildings. Hoping the city lets them do the same here.


Only 10 years :)

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#60 Nparker

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Posted 30 May 2020 - 05:33 PM

Only 10 years


And counting...

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