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1314-1318 Wharf Street
Uses: rental, commercial
Address: 1314-1318 Wharf Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 6
1314-1318 Wharf Street is a proposal for a six-storey mixed-use rental complex with ground floor retail space ... (view full profile)
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[Downtown] 1314-1318 Wharf Street / Northern Junk | Rentals; retail | 6-storeys


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#601 Vin

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Posted 16 September 2021 - 04:18 PM

But then again, it does much more than any modern building has yet done in the old town/inner harbour area. It does much more than the lame 1990s faux-heritage reno it replaced, and it does much more than the Harbour Square complex right next door.

 

Instead of nursing that established Victorian attitude of eternal dissatisfaction, why not dare to break the pattern and ask ourselves: What exactly is our standard? What are we comparing against? Why do we place such a heavy burden on each singular small project? And what do we gain by supposing Victoria's built form is so incomparably challenging and undefinable that any new development must inevitably be inadequate and disappointing?

 

All we really need to do is open our eyes and take an honest look at what's there now and what was there in the past.

 

I do agree with you that the Harbour Square is one of the worst buildings to be built in the heritage district. Others include the few parkades that serve as eye sores all around town.



#602 Nparker

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Posted 13 October 2022 - 10:46 PM

Any updates on this project?



#603 Hotel Mike

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Posted 17 February 2023 - 03:31 PM

Does anyone know why there is no work being done on the Northern Junk property? I thought they had all their approvals.


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Don't be so sure.:cool:

#604 Nparker

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Posted 17 February 2023 - 03:34 PM

If the developer waits long enough, the stability of the existing structures will be so poor they won't be salvageable and the project can proceed without the expense of their restoration.



#605 aastra

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Posted 17 February 2023 - 05:01 PM

But then you're back to square one all over again (all over again).


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#606 Nparker

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Posted 17 February 2023 - 05:35 PM

It would take about 5 minutes for even a second-rate architect to re-envision this project without the heritage structures. Throw in a few bus passes and promise no parking and the current council will rubber stamp the changes. Heritage preservation isn't important through the "climate change lens".


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#607 Nparker

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Posted 15 August 2023 - 10:09 AM

Another 6 months and still no activity here?


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#608 Mike K.

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Posted 15 August 2023 - 02:12 PM

I think we'll be hearing more about this one soon. Hang tight.


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#609 GaryOak

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Posted 15 August 2023 - 03:25 PM

Insider information?

#610 Mike K.

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Posted 15 August 2023 - 03:30 PM

Buy shares now!
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#611 Nparker

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Posted 02 January 2024 - 01:09 PM

I think we'll be hearing more about this one soon. Hang tight.

Tick-tock...



#612 Nparker

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Posted 02 January 2024 - 01:12 PM

...Site preparation will begin after permits are approved. Stovell estimates completion sometime in 2024...

Just 364 days to get this completed.


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#613 Nparker

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Posted 02 January 2024 - 01:18 PM

Just as a reminder...

approved Aug 5 2021.png



#614 Victoria Watcher

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Posted 09 February 2024 - 04:28 AM

Developers of the long-vacant historic Northern Junk buildings near Victoria’s Johnson Street Bridge had promised rental housing but now have permission to build strata units instead.

 

Victoria council approved a proposal in 2021 by Reliance Properties to rehabilitate the gold rush-era buildings and incorporate them in a six-storey mixed-use building with 47 rental residential units, commercial space, a waterfront walkway, a public alley and an elevator to connect the street to the waterfront.

 

Just over two years later, construction costs are up by 50 per cent and interest rates have skyrocketed, making the rental project unfeasible to finance, said Jon Stovell, president of Reliance Properties.

 

While the overall cost of the project is relatively similar whether it’s rental or strata units, a strata project allows the company to borrow a larger percentage of its costs, Stovell said.

 

Victoria council approved a request Thursday from Reliance Properties to terminate an agreement that required the development company to build rental housing, paving the way for Reliance to go ahead with condos.

 

Other elements of the project remain unchanged. The 47 units will range from about 400 square feet to 1,100 square feet, with four studio units, 30 one-bedroom units, nine two-bedroom units and four units with three bedrooms.

 

 

https://www.timescol...rentals-8281036



#615 Nparker

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Posted 09 February 2024 - 05:55 AM

It should also be noted that despite the switch from rental to condos, Stovell said many of the units will likely be purchased and rented out by owners.

#616 spanky123

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Posted 09 February 2024 - 08:57 AM

It should also be noted that despite the switch from rental to condos, Stovell said many of the units will likely be purchased and rented out by owners.

 

Yeah right. The economics apparently don't work for him to build and rent units but they work for an individual to pay the marked up price and then try to rent them.

 

This happens time and time again. A developer promises the world to get a plan through council and then at the first opportunity tries to go back and change it.



#617 Nparker

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Posted 09 February 2024 - 09:03 AM

Maybe if council hadn't ****Ed around with the developer for a decade a more economically viable project would have been possible. The CoV council reaps what it sows.
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#618 Mike K.

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Posted 09 February 2024 - 09:05 AM

The economics make it easier to crowd source the financing, ie selling strata units, than one lender backing the entire project.

It probably makes a lot of sense in this market. Theres a softening in the rental market and lots of supply still coming. The banks don’t like that. Developers are directed by what their lenders want, and sometimes have to get creative to deliver their project and more housing. In this case, if we want to restore the old buildings and build this housing, condos make more sense.

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#619 Victoria Watcher

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Posted 09 February 2024 - 09:07 AM

Why isn’t every build just strata titled even if they intend to rent all units. Does it cost a lot more to do that? Or is it just that rentals have a better chance for political approval?

#620 Mike K.

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Posted 09 February 2024 - 09:08 AM

Langford historically insisted every rental project be strata titled, in the event market conditions changed.

Strata titling does not mean it will be sold as condos. You are correct.

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