APPROVED Harris Green Village, tower 1 Uses: rental, commercial Address: 900-block of Yates Street Municipality: Victoria Region: Downtown Victoria Storeys: 32 |
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[Harris Green] Harris Green Village & Harris Victoria Chrysler/Dodge redevelopment | Multi-phased; mixed-use | Proposed
#801
Posted 10 September 2022 - 07:33 AM
An infusion of 1,500 rental units was usurped by MMI, that wouldn’t have added much housing by the city’s own admission. Thanks, Twitter truckers.
I trust the new council will respect the process and vote accordingly, but there are no guarantees. I have a feeling it would have been green lighted by the current council.
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#802
Posted 10 September 2022 - 07:35 AM
#803
Posted 10 September 2022 - 07:36 AM
Edited by Victoria Watcher, 10 September 2022 - 07:37 AM.
#804
Posted 10 September 2022 - 07:57 AM
That’s going to be transformative for downtown.
The OCP is 15 years out of date. I haven’t seen a project in the downtown core rise that is within the OCP confines.
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#805
Posted 10 September 2022 - 08:26 AM
The Harris Green OCP was out of date at the time of its creation.
#806
Posted 11 September 2022 - 07:59 AM
That said I would certainly love to see more density in the future.
#807
Posted 11 September 2022 - 08:49 AM
I can't think of a more appropriate place for this sort of density, regardless of the OCP.
#808
Posted 11 September 2022 - 08:53 AM
- Barrrister likes this
#809
Posted 11 September 2022 - 02:46 PM
Now those 1500-units hang in the balance. Let’s see if housing Twitter wakes up, and recognizes what a tragedy they helped foster, and does right.
- 2F2R likes this
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Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#810
Posted 13 September 2022 - 06:26 AM
https://www.vicnews....oposals-future/
#811
Posted 25 October 2022 - 09:53 AM
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Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#812
Posted 25 October 2022 - 09:56 AM
I'm guessing this will move forward and will be approved by the new council. It adds a large supply of new rental units to the core with almost no displacement of existing tenants...
#813
Posted 25 October 2022 - 10:29 AM
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#814
Posted 25 October 2022 - 10:39 AM
Is the plan to relocate Market on Yates and London Drugs to this phase once completed? Does anyone know?
#815
Posted 25 October 2022 - 10:42 AM
Market on Yates will be moving to the 1000-block from the 900-block, permanently. No word on London Drugs just yet, but I imagine they'll want to be in the 900-block so they may temporarily switch over to the 1000?
But first, this project has to get approved.
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#816
Posted 25 October 2022 - 11:22 AM
Apparently there is some talk that the financing for a rental building is problematic at this point. There are concerns over a number of issues but mostly a looming recession.
#817
Posted 25 October 2022 - 11:31 AM
- Kapten Kapsell and Nparker like this
#818
Posted 25 October 2022 - 11:32 AM
If anyone has the money and long-term outlook, it’s Starlight. Not sure they are scared off this market.
I suspect Starlight has the capital to self-finance this project and will not need to rely on an external lender...
#819
Posted 25 October 2022 - 01:03 PM
#820
Posted 25 October 2022 - 01:19 PM
Do developers self finance? I’m not too familiar with the typical large development finance schemes to answer that. What’s the usual interest rate paid to banks for developments?
They can self-finance if they have cash on hand or if they have an alternate way of quickly raising cash (i.e. selling shares, liquiding one or more assets etc.)
The interest rate that a developer will get from a bank is going to be several points higher than a typical home mortgage rate; right now, that rate is likely in the 8-10% APR range. Thus, some developers seek provincial or federal loan guarantees as a way to make projects feasible (BC Housing can lend at a much lower rate than a bank can).
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