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APPROVED
Harris Green Village, tower 1
Uses: rental, commercial
Address: 900-block of Yates Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 32
Harris Green Village, tower 1 is a proposal for a 32-storey mixed-use purpose-built rental tower with ground f... (view full profile)
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[Harris Green] Harris Green Village & Harris Victoria Chrysler/Dodge redevelopment | Multi-phased; mixed-use | Proposed


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#801 Mike K.

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Posted 10 September 2022 - 07:33 AM

What a mess.

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 Nparker

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Posted 10 September 2022 - 07:35 AM

There's no good reason for a new council not to support this proposal.

#803 Victoria Watcher

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Posted 10 September 2022 - 07:36 AM

^ ^ Respect the process? It requires a lot of rezoning and it goes against the OCP. So while I’m all for it, “the process” is a political decision is required to green-light it. At least as currently proposed.

Edited by Victoria Watcher, 10 September 2022 - 07:37 AM.


#804 Mike K.

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Posted 10 September 2022 - 07:57 AM

The process that got us to where we are. There was a lot of wheeling and dealing to arrive at the current proposal, with the city getting a lot in terms of amenities, but more importantly, 1,500-units of rental housing in the downtown core with a park, community meeting space and below market units.

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The OCP is 15 years out of date.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 Nparker

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Posted 10 September 2022 - 08:26 AM

The Harris Green OCP was out of date at the time of its creation.



#806 G-Man

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Posted 11 September 2022 - 07:59 AM

To start I will say that I am a huge proponent of this project but I will counter the OCP comment by saying that the latest OCP actually did allow for most of the buildings we see going up along Johnson and Cook.

That said I would certainly love to see more density in the future.

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It has a whole new look!

 


#807 Nparker

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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 Victoria Watcher

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Posted 11 September 2022 - 08:53 AM

That’s the thing, right. Not much better place. Except maybe the car lot zone In and about Douglas and Blanshard. Between Hillside and the Saanich border.
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#809 Mike K.

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Posted 11 September 2022 - 02:46 PM

That’s what makes it all the more comical, that housing Twitter forgot about 1500 units of guaranteed rental housing delivered over the span of half a decade, but pursued a housing policy all hands on deck that they themselves admit won’t produce much housing at all.

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.
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#810 Victoria Watcher

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Posted 13 September 2022 - 06:26 AM

Victoria’s next council to decide Harris Green Village proposal’s future

 

https://www.vicnews....oposals-future/



#811 Mike K.

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Posted 25 October 2022 - 09:53 AM

What’s the consensus on this project’s future, under the new council?

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#812 Kapten Kapsell

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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 Mike K.

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Posted 25 October 2022 - 10:29 AM

Certainly. It’s everything the last council wanted, on all fronts. It’ll even deliver a park to the downtown core.

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#814 dkuitu

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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 Mike K.

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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.


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#816 Barrrister

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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 Victoria Watcher

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Posted 25 October 2022 - 11:31 AM

If anyone has the money and long-term outlook, it’s Starlight. Not sure they are scared off this market.
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#818 Kapten Kapsell

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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 lanforod

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Posted 25 October 2022 - 01:03 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?

#820 Kapten Kapsell

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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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