178 replies to this topic

[Mike K.]

I don’t know if this project is moving forward immediately. Hang tight for an update.

[Citified.ca]

20-storey hotel tower still on-track, developer says, as Fort Street's vacant Monk Office site offered for lease

https://victoria.cit...ered-for-lease/

[Nparker]

I'll believe it's "on-track" when/if ground ever gets broken.

[Mike K.]

There’s quite a lot of legwork in between receiving approvals and proceeding to construction.

[ventilatte]

Do development permits expire? This got approved almost two years ago, and if they're signing a new lease with a tenant it sounds like construction isn't beginning any time soon.

 

Or can they just sit on this indefinitely? 

[Mike K.]

Yes, they can sit on it for a while. It might have to wait until interest rates subside.

Note how the Hudson District was approved circa 2006, but didn’t complete until 2023. Same with Dockside, approved in 2003, touted as complete by 2015, and not even half finished.

[Barrrister]

Might be a long wait if interest rate drops are the key.

[IPH]

The wording in all of the City of Victoria development permit letters I have seen says "Please note that the Development Permit generally expires two years from the date of council approval unless otherwise specified in the permit."   If they haven't started before the two years runs out, I suspect they will have to go back to council to have the DP renewed.  But that is much simpler than getting the initial permit.

[Mike K.]

Oh yeah, that’s correct. The permits expire in every municipality, but I think there is also a perception that if you don’t build by Date X, you lose your rezoning/approvals.

[Victoria Watcher]

We are pleased to market for sale Montrose Apartments, located at 1114 Blanshard Street om Victoria, BC (the ''Property''). The Property is a character-rich building extremely well-located in the heart of Downtown Victoria. Montrose Apartments features retail uses at grade with residential rental units above. An abundance of shopping, restaurants, services, and pulive transit options are within walking distance to the Property. This is an excellent opportunity for an investor to acquire an incomce producing assest with significant potential for rental upside and value add opportunity. 

 

 

$7,300,000

 

 

1114 Blanshard St
Victoria, British Columbia V8W3Y7

 

 

https://www.realtor....ctoria-downtown

 

 

 

 

Edited by Victoria Watcher, 25 January 2024 - 04:41 PM.

[Victoria Watcher]

20-storey hotel tower still on-track, developer says, as Fort Street's vacant Monk Office site offered for lease
https://victoria.cit...ered-for-lease/

I beleive it to now be officially "off track".

[Victoria Watcher]

Currently on the development property is a Monk Office retail outlet situated between several other storefronts. Adjacent to the site is the Montrose Apartments building along Blanshard Street, which will be restored and upgraded as part of the overall vision for the block that Merchant House Capital acquired in the late fall of 2018.

 

https://victoria.cit...nshard-streets/

[Nparker]

Interesting. This project always seemed a bit too good to be true. Apparently it was.

[Mike K.]

Yeah, that’s too bad about the apartments. The tower can rise independent of the Montrose restoration, no?

[Nparker]

It can, but it probably won't.

[Victoria Watcher]

Yeah, that’s too bad about the apartments. The tower can rise independent of the Montrose restoration, no?

 

Prolly.

[Victoria Watcher]

Was this hotel to have zero parking?

[Nparker]

Was this hotel to have zero parking?

IIRC no parking is/was to be included. I imagine the nearby View Street parkade is/was deemed to be sufficient.

[Mike K.]

Was this hotel to have zero parking?

I believe so?