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PROPOSED
Douglas and Caledonia, condo
Uses: condo, commercial
Address: 710 Caledonia Avenue
Municipality: Victoria
Region: Downtown Victoria
Storeys: 21
Condo units: (studio/bachelor, 1BR, 2BR, 3BR)
Sales status: in planning
Douglas and Caledonia, condo, is a proposal for a 21-storey condominium tower with office and retail uses alon... (view full profile)
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[Downtown] Douglas and Caledonia | Rental, condo | Up to 21-storeys


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#1 Victoria Watcher

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Posted 08 January 2022 - 05:07 AM

Sorry moderators, I will let you fix the title.

This is a big project. It’s a good idea. Except the subsidized component. But that’s OK.



The half-city-block site, ­containing the former White Spot Restaurant and Capital City Centre Hotel, could see a cluster of buildings as high as 20 storeys, with housing for working and lower-income ­residents, office space, a ­grocery store, retail shops, ­restaurants, a ­day-care centre and a 9,000-square foot plaza at the corner of Douglas and ­Caledonia streets.

The proposal also includes a 90-unit supportive-housing building to be constructed in the parking lot directly across Douglas Street at 722 and 726 Discovery St., where those ­sheltering in the former Capital City Centre Hotel will be transitioned before the White Spot and hotel are demolished.

B.C. Housing is working on the venture with Chard Developments Ltd., which bought the White Spot site for $7.5 million in November.

https://www.timescol...c-plaza-4935251



About two-thirds of the 400 units would be market and below-market rental units, according to Chard, with the rest condominiums for sale.

The planned grocery store would be 30,000 square feet and there would be about 40,000 square feet of office space. Retailers and restaurants would have ample patio spaces, as well, said Chard.

Edited by Victoria Watcher, 08 January 2022 - 05:10 AM.


#2 Nparker

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Posted 08 January 2022 - 08:02 AM

I wish I could get excited about this, but all I can see is yet another "supportive housing" project coming to my neighbourhood.


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#3 Barrrister

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Posted 08 January 2022 - 08:06 AM

Vancouver will be happy to make sure that this is filled up right away. You would think that the City of Victoria already has more than it share.  I aam beginning to really understand why three of mu neighbours are looking to move out of Victoria at this point.


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#4 Mike K.

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Posted 08 January 2022 - 08:59 AM

So this is an all-rental project?

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#5 Victoria Watcher

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Posted 08 January 2022 - 09:02 AM

So this is an all-rental project?

 

About two-thirds of the 400 units would be market and below-market rental units, according to Chard, with the rest condominiums for sale.

 



#6 Mike K.

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Posted 08 January 2022 - 09:09 AM

Ah got it.

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#7 Nparker

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Posted 08 January 2022 - 09:16 AM

Someone has to subsidize those "below market" rentals; better it's the condo buyers than the taxpayers.



#8 Barrrister

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Posted 08 January 2022 - 09:43 AM

Why would anyone want to buy a condo when they have to endlessly subsidize renters? How much below market would those units have to be. 


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#9 Victoria Watcher

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Posted 08 January 2022 - 09:51 AM

Someone has to subsidize those "below market" rentals; better it's the condo buyers than the taxpayers.

 

I think we are going to get both subsidizing here.


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#10 Nparker

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Posted 08 January 2022 - 10:27 AM

I think we are going to get both subsidizing here.

You're probably right.  :(



#11 spanky123

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Posted 08 January 2022 - 10:35 AM

Why would anyone want to buy a condo when they have to endlessly subsidize renters? How much below market would those units have to be. 

 

Edit.


Edited by spanky123, 08 January 2022 - 10:40 AM.


#12 Victoria Watcher

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Posted 08 January 2022 - 10:37 AM

The 90 will be living across the street on Discovery. Not in the Caledonia/Douglas towers. The towers also will not mix rentals with condos.

The condo tower will likely be on the White Spot footprint. Or further east along Caledonia.

In the article, BC Housing hopes CoV approves it. But I suppose they could force it, as you say.

Edited by Victoria Watcher, 08 January 2022 - 10:41 AM.


#13 spanky123

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Posted 08 January 2022 - 10:41 AM

The 90 will be living across the street on Discovery. Not in the Caledonia/Douglas towers. The towers also will not mix rentals with condos.

The condo tower will likely be on the White Spot footprint. Or further east along Caledonia.

 

Edited my post, I don't see any reference to condos in the article. Appears as though all units will be subsidized accommodation or supportive housing of some sort.


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#14 Victoria Watcher

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Posted 08 January 2022 - 10:42 AM

Literally from the article:

About two-thirds of the 400 units would be market and below-market rental units, according to Chard, with the rest condominiums for sale.

Edited by Victoria Watcher, 08 January 2022 - 10:47 AM.


#15 Nparker

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Posted 08 January 2022 - 10:43 AM

... BC Housing doesn't feel as though they need municipal approval for their housing projects. They place nicely as long as it suits their needs. As we have seen elsewhere however, they can ultimately do as they see fit. 

Maybe someone should challenge BC Housing? I'd suggest starting with not giving the NDP an overwhelming majority in the next provincial election.


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#16 magmazing

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Posted 08 January 2022 - 07:52 PM

This BC Housing tweet shows the hotel and just the parking lot behind the White Spot

https://twitter.com/...232792521326594

 

So basically It'll be like Vivid having 844 Johnson across the street. I'm going to guess the condos will be sold the way Chard is selling Haven with the 10% down payment match. 



#17 MarkoJ

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Posted 08 January 2022 - 09:46 PM

Government paid $26 million for 43,566 sq/ft.
Chard Development paid $7.55 million (at a much later date in a rising market) for 28,800 sq/ft.

Even if we factor in the utility of the hotel for 3-4years at let’s say $5 million the government overpaid.

Is no one going to question this?
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www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#18 Nparker

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Posted 08 January 2022 - 11:02 PM

...Is no one going to question this?

The sheeple gave the NDP carte blanche to waste taxpayers money back in September 2020. 



#19 Barrrister

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Posted 09 January 2022 - 07:23 AM

There is a unholy alliance between activist government and the developers where massively overpriced public housing is getting built. I suspect that this is just starting to gather steam. 


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#20 Victoria Watcher

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Posted 09 January 2022 - 07:35 AM

Government paid $26 million for 43,566 sq/ft.
Chard Development paid $7.55 million (at a much later date in a rising market) for 28,800 sq/ft.

Even if we factor in the utility of the hotel for 3-4years at let’s say $5 million the government overpaid.

Is no one going to question this?

 

They bought up cheaper hotels in the one municipality that would allow it.  There was a very limited number of sellers.   

 

The government chose expediency (ready to go, sometimes already-occupied hotels) over cost savings of buying land and building.  


Edited by Victoria Watcher, 09 January 2022 - 07:36 AM.


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