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Roundhouse Marketplace
Use: commercial
Address: Esquimalt Road at Sitkum Road
Municipality: Victoria
Region: Urban core
Storeys: 1
Roundhouse Marketplace is the first phase of Bayview Place's Roundhouse neighbourhood. Comprised of commercial... (view full profile)
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[Vic West] Roundhouse at Bayview Place | Condos; rentals; hotel; commercial | 2008 plan approved | 2020 plan proposed

Condo Commercial

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#701 Mike K.

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Posted 16 December 2021 - 08:11 AM

Certainly if taking a longer term outlook the scenario is more risk laden. These towers won’t be completed until at least 2030, so you’re not bringing inventory onto the market tomorrow in the present-day market, and Starlight is about to start construction on the first ~500 of 1,500-units at HGV.

To go from needing rentals for viability, as their application claimed in late 2020, to slashing rental units by over 50% within the span of a year, is a tell tale sign something is going on.

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#702 spanky123

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Posted 16 December 2021 - 08:25 AM

The market for buying large rental towers has really started to soften. The possibility that rent controls will be linked to the unit rather the tenant has been the final dagger to the heart for a lot of institutional investors like pension funds.

 

You are right about that. I know of a few owners that are quickly trying to unload the properties while there is still some money in the market. Most people think that the prospect of the NDP tying rent controls to the unit is very real and will be the precursor to widespread Government ownership of rental properties as owners will be forced to sell at liquidation prices to what will essentially be the only buyer.

 

IMHO the Government would have no qualms about screwing over a Starlight or Centurion as greedy capitalists that were profiteering.


Edited by spanky123, 16 December 2021 - 08:27 AM.

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#703 Nparker

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Posted 16 December 2021 - 08:52 AM

Is than an example of large, state controlled rental projects that have ever really been more than slums for the poor?



#704 berzele

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Posted 16 December 2021 - 06:24 PM

The previous Roundhouse submission in spring of 2021 assumed that they would be able to move the rail line a bit to the south, which allowed for different building and street / walkway placement.  It was a cool out of the box idea for a challenging site, but I figured at the time that it would be impossible for them to jump through all the hoops needed to get the rail line moved.  Since this new submission shows the rail line in its current location, I'm guessing that is one of the reasons for the changes. 

 

I also noted that the previous submission included way more details and drawings, and they had obviously spent a lot of time and money on that package. It was 112 pages compared to the new submission's 20 pages.



#705 Casual Kev

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Posted 16 December 2021 - 06:48 PM

We need a Mike Harris-type government that's not afraid to knock municipalities down several notches. Why successive administrations would rather ruin the entire housing market than tell cities they maybe shouldn't make building so hard, I'll never know. 


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