Jump to content

      













UNDER CONSTRUCTION
The Sawyer Block
Uses: rental, commercial
Address: 840 Fort Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 6
The Sawyer Block is a six-storey purpose-built rental complex with nearly 900 square feet of ground floor comm... (view full profile)
Learn more about the Sawyer Block on Citified.ca
Photo

[Downtown Victoria] The Sawyer (formerly The George) | Rentals; commercial space | 6-storeys | Under construction

Rental Commercial

  • Please log in to reply
159 replies to this topic

#141 Kapten Kapsell

Kapten Kapsell
  • Member
  • 2,380 posts

Posted 20 August 2019 - 06:59 AM

There will be a CMHC announcement regarding this building tomorrow.

Perhaps an affordability component is coming?



#142 Mixed365

Mixed365
  • Member
  • 968 posts

Posted 20 August 2019 - 07:10 AM

Any construction update photos?


“To understand cities, we have to deal outright with combinations or mixtures of uses, not separate uses, as the essential phenomena.”
- Jane Jacobs 


#143 Mike K.

Mike K.
  • Administrator
  • 51,471 posts

Posted 20 August 2019 - 08:39 AM

Yes, it’s an affordability announcement.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#144 Mike K.

Mike K.
  • Administrator
  • 51,471 posts

Posted 20 August 2019 - 09:16 AM

$13.25 million in funding has been allocated by the federal government to The Sawyer, a 60-unit rental complex underway along the 800-block of Fort Street in downtown Victoria.

The project will deliver homes at 30% below market rental rates thanks to government subsidies.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#145 Nparker

Nparker
  • Member
  • 24,007 posts

Posted 20 August 2019 - 09:21 AM

What is the full construction cost of The Sawyer before any subsidies?



#146 Nparker

Nparker
  • Member
  • 24,007 posts

Posted 20 August 2019 - 02:18 PM

It's going to be pretty close quarters for "families" in 285-358 square feet.

...The units will range in size from 285 square feet for studio apartments to 358 square feet for one-bedroom units..."Soon, the Sawyer Block will provide an affordable home for families and individuals near the heart of downtown Victoria," said Parliamentary Secretary to the Minister of Families, Children and Social Development Adam Vaughan...

http://www.iheartrad...uites-1.9816712

 



#147 threePs

threePs
  • Member
  • 57 posts

Posted 20 August 2019 - 02:26 PM

What is the full construction cost of The Sawyer before any subsidies?

There is likely no subsidies as this is a construction financing program provided by CMHC. It's simply a low-cost loan which will usually be offered at 2%.

 

The bonus to program is cheap loans and a long amortization period. I dont believe any subsidy or free grants are being offered through the program.

 

I think it's safe to say that the construction cost is the financing that is being provided.



#148 Nparker

Nparker
  • Member
  • 24,007 posts

Posted 20 August 2019 - 02:30 PM

...I think it's safe to say that the construction cost is the financing that is being provided.

That's what I was getting at with my "subsidy" reference.



#149 Victoria Watcher

Victoria Watcher
  • Member
  • 6,946 posts

Posted 20 August 2019 - 02:30 PM

why does it need construction financing when it’s already under construction and already has financing?

Edited by Victoria Watcher, 20 August 2019 - 02:31 PM.


#150 Rob Randall

Rob Randall
  • Member
  • 10,601 posts

Posted 20 August 2019 - 03:14 PM

Today:

20190820_161543.jpg

"[Randall's] aesthetic poll was more accurate than his political acumen"

-Tom Hawthorne, Toronto Globe and Mail


#151 Victoria Watcher

Victoria Watcher
  • Member
  • 6,946 posts

Posted 20 August 2019 - 03:24 PM

that's today.  in a few days it'll have a big sign from the cmhc/government of canada.  nice election sign right on fort st.    



#152 spanky123

spanky123
  • Member
  • 11,736 posts

Posted 20 August 2019 - 08:13 PM

^ True that. Apparently a 385 sq ft loft at $1,500 a month is 30% below market and affordable.



#153 shoeflack

shoeflack
  • Member
  • 2,189 posts

Posted 21 August 2019 - 07:57 AM

So if I decide to rent out my 640 sq ft downtown condo for $1,600 a month and call it an affordable below market rental, I should be able to get one of these subsidies from the feds too, right?


  • Nparker likes this

#154 Mike K.

Mike K.
  • Administrator
  • 51,471 posts

Posted 21 August 2019 - 08:59 AM

The rates will span from $1,000 to $1,500.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#155 shoeflack

shoeflack
  • Member
  • 2,189 posts

Posted 21 August 2019 - 09:26 AM

So essentially we're saying about $3.50-$4.00 per sq ft per month is an affordable rental downtown?

 

I really can't believe that this project received this funding. It's not going to be the struggling low- to middle-income families living here that really could use the subsidies.

 

You can get a 567 sq ft one bedroom for $1,750 ($3.08 per sq ft per month) over at 1008 Pandora AND you're gaining equity through their Bosa Equity program.

 

I just don't get this funding, or how this building is suddenly considered "affordable" in comparison to what else is on the rental market.



#156 Victoria Watcher

Victoria Watcher
  • Member
  • 6,946 posts

Posted 21 August 2019 - 09:29 AM

it’s in the victoria riding and in a great spot for a sign. they also said specifically they’d like to target hospitality and tech workers. not really sure but whatever.

why any building that is already started gets funding is very questionable. but a government decision was made.

Edited by Victoria Watcher, 21 August 2019 - 09:30 AM.

  • shoeflack likes this

#157 threePs

threePs
  • Member
  • 57 posts

Posted 22 August 2019 - 03:17 PM

The rates will span from $1,000 to $1,500.

Link to source?



#158 shoeflack

shoeflack
  • Member
  • 2,189 posts

Posted 22 August 2019 - 03:21 PM

"They range in size from 285 square feet to 358 square feet. Rent is estimated to be around $995 to $1450 per month." - https://www.timescol...plex-1.23921654



#159 threePs

threePs
  • Member
  • 57 posts

Posted 22 August 2019 - 03:49 PM

^ True that. Apparently a 385 sq ft loft at $1,500 a month is 30% below market and affordable.

The financing program only requires 20% of the units to be at 30% of median income for total families ($96,000 = $2400/month in rent), and for 90% of the whole building to be at Total Potential Gross Income (what maximum you could charge for rents based on assessment).

 

So by saying "The project will deliver homes at 30% below market rental rates thanks to government subsidies." I think will end up being misleading.



#160 Mike K.

Mike K.
  • Administrator
  • 51,471 posts

Posted 22 August 2019 - 03:59 PM

If you haven't yet checked out Citified's Q&A with Robert Fung, founder of the Salient Group, you can do so here: https://victoria.cit...-salient-group/


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


 



0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users