Is $11.8 million realistic for this property? Does that asking price make only a project of the proposed scale economically feasible?
I'm worried that nothing is ever going to happen with this land.
CANCELLED Speed and Frances, west tower Uses: condo, commercial Address: 606 Speed Avenue Municipality: Victoria Region: Urban core Storeys: 12 Condo units: (loft, 1BR, 2BR) Sales status: in planning |
Posted 24 September 2016 - 08:53 AM
Is $11.8 million realistic for this property? Does that asking price make only a project of the proposed scale economically feasible?
I'm worried that nothing is ever going to happen with this land.
Posted 24 September 2016 - 09:02 AM
...I'm worried that nothing is ever going to happen with this land.
Ditto.
Posted 28 September 2016 - 02:55 PM
It's definitely high, that's for sure. But who knows. This could be a sign of things to come.
I mean the Motel 8 property just sold for $6.5 million and it has an old hotel and a surface parking lot going for it.
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
Posted 28 September 2016 - 03:32 PM
...the Motel 8 property just sold for $6.5 million and it has an old hotel and a surface parking lot going for it.
And a buyer with deep pockets desperate to look good before an election. I am not sure this is indicative of "fair market value".
Posted 29 September 2016 - 11:22 AM
I was told that it works at 8 million.
Posted 11 October 2017 - 08:36 AM
Did this development/proposal ever find a buyer? It certainly wouldn't be a bad time to invest in this site given the hot housing market and the redevelopment of Mayfair...
Posted 17 November 2017 - 03:31 PM
Well I guess they found a buyer, there's an application for a development permit (with variance) with the city now.
Architect: Praxis
Units: 166 apartments, 10 townhouses, ground-floor commercial
Posted 17 November 2017 - 04:09 PM
Any renderings?
Posted 17 November 2017 - 04:26 PM
Any renderings?
Not yet. Here's the Dev Tracker folder: https://tender.victo...Number=DPV00059
Based on the substantially increased unit count (83 to 166), I imagine that the variance is for height. The zone allows for up to 37 m.
Posted 17 November 2017 - 04:28 PM
...Based on the substantially increased unit count (83 to 166), I imagine that the variance is for height...
And of course height is the thing that scares Council the most.
Posted 17 November 2017 - 06:04 PM
Not yet. Here's the Dev Tracker folder: https://tender.victo...Number=DPV00059
Based on the substantially increased unit count (83 to 166), I imagine that the variance is for height. The zone allows for up to 37 m.
Posted 17 November 2017 - 07:01 PM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
Posted 17 November 2017 - 09:07 PM
Posted 21 November 2017 - 12:28 PM
Plans aren't up yet, but the cover letter is now on the Dev Tracker. Changes from the original submission include:
- underground parking reduced from 2 levels to 1, due to poor soil conditions
- additional surface parking
- reduced commercial space
- no vehicle access from Speed Street
- 8 additional 3-bedroom units for affordable housing
- full balconies on tower units
Posted 21 November 2017 - 12:59 PM
Mike do we know who the developer is for this project...? Since the site was recently for sale, I assume that it might be someone different vs the original proponent?
Right! The project was originally marketed for sale by CBRE and my contact there says that CushWake took over the project, so he's unfamiliar with who may have purchased it.
The original proponent was Oakwood Park Estates. I don't know if they are still involved with the project.
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
Posted 21 November 2017 - 06:30 PM
Plans aren't up yet, but the cover letter is now on the Dev Tracker. Changes from the original submission include:
- underground parking reduced from 2 levels to 1, due to poor soil conditions
- additional surface parking
- reduced commercial space
- no vehicle access from Speed Street
- 8 additional 3-bedroom units for affordable housing
- full balconies on tower units
Posted 21 November 2017 - 06:54 PM
Without a picture you can't do much worse than that to make it sound like things have not improved. Surface parking and less commercial space?!
And the image that accompanies this thread suggests that unless some drastic re-design has taken place, the aesthetic will be straight out of the 1970s.
Posted 22 November 2017 - 07:31 PM
^ Hopefully that means it will go through staff and council quickly.
Posted 22 November 2017 - 08:47 PM
Get 'er built!
0 members, 1 guests, 0 anonymous users