CITIFIED
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MARCH 2020
Sponsored by
VANCOUVER ISLAND TECHNOLOGY PARK IS PURSUING EXPANSION Green project which will deliver over 300 homes. Citified.ca T he renta l a nd condom i nESQUIMALT The township’s plans to erect a multi-purpose community building at Esquimalt Gorge Park are moving forward with a refined design and support from municipal planners. T h e 1 1,300 s q u a re fo ot, two-storey structure, designed by Victoria-based Iredale Architecture with visual cues reminiscent of Japanese architecture, is proposed on a portion of a surface parking lot, approximately mid-way between the park’s Tillicum Road entrance to the east and Sioux Place to the west. The project will also include a re-arrangement of Gorge Park’s parking area to provide capacity for 100 vehicles. On the building’s main level several flex rooms, a kitchen, a meeting space, offices and storage rooms are planned with a significant water feature enveloping the southern and western frontages. Exterior decks will be situated along the north and east frontages. Funding for the project, in the range of $6 million, is part of a $17 million commitment to the municipality by the Capital Regional District (CRD) in exchange for permitting the CRD’s regional sewage treatment plant at McLoughlin Point along the township’s outer harbour waterfront. LANGFORD Western Speedway and significant holdings adjacent to the race track have been put up for sale. In early March CBRE Victoria announced the 81-acre property at 2207 Millstream Road, which includes the speedway and parcels used for industrial operations, an RV park and a gocart track, would entertain bids
The image credit is a follows: An artist’s concept drawing of Esquimalt Gorge Park’s multi-purpose community building planned adjacent to an existing parking lot. The project is designed with Japanese-style architecture to pay homage to the park’s Japanese tea house and garden that were destroyed by vandals during the Second World War. © TOWNSHIP OF ESQUIMALT / IREDALE ARCHITECTURE
from interested parties through June 18th, 2020. As part of a theoretical repurposing of the land, 35-acres will be set aside to accommodate Millstream Creek, which runs roughly through the middle of the land from north to south, and a considerable natural park area along the western perimeter. Belmont Residences East, an 85-suite, five-storey condominium project by Ledcor Property Investments earmarked for a site adjacent to the newly opened Thrifty Foods, will launch this spring while the nearly sold-out 80-suite Belmont Residences West, which marked the first phase residential offerings at the mixed-use district, is on schedule for April occupancy.
LOCAL KNOWLEDGE GLOBAL REACH Our team specializes in the Greater Victoria commercial real estate market. From single buildings to multi building portfolios, we provide a comprehensive range of real estate services to help investors, developers, landlords and tenants with their real estate needs.
SAANICH The Vancouver Island Technology Park adjacent to Camosu n Col lege’s I n te r u r b a n ca mpus is pu rsu i ng its fi rst expansion since t he l and’s early 2000s transformation from the Glendale Lodge care home into a tech hub. Planners are reviewing a submission for a two-storey hightech ma nu factu ri ng faci l ity eyed for a parcel currently occupied by a surface parking lot immediately east of the tech pa rk’s m a i n bu i ld i ng a long the 4400-block of Markham Street. VICTORIA Demol it ion of a 1970s-era rental building in the Fairfield
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neighbourhood has commenced as crews prepare for construction of a modern complex. Victoria-based Analogue Developments received municipal approvals in 2019 to replace the Beacon Arms apartments – with 34 residences across four levels, and several single-family homes fronting onto Quadra Street and Convent Place – with a mix of over 80 one and two-bedroom suites (including four townhome s) w it h i n a si x-s torey building that will inherit the same name. Construction of the new-build will begin later this year with completion eyed for 2022. Bosa Properties has secured approvals for three residential towers at Vic West’s Dockside
1410 Broad Street Victoria, BC A mixed use investment opportunity in the heart of Downtown Victoria. This 7,601 sf building is fully leased and is home to Cherry Bomb Toys, the National Toy Museum of Canada and 3 apartments.
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iu m bu ild ings w ill mark the resu mption of constr uction along Dockside Green’s Tyee Road frontage and Bosa’s first undertaking following the company’s acquisition of the multiacre development from VanCity Credit Union. Chard Development has been given the green light to proceed with the redevelopment of several parcels along Cook Street between Yates a nd Joh nson streets. The project will consist of a 13-storey market condominium tower and an eight-storey affordable ownership condom i n iu m w ith below-ma rket pricing, similar in concept to Chard’s Vivid project. Marketing is anticipated to begin later this spring. T h e Victor ia Dow ntow n Residents Association (DR A) is unwilling to back a 253-unit rental complex planned for the 900-block of View Street immediately east of the 19-storey View Towers. Nelson Investments’ proposal for a 15-storey residential building at 937 View Street – with a unit density not seen in decades – was sub mitted in the spring of 2017 and continues to make its way through the civic process following two significant design changes. In a letter issued to the City, DRA land use committee chair Ian Sutherland called the buildi ng’s sma l l su ites “cra mped quarters,” and questioned their su itabi l ity to loca l hou si ng needs. Mike Kozakowski of Citified. Citified is a comprehensive resource for researching a new-build home or commercial space in metro Victoria and southern Vancouver Island.
1323 Government Street Victoria, BC High street retail opportunity for an owner-occupier or investor. Located in Downtown Victoria this building has three distinct floor levels with retail space and a one bedroom suite.
COMMERCIAL REAL ESTATE EXPERTS Ross Marshall
Personal Real Estate Corporation Senior Vice President CBRE Investment Properties Group 250 386 0004 ross.marshall@cbre.com
Chris Rust
Personal Real Estate Corporation Senior Vice President CBRE Investment Properties Group 250 386 0005 chris.rust@cbre.com
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