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CAPITAL PARK BREATHES NEW LIFE INTO JAMES BAY
from CAM August 2022
by MediaEdge
By Erin Ruddy Capital Park is a $250-million, master-planned community located in the surging rental market of Victoria, BC. Breathing new life into the large city block that links James Bay with the downtown core, the land was acquired by Concert Properties and Jawl Properties in 2014, and has been a busy projectsite ever since. Once home to cement parking lots and aging provincial office buildings, Capital Park has transformed the neighbourhood into a thriving, vibrant, destination offering commercial space, retail, condominium and rental residences.
CAPITAL PARK BREATHES NEW LIFE INTO JAMES BAY
Leasing efforts for our rental residences have been minimal given the enormous demand for modern, well-appointed rental housing in the area,” said Kerri Jackson, Senior Vice President, Property Management. “This is likely also due to the low vacancy rates, which have remained around 1% in Victoria over the last few years.”
Unlike the vacancy spikes seen in Vancouver and Toronto during the pandemic, few doors opened these past two years for would-be renters in Victoria. In fact, according to a recent report from Colliers, the Greater Victoria purpose-built rental market had a recordbreaking year in 2021—the result of high demand, stable returns, and low interest rates that have since gone by the wayside. For its part, Capital Park has brought 66 new rental homes to the undersupplied region, which were snapped up quickly. Described as “modern homes in a historic community,” the spacious suites at Capital Park are equipped with wood grain laminate cabinetry, quartz countertops, wood-patterned plank flooring and porcelain tile bathrooms, and come in a range of layouts.
“The vision for Capital Park was realized as planned, with the community seamlessly blending into, and enhancing the neighbourhood,” Jackson said. “Since COVID, we’ve been seeing that residents are more willing to communicate remotely, with fewer in-person meetings. However, there has not been any diminishment of Concert’s customer service. We’re also seeing more residents
“working from home full time. At Capital Park Residences, there’s a working lounge on the main floor, and upstairs there’s a beautiful lounge with an expansive roof deck where residents can work and socialize. Some of our newer developments planned since COVID have generous working spaces within community lounges, as well as dedicated workspaces.” Meanwhile, Environmental & Social Governance has emerged as a top priority for the building sector—something Concert Properties has been proudly committed to since before it became a buzz term. According to the company’s sustainability mission, “We design, construct, and manage buildings that foster resilient and inclusive communities where residents can live healthy lives full of meaning. We work to lower greenhouse gas emissions, reduce waste, and lower our environmental impact while increasing the value of our portfolio now, and in the future.”
Gardens galore
Known as “Garden City” for a reason, Victoria is located on the southern tip of Vancouver Island where mild winter temperatures, colonial British heritage, and expansive green spaces all add to the city’s allure and projected growth. Popular among tourists, retirees, students, and young tech professionals, Victoria is the 15th largest city in Canada with a total population of 383,360, and roughly 86,000 in the urban core. Small but dense, Victoria had 3,535 apartment units
The James Bay Neighbourhood
James Bay in Victoria is a quiet yet dynamic urban neighbourhood that offers the charm of a small village with all the convenience of downtown amenities nearby. Extensive waterfront is a real draw, and thus tourism plays a significant role in its economy with so many of Victoria’s key attractions located in the vicinity. The heart of the neighbourhood is the village, filled with local shops and many community services. James Bay is extremely walkable and bike-able, and acts as a hub for many running and walking events along scenic Dallas Road.
Building a “people-first” future
Putting people first has been at the heart of the Concert story since the company was founded in 1989. During that time, it has grown and diversified, becoming a real estate corporation wholly owned by union and management pension plans representing over 200,000 Canadians. Today, Concert develops and manages rental apartments and seniors’ active aging communities; develops condominium homes; acquires and manages commercial properties; and invests in and manages public infrastructure projects across Canada. With ten mixed-use, master-planned communities currently underway, the team says it is deeply invested in improving the lives of the people who live and work in its communities.
under construction in Q1 2022, with projects in the urban core and the West Shore dominating the pipeline.
At Capital Park, the community was designed to compliment its surroundings. Located just steps from the inner harbour and close to the Legislative buildings, a key feature is an integrated network of plazas, courtyards and landscaped pathways designed to maximize and encourage foot traffic. Extensive amenities and varied retail options such as the Victoria Public Library branch, Red Barn Market, and Good Earth Coffeehouse have increased the area’s appeal, making it a vibrant destination for locals and tourists alike. “With offices serving government and easy access to several amenities, there is a real connectedness and integration with the local community,” Jackson said. “Careful consideration was given to maintaining the neighbourhood’s original character—for instance, three heritage homes were fully restored and renovated as 13 residential suites, and the landscaping features are beautiful with a large amount of green space to soften the impact of the commercial aspects of the property.”
Designed in partnership with local developer Jawl Properties, Jackson calls Capital Park a great example of a successful masterplanned community, and one that wouldn’t have been possible without the support of the City of Victoria. Currently Concert has ten master-planned communities in various phases of development across Canada and sees collaboration as central to success.
Find out more about Capital Park Residences at: www.concertproperties.com
