October 2021 Capital Region Commercial Real Estate Report

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A render of three-story townhouses in Washington, a 34-residence project by homebuilder Victoria Formwell Homes. Washington is soon arriving at 3080 Washington Avenue in the Burnside-Gorge neighborhood of the city of Victoria. © Formwell Homes

ESQUIMALT
The culmination of more than four years of construction in Esquimalt, the iconic community of Esquimalt Town Square, coincided with the grand opening of Splash Gallery, a new artistic initiative from Esquimalt Township Community Arts Council (TCCA).
At a ceremony on September 25, TCCA and developer Aragon celebrated the opening of Gallery Splash in a flexible community space adjacent to the new Esquimalt branch of the Greater Victoria Public Library (GVPL) slated to open this fall. Showcasing work by artists from across the community, Gallery Splash will hold hours in tandem with the library.

LANGFORD
Several high-rise towers have been proposed for the city’s Peatt Road corridor.
Based in Surrey Jagpal Developments is continuing approvals for what could become a duo of 24- and 19-story residential buildings, known as Langford Central, with 271 residences between the 2,700 blocks of Peatt and Scafe Roads. A four-storey office building, retail space on the ground floor and a daycare are also planned.
Further north Langford Gateway developments proposed a three- or four-building development dubbed the Langford Gateway on Peatt Road to Arncote Road. The Gateway towers could reach 22 storeys and collectively consist of 456 residential units.

SAANICH
16 years later Mayfair Tracks” closing, dismantling the building and selling the property to an Ontario company Loblaw corporation, signs of progress are on the horizon for what is currently a vacant 3.4-acre parcel straddling the border between Victoria and Saanich Tolmie Road.
Sold to Loblaw in 2006, the now vacant property at 760 Tolmie Avenue is on the market and includes a 100,000 square foot towing lease for a Loblaw branded grocery store.

Saanich Home deposit will expand if council approves the latest changes to a proposed redevelopment of a shopping center on Shelbourne Street to McKenzie Avenue.
Vancouver-based developer Wesbild Holdings, which initially proposed a new vision for University Heights Mall in the fall of 2017, submitted updated documents to the Saanich district calling for Home Depot’s expansion of some 9,200 square feet, bringing the store’s total area to 85,000 square feet, and several modifications to what it hopes to become a mixed-use commercial and residential project consisting of nearly 600 rental apartments and 165,000 square feet of commercial space.
Saanich’s council voted to send the project to a public hearing.

A creatively designed proposal along the Douglas Street upper corridor of Saanich could become a mixed-use landmark with rental residences and modern retail units.
Victoria’s Aryze Developments and based in Winnipeg 5468796 Architecture envisioned a six-storey, 169-unit rental complex for Island outfitters‘old location at 3319 Douglas Street. If built, the project will be one of the first to adopt Saanich’s new Uptown-Douglas plan guiding the construction and densification of the neighborhood core.

SOOKE
A newly built condominium has a market listing that could set a record among the city’s real estate offerings.
The Residences on Sooke Harbor, a four-story, 27-suite waterfront development in downtown Sooke, was completed last summer at the foot of Maple Avenue South and one of its penthouse listings in a setup two-bedroom, two-bathroom apartment was listed for $ 1.1 million. Grease price exceeds previous local condominium prices, hitting an average price range of $ 700,000 (also in the same project) and potentially setting a new high-end valuation at Sooke at over $ 1,100 per square foot .

VICTORIA
Local builder Formwell Homes unveiled its first residential project as demand for “missing” housing hits an all-time high in Victoria.
Co-founders of Formwell Sam ganong and Kyle ryan – accustomed to the capital’s real estate development industry with a combined 30 years in which they have helped deliver over 800 single and multi-family housing units – have joined forces on a traditionally-inspired townhouse development in the Burnside Gorge community.
Known as Washington, Formwell’s introductory offering (at 3080 Washington Avenue) will bring 34 two, three and four bedroom townhouses to the booming neighborhood.

A homeless shelter on Russell Street in Vic West will be transformed into 40 support homes, construction of which will begin by mid-2023, if plans outlined by Housing in British Columbia are approved.
BC Housing, at a community information session held in July, announced its intention to submit a formal rezoning request to the City of Victoria this autumn. The agency is seeking permissions to transform a warehouse at 225 Russell Street, currently used as a homeless shelter, into a residential complex managed by Victoria’s Our Place Society.

Mike Kozakowski is with Cited media and reachable at [email protected]


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