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$200 Million Rental Housing Plan Proposed for View Royal, B.C.
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(Posted on Jan 11, 2017 at 02:00PM by Michelle Bogle)
A rezoning application has been submitted for a $200-million rental housing proposal that would be built on a peninsula jutting into the middle of Portage Inlet in View Royal – a town in Greater Victoria. If approved by council, the Christie Point redevelopment would be the largest rental project View Royal has ever seen.
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The 15.8-acre strip of land, which is home to a bird sanctuary, is also deemed an environmentally sensitive area. Toronto developer, Realstar Management, plans to incorporate features into the project to protect the shoreline and safeguard other natural features.
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If approved by city hall, it would take three to four years to complete construction and the project will employ 2,000 workers.
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Currently, Christie Point holds 161 units in apartment buildings constructed in 1963. Realstar bought the property in 2014 and is proposing to replace them with seven buildings. The new structures would stand within the footprints of the existing buildings and be four, five and six storeys tall, holding a total of 473 units.
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Area residents have expressed concern about increased density on the property, and fear it will bring more noise and traffic to the area. Some Christie Point renters also worry it may be difficult to find new accommodation in the Victoria region, where the vacancy rate is a tight 0.5% and rents have climbed year-over-year.
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Since construction is to be completed in phases, some existing tenants may have the option of relocating into the new project, but this may not be feasible for all renters. Realstar plans to give tenants six months notice (up from the legislated minimum of two months), plus a moving allowance or assistance, along with disconnection/re-connection of services and covering the cost of mail forwarding for six months.
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To learn more about this multi-family development and the plans that Realstar Management has put forward, please contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.
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