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Capital Park Project Underway in Victoria, B.C.
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(Posted on Nov 14, 2018 at 07:57PM by Michelle Bogle)
Construction is about to commence on the new Capital Park Residences, which is part of a $250-million multi-phased mixed-use project behind Victoria’s legislature in the James Bay neighbourhood.Â
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The development is a partnership between Concert and Jawl Properties. The two companies bought the site (near Superior, Menzies and Michigan streets) in 2014 for $34 million when the province was selling land. Previously, it was used for old provincial offices and parking.Â
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A total of 113 homes are expected to be finished by early 2021 and will comprise of condominiums in five-storey and four-storey buildings, as well as seven townhouses. Condo prices range from $499,900 to $1.09 million for 485 square feet to 1,759 square feet units, while the townhomes will start at $1.489 million and offer 1,451 to 1,757 square feet of space.
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Twenty years ago, the Victoria Accord planning agreement was established for the area, which visualized a mixed-use approach. Goals of the accord included the development fitting in with the James Bay neighbourhood and the nearby legislature building, opening up the area with public access and amenities, and to preserve views. Today, that vision is becoming a reality as a second office tower of 120,000 square feet is slated to finish late next year.Â
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Currently, the site is also home to a 127,000 square foot office complex, which houses provincial staff. A Red Barn Market is open, along with a new library branch. Tenants have moved into 53 new rental apartments and a set of three heritage homes house 13 rental apartments. Much of the large public plaza is complete as well.Â
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To learn more about investment opportunities in Victoria’s James Bay neighbourhood or ongoing mix-use projects within the development, please contact our Vancouver office to speak with a Marcus & Millichap commercial real estate advisor.
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