Construction has officially commenced on a significant new development at the north end of Victoria's downtown core. The project, a collaboration between Chard Developments and the provincial government through B.C. Housing, will introduce 505 new rental units to the city. Located on the former site of a White Spot restaurant and the Capital City Centre Hotel at Douglas and Caledonia streets, the development promises to reshape the urban landscape and address housing needs.
Key Takeaways
- A total of 505 new residential rental units will be added to downtown Victoria.
- The project includes two towers managed by Chard Developments and one tower owned by B.C. Housing.
- Approximately 20% of the B.C. Housing units will be offered at below-market rates.
- The development will feature extensive commercial space, including a full-service grocery store, restaurants, retail, co-working spaces, and a childcare facility.
- Completion is anticipated in 2029.
A New Era for Downtown Victoria
The groundbreaking ceremony marks a pivotal moment for the northern section of Victoria's downtown. The mixed-use complex will feature three residential towers, with two standing at 21 and 22 storeys, managed by Chard Developments. The third tower, a 16-storey building with 133 units, will be owned and operated by B.C. Housing. Of these B.C. Housing units, a fifth will be designated for below-market rents, managed by a non-profit organization.
The development is designed to be more than just housing; it aims to create a vibrant community hub. Approximately 60,000 square feet are allocated for commercial purposes, including a substantial 34,000-square-foot Thrifty Foods grocery store that will anchor the base of the tallest tower. Additionally, the complex will offer co-working spaces and a childcare facility capable of serving up to 44 children. A central public plaza at the intersection of Douglas and Caledonia streets is planned to serve as a gathering space for residents and visitors.
Addressing Housing Needs and Community Spaces
Byron Chard, CEO of Chard Developments, expressed excitement about the project, highlighting years of collaborative effort with the City of Victoria and B.C. Housing. He emphasized the site's potential not only for housing but also for job creation, essential services, and fostering a public gathering space. While the total investment value was not disclosed, it is described as significant for downtown Victoria.
The provincial government, through the Ministry of Housing and Municipal Affairs, views this project as a strategic partnership to maximize the redevelopment potential of the properties. The B.C. Housing tower is receiving substantial support, including $73 million in construction financing and an $8 million grant from the B.C. Housing Builds program. Housing Minister Christine Boyle stated that the development is focused on creating attainable homes and spaces for community connection.
Project Details and Future Outlook
This venture represents Chard Developments' 15th major project in Victoria over the past two decades. The company recently broke ground on a new hotel in the city and is confident in its ability to deliver the current residential project by 2029, despite economic challenges such as rising material and labor costs. Residents are expected to move in as units are completed.
The B.C. Housing tower will comprise 54 studio apartments, 34 one-bedroom units, and 15 three-bedroom units. The two larger towers by Chard will offer a mix of 4 studios, 234 one-bedrooms, 112 two-bedrooms, and 22 three-bedroom units. Commercial spaces will include dedicated areas for restaurants, retail, and co-working, alongside the community plaza featuring seating, a water feature, and landscaping.
Recent adjustments to the project's design, approved by Victoria council, included increasing residential units by eliminating some office space and slightly modifying tower heights. Parking requirements were also reduced, with a greater emphasis placed on alternative transportation options like expanded bike parking and car-share programs.
Victoria Mayor Marianne Alto acknowledged the development as a crucial step in the city's ongoing efforts to expand housing choices for its residents.
