BC based Merchant House Capital officially revealed its plans for the historic Time Colonist building, which the company purchased back in June.
According to the investment firm, the project will see the restoration and reconfiguration of the newspaper building into an “urban campus-style mixed-use environment”, featuring street level retail and 120-thousand square feet of office space.
The building will be reconfigured to include the installation of an interior atrium and a roof-top common space with a restaurant/cafe.
The printing facility would be changed into an urban entertainment area with distillery/brewery manufacturing zoning.
The project would also add up to 150-thousand square feet purpose-built rentals to be integrated into the existing structure, “to create a community-driven, work-live-play urban ecosystem,” the investment firm said.
Merchant House Capital’s also plans to replace the parking lots with two stories of townhomes, two stories of parking, and nine stories of residential units.
“Not only does the [Times Colonist] building embody the living history of Victoria and Vancouver Island, its preservation and reuse signals the emergence of the new Midtown urban village. We are excited to be a small part of the vibrant Victoria landscape.”
No official details have been released on the future of the Times Colonist or if any jobs will be lost.