The downtown Victoria YMCA-YWCA (The Y) will be relocating within the next seven years after the property was sold to Vancouver-based Concert Real Estate Corporation (Concert).
The Y Board of Directors announced on Thursday that the facility will be moving after the 851 Broughton St. property was sold.
“The sale enables the Y to move forward and pursue opportunities to relocate and build a new, modern Y in partnership with a yet-to-be-determined development partner in Victoria’s downtown core,” the Y said in a press release.
They did not disclose how much the property sold for, but the Times Colonist reported that the deal closed at nearly $22 million.
Per the purchasing agreement, the Y will remain in operation for up to seven years, which will allow it to plan for the relocation without interrupting any business operations.
“This is an excellent opportunity for Y participants and the Victoria community,” said Christine Gleed, YWCA-YMCA of Vancouver Island board of directors chairperson.
“As we look to the future with a desire to remain relevant, viable, and accessible to all citizens, we are exploring our options for a new facility in the downtown core. We have an exciting future ahead and a responsible path forward.”
“While our plans for this site are yet to be confirmed, we are committed to thoughtful planning and engagement that reflects Concert’s commitment to be a community-builder,” said Brian McCauley, Concert president and CEO.
The Y has provided various health and wellness services to Victorians for 140 years, and has been located at the Broughton Street facility for more than 50 years.