A Vancouver-based development company is proposing to build nearly 300 units of rental housing in downtown Victoria.
In a statement, Denciti Development Corp announced their proposal to transform a 1.5 acre development located at 610-624 Herald Street and 611-635 Chatham Street, replacing surface parking lots, and a single-storey commercial building including the Fountain Tire store on Herald Street.
The company wants to use the acreage to build 274 purpose-built rental units in the city’s Old Town area.
“Victoria has a high percentage of people who rent yet the market has a serious shortage of purpose-built rental housing,” said Garry Fawley, Denciti Development Corp. Principal.
“This project will add much-needed rental housing supply to the city. There is great opportunity in this area because of its unique location in historic Old Town and its proximity to downtown.”
The company has been working with Nicola Wealth Real Estate, a Vancouver-based real estate investment firm, who acquired the Old Town properties in 2019 and 2020.
Once complete, the rental units will range from studio apartments to two-bedrooms, and the buildings will include amenities like a gym, media room, lounge, co-working area, and central outdoor courtyard with a pet-friendly space.
Residential parking spaces will be created underground, and retail storefronts will line the buildings facing Herald Street, Government Street, and Chatham Street.
Zoning and existing bylaws already allow for a rental apartment or condominium use of 196,250 square feet.
A development permit application was then submitted to the City of Victoria on September 25, 2020, and construction is expected to begin late 2021.
The following photo renderings have been shared by the development group:
