The building that houses the local landmark Odeon Theatre in downtown Victoria is officially on the market.
Listed for $8.5 million, the property is decribed as offering a rare opportunity to developers looking to make their mark in one of the city’s most dynamic areas.
The building, located at at 780 Yates Street , sits on a 25,027-square-foot parcel of land with prime dual frontage on both Yates and Johnson Streets, positioning it in a prime location with access to two bustling thoroughfares.
According to Jones Lang LaSalle Real Estate Services, Inc. (JLL), the property is zoned for mixed-use development, which could include residential, hotel, retail, or office spaces.
This central location is just minutes from some of downtown Victoria’s most popular spots. The Inner Harbour is only a 10-minute walk away, while the Bay Centre, Save-On-Foods Memorial Centre, and Government Street are all within a few minutes’ stroll.
The area is also a key retail hub and part of the evolving mixed-use corridor, making it a prime spot for new development.
The current building, which has housed the Odeon Theatre since 1948, remains an important part of the city’s entertainment scene. However, the future of the theatre itself will depend on the direction taken by the new owners of the building.
Zoned within the ‘Central Business District of Victoria’s Downtown Core Area Plan’, the property allows for a maximum height of 24 storeys and offers the potential for 150,162 square feet of developable space (including bonuses).
The mixed-use zoning offers a wealth of possibilities, allowing for residential, hotel, retail, and office spaces to be integrated into the project.
The sale of this property comes at a time when mixed-use developments are on the rise in Victoria, including the nearby theatre at 1221 Blanshard Street, which is also set for redevelopment.
Jawl Properties has proposed a 10-storey office and retail complex for the site, named ‘Capital VI.’
According to the Capital VI website, the new development would feature retail and restaurant spaces on the ground floor, with office spaces and amenities—such as a gym, outdoor terrace, and conference rooms—on the upper levels.
Jawl Properties acquired the property in 2015, but there has been limited information about the project’s progress since then.
