More than 500 new rental homes are on the way for people in Victoria, along with retail spaces and a public plaza.
The Province announced to that construction will begin soon on the major redevelopment at the corner of Douglas and Caledonia streets.
“This big project is more than just tall buildings. It’s about creating attainable homes, opportunities and spaces where people can connect and thrive,” said Christine Boyle, Minister of Housing and Municipal Affairs.
“Through meaningful investments and partnerships, we are helping build a stronger, more inclusive downtown Victoria for everyone who lives and works in, and visits, the community.”
The mixed-use development will be built on the site of the former Capital City Centre Hotel at 1961 Douglas Street as well as the former White Spot location at 710 Caledonia Avenue.
The redevelopment will consist of a total of 505 rental homes, spread acrossthree concrete high-rise towers.
Additionally, a plaza on-site will offer community amenities, such as office spaces, a child care facility and a grocery store.
“This development marks another significant step forward in the city’s priority to increase housing choices for Victoria residents,” said Marianne Alto, mayor of Victoria.
“I’m excited construction is underway on a project that invests in the future of our evolving community with 500 new homes and more amenities and services downtown.”
One tower, which will be owned by the Province through BC Housing, will include 133 units, with 20% of those offered at below-market rental rates to help more people find housing that meets their budgets.
Those homes that are remaining will be offered at market rates and owned and managed by Chard.
The 133-unit rental tower is being supported by $73 million in construction financing and a grant of $8 million through BC Housing’s BC Builds program.
