During this week’s Victoria city council meeting, a massive development on the Capital Iron lands and adjacent properties was unanimously approved.
City council has been working with developers on this 6.7-acre site for over four years to create a new ‘Arts & Innovation District.’
The unutilized land mostly consists of parking lots and a dishevelled portion of harbour behind the Capital Iron building that has not been used in decades.
The plan for this area, developed by Reliance Properties, would see arts brought in, housing be built, businesses be opened and public space be created for people to enjoy the harbour and area.
There will soon be numerous multi-use buildings erected between three and seven storeys, as well as two towers designated for housing that would be 15 and 20 storeys.
These towers will provide 640 new housing units in the downtown core.
Additionally, the Art Gallery of Greater Victoria (AGGV) plans on relocating into this reinvigorated district.
“As a major public art museum in BC, moving to a vibrant new space in a central district dedicated to arts and culture will create enhanced opportunities for Victoria residents and visitors to access our collections, programs and exhibitions,” said Nancy Noble, the AGGV’s CEO and director in April 2025 when council first deliberated on the merits of the project.
For those worried about the preservation of the historic Capital Iron heritage buildings, rest assured Reliance plans to keep them mostly intact and will be incorporated into modern architecture surrounding it.
Another notable local company who reportedly wants to be included in the new development is Finest at Sea Ocean Products.
Finest at Sea says they would open along the waterfront behind the Capital Iron Building along the water. They are waiting on permission from the Songhees and Esquimalt Nations as well as Transport Canada.
“We envision a move that helps revitalize the local fishing industry, including collaborating with First Nations groups, as our proposed water lot falls on traditional territory,” said Bob Fraumeni, owner of Finest at Sea last April.
City Councillor Matt Dell made an enthusiastic social media post following the final green light being given to this project.
“Very happy to see this transformative Capital Iron project finally moving forward,” said Dell.
“This 7-acre development will revitalize the arts, industry and innovation district and bring a massive improvement to the northern part of downtown.”
There is no current timeline for a possible completion date of this project as of this publication.
See renderings of what the Arts & Innovation District may look like below:
