Victoria city council approved a development application for a new mixed-use building on the corner of Yates and Cook Streets that would add 175 rental units to the city’s stock.
The property located at 1101 Yates Street would consist of two buildings—at six storeys and 19 storeys tall—built overtop of a shared underground parkade.
The ground floor would be intended for retail or restaurant use, licensed childcare as well as conference and commercial office spaces.
This application to the City is unique because it was made in partnership with the BC General Employees’ Union (BCGEU) and its affiliated non-profit housing organization, Affordable BC Housing Society.
The BCGEU’s housing society is intended to be the long-term owner and operator of the 175 residential rental units with 20% of units to be secured as below-market rental units and 20% as accessible dwelling units.
As of October of last year, the Canada Mortgage and Housing Corporation (CMHC) has determined that median market rents in Victoria are as follows:
- Studio $1,318
- One-bedrooms $1,620
- Two-bedrooms $1,980
- Three bedrooms $3,300
BCGEU’s commitment to making 20% of the 175 units below market housing means that 35 units would have to be below the CMHC median prices.
Victoria’s council gave a unanimous green light to the project during the weekly committee of the whole meeting before moving on to budgetary matters.
See renderings of the building below:
