‘Years, not months’: Esquimalt’s ‘The 900s’ development on hold indefinitely

Local developers GMC Projects have pressed pause on a massive development in Esquimalt due to the current financial landscape. 

The project was dubbed The 900s, as it encompasses the entirety of the 900 blocks of both Esquimalt Road and Carlton Terrace. 

The scope of this project will see a 26-storey strata building, an eight-storey rental building and a ground floor meant for commercial space constructed at the corner of Esquimalt Road and Head Street. 

GMC Projects had their development permits approved by the Township of Esquimalt back in April 2025, but since that time, no progress has been made. 

According to the developer’s President and CEO Jordan Milne, now is just not the time to be building something of this magnitude. 

“Everything is on pause in terms of the redevelopment right now and I think that’s driven by the current market conditions,” Milne told Victoria Buzz. 

“If you were to track concrete tower condo projects, which a large component of that was market for-sale homes, none have launched.”

For GMC Projects, it comes down to the financial constraints of building this development now. 

Milne says these conditions were brought on by a few different factors: increased tariffs from the United States, the rising cost of construction and eroding values of homes. 

“You basically have a deteriorating market. So if something costs you $100 but it costs you $80 to create it, but now it’s worth $90 and it still costs you the same to create it, and there’s less absorption, like sales velocity, you’re effectively taking a greater risk for a lesser return–if a return at all,” he explained. 

“I think that’s just where you don’t see the confidence in the market to be able to deliver projects.”

He says that in the meantime, the business is focused on other projects: Coast waterfront properties in Sidney and the Edwin Oaks townhome development in Victoria. 

Both of these projects are market for-sale properties which were not as big of a gamble for GMC Projects to build because of the demographic they will serve. 

“Our project, Coast, along Lochside Drive in Sidney, it’s larger units designed for a downsizing senior demographic,” said Milne. 

He noted that the homeowners that Coast is geared towards have not been as negatively impacted by the current financial landscape than the design for entry-level home purchasers.

“Because it’s geared to a different end user, a different homeowner, we felt more confident in launching in Sidney and so far have proven that was the right decision,” he added. 

“We’re just not feeling as confident right now in the context of a larger, mixed-use development like we got approved in Esquimalt.” 

For the time being, the 900 blocks of Esquimalt Road and Carlton Terrace will remain as-is, with several local businesses calling the property home and more moving in while GMC Projects waits for the time to be right. 

“For us, we’re fortunate to be long-term people who have a long-term outlook, so we’re now looking at how do we best utilize the properties until such time that we’re ready to proceed with the redevelopment,” he said. 

The two properties are home to Sarpino’s Pizzeria, Bunny’s Nook Kitchen, Canada’s Best Karate, Victoria Tattoo, Spice Valley Indian Cuisine, Lum’s Chinese Restaurant as well as newcomers to the property, Station 1 BBQ food truck, Brica Brac and Third Space Movement. 

The beloved Benjo’s Tacos also just announced they would be leaving their Empire Donuts Cook Street location and establishing a food truck on the Carlton Terrace property. 

Milne says that The 900s will eventually be completed, but as for when, he cannot quite say. 

“I can say it’s years, not months,” said Milne. “If I have my preferences, there would be a material improvement in the market at some point in 2027 that would give us the confidence to proceed or recognize where changes are needed and proceed.”

“But my personal belief is that it won’t happen in 2027, it could be 2028, 2029 before we see those changes.”

With the approval GMC Projects has from the Township, there is no set deadline for construction and the company is within their rights to hold off until such a time they will see a profit by going ahead with the project.