757 is a six-storey final phase of condominiums and townhomes at the Railyards development along the 700-block of Tyee Road in the City of Victoria's Vic West neighbourhood.
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If you look up that dissemination area on Statistics Canada's GeoSearch you'll see an official population of only 644 back in 2021:
According to the 2021 data, the population density of that small area was only slightly above the CoV's average of ~4,800 per square km, which is what I think we would expect considering the lowrise housing forms there.
But if the population of that small area was ~1,500 then the density would be just under 13,000 per square km, or more than 2.5 times as dense as the CoV's average.
And over the 21 years, I bet at best the average selling price was $300,000 or $400,000.
So if he spent $400 million building the place he must have lost a lot of money.
Railyards residential development in Vic West complete after 21 yearsThe Railyards’ colourful playground with a splash area is the newest and final piece in the site’s 21-year build-out where residential buildings have been constructed on top of what was once a bleak former industrial site in Vic West.When developer Chris Le Fevre first walked the 13-acre property it was a “wasteland.” The former CN railyard had been remediated but left undeveloped until Le Fevre bought it for just over $3 million.Today, close to 500 condominiums and townhouses have become homes to about 1,500 people. Le Fevre said he has spent nearly $400 million. Of that, more than $10 million went on amenities. About 30 per cent of the homes are townhouses and the rest are condos.https://www.timescolonist.com/business/railyards-residential-development-in-vic-west-complete-after-21-years-7443578I sense a lot of figures above are inaccurate. Mr. Le Fevre a bit of a fibber.1. I suspect the number of residents is closer to 1,000, than 1,500. Canada averages under 2.5 people per household.2. He says he spent nearly $400 million. But $400m divided by 500 units would be an average of $800,000. That's not accurate. There are 6 units listed for sale today, only two are over $800,000. Ten years ago I suspect nothing sold much over $500,000.
It's not complete until they take the blue metal fence down.
Near-zero vacancies present opportunity for private investors, while new government programs hope to turn renters into owners.
Final phase of Vic West's Railyards development re-envisioned once more, from single mid-rise condo to two buildings
Latest design change includes two lowrise buildings in lieu of one and an increase in the unit count.
Market-leading incentives will be announced March 15th for The Railyards development's remaining inventory of move-in ready condominiums.
The signature building will rise as an "expressive gateway to Victoria West" adjacent to the Bay Street Bridge.
144 residential units spread among several buildings will complete a decade-long mixed-use development in Vic West overlooking the Upper Harbour.