989 Johnson is a 206-unit, two-tower 15- and 17-storey condominium complex with a six-storey podium. Ground floor commercial spaces will envelop the entire property and two live-work units will be situated south of the 15-storey tower.
Three levels of underground parking will be accessible through a common entrance between both towers. An internal landscaped courtyard will be provided for residents.
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8,978 square feet of ground floor commercial space envelopes the length of the building along Johnson and Vancouver streets.
Back when a one-bedroom with parking could be purchased for $300k the economics at ~$1,350/month rent for a brand new unit made sense. Today that same unit in a brand new building will be valued at $400-$450k (~40-50% higher) while rents will have risen by 15-25%.
This is pretty much a bang on assessment. Funny thing is now buildings sell out of one bedrooms in a day (Yates on Yates) but back in 2011-2014 took two to three years to sell out a building.
Market psychology appears to be much more important than ROI or common sense.
Photos from Sept 29th
989 is at the 50% sold-out mark. - http://victoria.citified.ca/news/pre-sale-condo-inventory-cheat-sheet-for-downtown-victorias-red-hot-real-estate-market/
Photos from Nov 10th
Cox Development's two-tower condominium project on Johnson Street at Vancouver Street is now underway as sales push past 100-units.
The 206-unit, 17 and 15-storey 989 condominium and ground floor commercial development currently underway on Johnson Street has entered its final sales phase.
Job prospects, retirees and overall population growth are expected to sustain the rapid rise of Victoria's real-estate values.