Corvette Landing was a proposal for a 12-storey, 83-unit condominium complex at the nexus of Constance Avenue, Naden Way and Admirals Road in the municipality of Esquimalt within Victoria's urban core.
Following an early 2019 pre-sales launch, the project scope was changed in December from a condominium to a rental building.
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Do we know how many units they sold before switching to all rentals here?
This kind of thing has happened in the Toronto market where a big institutional investor like Ivanhoe Cambridge will come in and buy a pre-sales tower outright, triggering deposit refunds. I can't recall it happening locally; the two closest examples (The Row on Johnson and 200 Cook Street) received development permits as strata but converted to rental before pre-sales really got going ...
From the homepage on Corvette's website:
I guess they haven't fully updated the content yet.
Have we seen this sort of thing before, where a condo in active pre-sales converts into a rental project?
Yes we have, I know of one other project that is transitioning similarly in Greater Victoria. Unfortunately it all comes down to units sold and whether financing can be obtained given the strength in presales.
Can you speak to the details, or even a part of town?
An Esquimalt development is switching from a condominium to a rental project, even after pre-sales began.
Corvette Landing at 669 Constance Ave. is proposed to be Vancouver Island’s first mass-timber building. The 12-storey, 83-unit development would include seven studios, 27 one-bedroom plus den units, 43 two-bedroom units and six three-bedroom units. Ten of these units would also to be accessible units, plus commercial space on the ground floor. These units would be specifically designed for people who are blind, in wheelchairs, have upper-body prosthetics or suffer from PTSD.
In December, however, Standing Stone Developments decided to switch the project from a condominium complex to a rental complex.
“There’s a much bigger need for rentals in the area,” said Casey O’Byrne, developer at Standing Stone in an initial phone call with Black Press Media.
Pre-sales for the project began in the spring, but O’Byrne said any units sold were to larger investors.
Several follow up calls and emails to Standing Stone were not returned, however the business did put in a notice to the Township of Esquimalt about the proposed changes.
83-unit condominium in active pre-sales will be moving forward as a rental tower.
Woodframed buildings in British Columbia will be eligible to rise as tall as 12-storeys following changes to the provincial building code.
Built to the Passiv Haus energy conservation standard, the 83-unit project will also incorporate a unique construction method.