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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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.
corvette gets a mention today in canadian architect:
The approach is already seeing significant success. Two projects based on the platform—the four-storey Monad_Rupert and 12-storey Corvette Landing—received a 2017 LafargeHolcim North America Award in their design phase. Both buildings start construction this summer. Corvette Landing was one of 11 projects selected in the CleanBC Better Buildings competition for net-zero energy-ready buildings.
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.