Two 12-storey residential towers with ground floor commercial space have been approved for the 600-blocks of Speed and Frances avenues near Victoria’s Mayfair Shopping Centre.
Proponent Oakwood Park Estates plans to build 176 residential units between the two towers, 83 of which (in the east tower) are earmarked for rentals and 83 (in the west tower) as market condos. A row of townhomes will front onto Speed Avenue.
The unit mix includes 12 lofts, 150 one-bedroom and 62 two-bedroom homes along with ten townhomes. Ground floor commercial space, spanning the footprints of both buildings, will total some 26,000 square feet.
196 parking stalls will be situated in a two-level underground parking structure with entrances off both streets. 39 surface stalls will be available for commercial tenants and visitors, while a pedestrian mid-block walkway will connect Speed and Frances avenues.
As part of a community amenity package the developer will provide $475,000 to the City of Victoria’s Housing Trust Fund and $475,000 to the Burnside-Gorge Neighbourhood Association. Once fully built-out, the development’s annual tax contribution to the City of Victoria will total $360,000.
Construction is expected to get underway next year. C
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