Additional details have begun to emerge about Cielo Properties’ residential project nearing completion in the 500-block of Pandora Avenue.
595 Pandora, a five-storey mixed-use condo and ground floor retail development is the end product of a lengthy undertaking that saw the transformation of a 1980’s-era federal office complex into 53 residences and 3,500 square feet of commercial space.
“We’ve been quietly working away on 595 Pandora’s repurposing into a residential building since mid-2014, and by January of next year we expect to have our first residents occupying their suites,” said developer Stan Sipos, adding that in the current market move-in ready condos are highly sought after.
Crews are busy finalizing the interior spaces of the residences which are split just over 60-per-cent in favour of smaller units with the remainder available as two-bedroom and two bath suites, six of which will feature unique two-level designs.
Sipos says his focus behind unit layouts was to create both entry level ownership opportunities and avant-garde penthouse homes in one of downtown Victoria’s most desirable areas.
“The reclamation of so many of Old Town’s heritage buildings has been tremendously positive for the urban fabric of the city, and with Old Town and Chinatown celebrating a unique vibe thanks in part to their eclectic mix of residents, we wanted to ensure 595 was positioned to represent the broader spectrum of the community in which it is located, and I think we’ve achieved that.”
The unit breakdown plays out like so:
- studio: 4
- junior one-bedroom: 16
- one-bedroom: 14
- one-bedroom plus den: 1
- junior two-bedroom: 8
- two-bedroom, two bath, single level: 4
- two-bedroom, two bath, two level: 6
Exact unit sizes and a pricing matrix will be revealed at a later date, although Sipos does confirm buyers will only require a 5-per-cent down payment to secure a home.
Development plans indicate each unit will include storage space and bicycle parking, while covered sub-ground parking spaces will be available for 55-per-cent of the units (the largest suites will include two side-by-side parking stalls, an uncommon option among Victoria’s urban developments).
Two parking stalls will be wired for electric vehicle charging and provisions for additional charging stations will be accommodated upon request for an additional fee.
On the sales front Sipos expects to welcome buyers to the project’s showroom situated in 595 Pandora by early November with occupancy scheduled 60-to-90 days following the sales launch.
The project’s three ground level commercial units fronting onto Pandora Avenue are available for purchase, although pricing details have yet to be revealed. Colliers International’s Graham Smith has been retained as Cielo’s commercial broker and is in charge of tenant walk-throughs scheduled for the coming days. C
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