Dave Chard of Chard Development is nearing the construction start of his most ambitious Victoria project to-date, a 15-storey, 209-unit purpose-built rental dubbed 819 Yates.
Considered the City of Victoria’s most prolific condo developer, Chard is breaking from protocol to deliver a much-needed product in a region under-supplied by new-build rentals.
"There is growing demand for purpose-built condo-quality rentals in downtown Victoria, and 819 Yates is positioned to meet that demand," Chard said.
Crews have been excavating the former surface parking lot between the 800-blocks of Yates and View streets since September in preparation for construction. Last week a crane was erected on-site signalling the nearing end of excavation and the arrival of builders — something Chard says can’t happen fast enough.
"Victoria has generally had a very low vacancy rate for years and now that its below 1% we are acutely aware that additional rental accommodation is required. 819 Yates will provide 209 rental suites in early 2018 which will assist in expanding the supply side of quality residences for downtown Victoria," Chard said.
The fever-pitch demand for rentals hasn’t stopped the seasoned developer from doing what he does best, however. Sales at Chard’s latest Victoria condo project, a 10-storey, 82-unit concrete tower with ground floor commercial space (dubbed Escher on Broughton), have been strong as construction crews reach the third floor level.
"Our Escher on Broughton project is doing well. We are now over 65% sold with the pre-sale program. The construction program is also advancing very well by Campbell Construction, with forming now occurring for the third floor of the ten floor structure," Chard says, adding that Escher’s ‘build your condo’ sales website created a well received marketing opportunity in Victoria’s competitive condo market.
Escher on Broughton, situated in the 800-block of Broughton Street in downtown Victoria’s Cathedral Hill Precinct, is on-track for a February 2017 occupancy date. Upon completion, the condo and rental developments will mark Chard’s sixth and seventh residential buildings in Victoria, respectively, and bring the builder’s tally of homes to over 700. C
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