Vancouver-based Chard Development has confirmed the purchase of a high-profile downtown Victoria property where the company plans to erect two residential towers, Citified has learned.
Officially designated as 848-852 Yates Street and 849 Johnson Street, the one-quarter hectare parcel – currently used as a surface parking lot for some 120 vehicles – is eyed as the future site of a rental tower fronting onto Johnson Street and a condo tower fronting onto Yates Street.
While building heights are yet to be determined, recent nearby residential developments have pushed upwards of 17-storeys and it is anticipated Chard will seek approvals in-keeping with the status quo.
Although few details are available at this time, the company hopes to build approximately 120 condo units in the Yates Street tower and slightly more in the Johnson Street rental tower.
Ground floor uses are yet to be determined, but will likely consist of retail spaces with the potential for live-work units.
The sale of the property will close next week with a municipal planning process to follow.
Upon receiving approvals, likely by the second quarter of 2017, construction could be underway by late 2017 or by early 2018 on one or both towers.
Chard Development is one of downtown Victoria’s most active developers with two buildings currently under construction (a 10-storey condo in the 800-block of Broughton Street and a 15-storey rental complex at 819 Yates Street), seven built since 2006 and with today’s announcement, two in planning. C
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