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4096 Torquay Drive is a proposal for a five-storey residential complex along the 4000-block of Torquay Drive at Shelbourne Street in the District of Saanich within Victoria's urban core.
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A development proposal that aims to densify the north part of the Shelbourne Valley is heading to a public hearing.
The five-storey, 86-unit project for 4096 Torquay Dr. at Shelbourne Street flew through discussions at council at the June 13 meeting, but some had concerns with the length of time rentals would be permitted for the property.
An agreed-to covenant that would need registering ahead of approval of the rezoning necessary and the development permit lists a requirement for a housing agreement to secure 22 of the units as market rentals for a period of no less than 15 years after occupancy.
https://www.vicnews.com/news/public-to-weigh-in-on-torquay-drive-development-in-saanich/
The covenant also requires all 111 of the underground parking spots to have at least Level 2 charging for electric vehicle use, and that the $387,000 ($4,500 per unit) community amenity contribution be directed to the Bowker Creek Restoration Fund, Saanich’s affordable housing fund, and a greenway enhancement fund before a building permit is issued.
Creating affordable housing by making new housing more expensive. :wacko:
Developers have another two years to start building two projects that promise 470 new units of housing in Saanich.
Development permits for the two were set to expire this week, but Saanich council voted to extend them until January 2027.
They include a large mixed-use project at the corner of McKenzie Avenue and Shelbourne Street, and a condominium and townhouse project that has yet to break ground at 4096 Torquay Dr.
Mayor Dean Murdock said developers are facing an “exceedingly challenging” environment in terms of costs.
“Interest rates have clearly frustrated development proposals, particularly those that were in the queue and approved prior to a significant increase in those rates. But there’s also construction, construction material and labour costs that have increased significantly that I think have also contributed to stalled progress on a number of fronts.”
In a letter to council, Nicola Wealth Real Estate, the proponent behind the Podium project at 1555 McKenzie Ave., said the unprecedented rise in interest rates “created a notably challenging environment for the delivery of rental housing across Canada.”
90-unit Torquay Drive residential complex marks latest proposal for Gordon Head's Shelbourne Street corridor
A five-storey complex is envisioned to replace a collection of eight townhomes on Torquay Drive at Shelbourne Street.