V1488 is a 13-storey purpose-built rental tower with ground floor commercial space in downtown Victoria's Harris Green district.
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We looked at a couple of units in V1488 last summer and asked about the hydro prices as we had read about them in some of those reviews. Supposedly they were working on a few things like reducing the airflow coming in from the doors, but I don't know how effective it ended up being as we ended up renting elsewhere. Having lived in condos/apartments with and without an in-suite hot water tank, it definitely does make a difference, so I imagine that in combination with the outdoor walkways are at least part of the higher costs. The exposed concrete and large balconies might not help either.
Was randomly checking out rentals today, noticed this building has accrued some pretty gnarly reviews from tenants. Predictable that the building has issues with parking lot break-ins given the location, but the main uproar seems to stem from issues with the building's design - sky-high hydro bills, lack of soundproofing, exposure to elements in the winter. With the pandemic-induced economic crisis just starting, I wonder if this building will manage to keep renting at capacity.
Ah yes I have a coworker who was quite eager to get out of that building. You can add interior moisture problems thanks to the exposed concrete walls to that list as well.
I would imagine the hydro bills stem from in-suite hot water tanks. They’re expensive, but it’s either that, or a higher monthly rent for “free” hot water.
The outdoor walkways are intended to keep rental rates lower by not having to be heated as they would be in any other design, thereby making maintenance costs lower, and that would trickle down to rental rate competitiveness.
There’s always two sides to every coin, for sure.
I recall checking out this building when I moved to town two years ago, and their pricing was definitively on the high end before accounting for all other bills. So if the building's design and the lack of hot water tanks were meant to make rents more competitive, I don't think that was quite reflected on the ask. They are very permissive on pets though, so maybe that's their calling card.
Save-On-Foods, 600 upcoming residences set new course for North Park's and Harris Green's Pandora Avenue
Downtown Victoria's Pandora Avenue corridor is slated for big changes as developers focus in along the under-developed thoroughfare.
A 134-unit purpose-built rental tower on Cook Street at Pandora Avenue under since 2015 has received its occupancy status from the City of Victoria.
Approximately 1,500-units of condominiums and purpose-built rental apartments will receive occupancy status over the next two years.