1100 Yates Street is a proposal to build a 12-storey condominium tower with ground and second floor commercial space at the corner of Yates and Cook streets along the border of Victoria's Harris Green and Fernwood neighbourhoods.
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but in all seriousness it did change the way cars were built marketed and priced.
Hyundai Pony?!! Comrade Ben seams to think he can walk into the Porsche dealer and say I only have $5K but demand the red one.
Council needs to understand that land costs in Victoria are some of the highest in the country and developers are not philanthropic foundations. The only way to get developers to provide affordable housing is to allow more density on a given piece of land or push the price of the market housing (Rich) portion of each development even higher to subsidize the affordable portion. Developers & buyers are starting to say enough and looking to other municipalities to build & buy in.
I don't think the market is going to give up on Victoria quite that easily. If there is a market for the housing, which there overwhelmingly is, developers will provide supply. Its cost, however, will be inflated due to bureaucracy.
Perhaps not completely, but I have spoken to two major developers in the last month who have walked away from land purchase agreements in Victoria. They cited councils policy's and unreasonable expectations for affordable housing as the reason for doing so saying there was too much uncertainty. The are both now negotiating on properties in other local municipalities.
Downtown daycare, affordable condos pitched as part of three-building redev of high-profile Ithaka Greek Restaurant block
Condominiums, rental apartments and a restoration of the Victoria Professional Building on Yates Street at Cook Street are part of a significant real-estate play unveiled by Chard Development.