930 Fort Street is a proposal to build a 12-storey condominium tower with ground floor retail space in downtown Victoria's Harris Green district.
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So why is the development not going ahead?
My guess is that the developer couldn't get financing; a development loan is hard to obtain even for 'standard' developments, but the challenging soil conditions and the associated risk may have made it impossible for this developer to line up the $$ needed.
A larger developer like Concert Properties would have the liquidity/financing tools available to develop this site without getting a third party development loan (the same applies for some smaller firms like Mosaic, which developed a challenging site at the Jukebox and likely didn't have to get an external loan, i.e. there were limited presales here- if any at all- before shovels were in the ground).
Is this not a project related to Mosaic?
I thought it was Sakura, the firm behind the Pluto’s condo proposal. Are they related to Mosaic?
There may be lots of construction cranes above city streets, but not all projects have available pre-sale condo inventory. Find out what's still selling and what's coming soon.
Hundreds of purpose-built rental apartments and condominium suites are planned for a parking lot between the 900-blocks of View and Fort streets.
A condominium tower and a purpose-built rental building have been proposed for a surface parking lot between the 900-blocks of Fort and View streets.