Chard Development has acquired downtown Victoria’s former Pacific Mazda automotive dealership property on Yates Street at Cook Street, Citified has learned.

 

 

The nearly $45 million purchase of 1050 Yates Street was completed in November of this year, and covers approximately 51,000 square feet of land (or nearly 1.2-acres) at the eastern edge of the Harris Green neighbourhood. The holding had been under the control of the Pollen family for several generations.

 

Formerly rezoned by Victoria-based Jawl Residential, 1050 Yates Street can accommodate some 450 residential units across 376,000 square feet in three highrise towers rising between 14 and 17-storeys, plus ground level retail space along Yates and Cook streets, and a public plaza fronting Yates Street.

 

Although condominiums are a permitted usage under the existing zoning, Chard Development says its intent is to apply for a development permit with rental homes exclusively.

 

“Chard purchased the site as an opportunity to continue to be part of the housing solutions in downtown Victoria, and to offer a variety of housing within the housing continuum,” said Chard Development’s President & CEO, Byron Chard.

 

“While the site has the opportunity to offer condominiums, Chard’s intent is to develop a 100% rental development, with market-leading amenities for residents. Chard is extremely excited for this project, and looks forward to working with the community to design a Yates Street-facing public plaza on the site,” Chard continued.

 

An artist's rendering from 2019 depicting the build-out of the Pacific Mazda lands spanning the 1000-blocks of Yates and Johnson streets at Cook Street. The first phase of the project, an 11-storey affordable rental tower at 1025 Johnson Street, is currently under construction and depicted with white colouring in the image above. Subsequent phases are depicted in blue.  Jawl Residential

 

With zoning already in place, Chard Development will pursue final permitting as part of a municipal planning process in 2023, with a construction start targeted for later in the year or by early 2024.

 

Chard Development will own and operate the completed assets long-term with a pension fund partner, Chard confirms.

 

Next month, public engagement sessions will begin in order to generate community feedback on the Yates Street plaza – one of two public plazas planned for Harris Green – both on Yates Street (the second is envisioned as part of Starlight Developments’ Harris Green Village proposal in the 900-block).

 

Chard Development, one of the Capital’s most active development firms with numerous projects completed, under construction and in planning, is currently building the Nest and Haven condominiums on the block immediately east of 1050 Yates Street. In 2024, Chard will complete Nest and Haven's 211 homes along with modernized retail spaces between the 1100-blocks of Johnson and Yates streets at Cook Street.

 

Meanwhile, the developer is pursuing approvals for a three-tower rental and condominium community on Douglas Street between Discovery Street and Caledonia Avenue that will also deliver a grocery store, retail spaces and offices to the northern portion of downtown Victoria. Additionally, the company is advancing design work for a 135-room Hyatt Centric hotel on Broad Street at Johnson Street that is targeted to commence construction in 2023.

 

 

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