68-unit Tresah East completes in Victoria's 'Midtown' as 12-storey counterpart on-track for 2024 occupancy
Mike Kozakowski, Citified.ca
Published October 28, 2023
The first phase of Mike Geric Construction’s Tresah residential development in the heart of Victoria's ‘Midtown’ has reached occupancy status, with residents set to begin move-ins November 1st.
Six-storey Tresah East (see website
) – comprised of 60 condominium and eight rental residences along Speed Avenue opposite Mayfair Shopping Centre – earlier this week passed final inspection by the City of Victoria after close to three years of construction.
“We’re proud to announce construction completion of our sold-out Tresah East building, as we begin to welcome our homebuyers and rental tenants to Midtown's newest project, phase one of our 247-home Tresah development,” said Ed Geric, President of Mike Geric Construction.
The sold-out project was popular among first-time buyers who took advantage of home purchasing incentives that included market-leading competitive prices, and in the final stages of construction, deposit options that helped purchasers make the jump from rental homes to ownership.
“Tresah East was intended to serve as a leg-up for would-be homebuyers who may have struggled to afford a home in Greater Victoria, and the success of the project’s sales campaign showed that homeownership is within reach, but it does require a developer to think out of the box and to focus on affordability as a key project driver from the outset,” Geric said.
As for Tresah East’s rental suites, seven have been leased, while a two-bedroom unit remains available, Geric confirms.
Meanwhile, construction continues on Tresah West
, a 179-home steel and concrete condominium tower that will stand as Midtown's landmark, reaching the area’s tallest height with its 12-storey apex. The company continues to offer a market-leading $10,000 deposit on any of its remaining 77 homes with pricing starting at just $399,000, along with reimbursement of the first year of strata fees totalling at least $2,400, depending on suite size.
Geric adds that the decision to provide a low deposit option, along with the strata fee offer, is borne out of a recognition of the current interest rate environment, and to help potential purchasers of varying backgrounds plan their finances without haste or pressure.
“Downsizers and first-time buyers are trying to navigate the current interest rate market as best they can, and based on the many conversations our sales team has had with purchasers, we understand how important it is for our buyers to maintain their current savings in interest-accruing accounts, and to slowly liquidate assets prior to occupancy of their home, and that’s where the idea for our $10,000 deposit option stems from,” Geric said. “Meanwhile, if we can make homeownership more attainable through our strata fee offer, we’re glad to be here to help.”
Both offers are available until December 31, 2023.
|12-storey Tresah West is under construction as Tresah's second phase, and is on-track for a 2024 occupancy. The 179-unit tower is now selling. Mike Geric Construction |
Tresah West, built of environmentally-friendly recycled steel and concrete, is a technological innovator on the south Island’s new-build market, where modern construction materials and in-home technologies will deliver a future-ready building equipped with in-suite climate control for year-round comfort, large windows for plenty of natural ambient light, secure underground vehicle parking (along with electric vehicle charging) and a wide range of bicycle parking options, along with industry-leading home automation. The building materials are also exceptional, the company says, for sound proofing and combine for a high fire safety and energy efficiency rating.
Residents will enjoy a spacious dog run and play area, as well as a top floor lounge with a kitchen and barbecue zone, socializing spaces and sweeping views of Greater Victoria. For a car-lite lifestyle, two Modo car-share vehicles will be available on-site for residents and the community, and the nearby Galloping Goose cycling trail is only steps away. Nearby BC Transit services are plentiful, connecting every pocket of the Capital Region via Douglas Street and adjacent transit corridors.
While Tresah is the first condominium project to come to market as part of a comprehensive push for development along north Douglas Street, Geric and his team are no strangers to Speed Street. Several years ago, the developer completed Brizo 19, a boutique condominium at the western end of the small tree-lined street. And together with the Accent Inn chain's restoration of a motel at the Douglas Street end of Speed Street into Hotel Zed (a trendy up-market lodging start-up chain), the first pieces of the Mayfair District puzzle were cemented.
Looking further to the future, the City of Victoria, the District of Saanich and the provincial Ministry of Transportation have designated Douglas Street as a light rail or rapid-transit corridor that will connect downtown Victoria with the West Shore. The provision of more housing and employment will work to fast-track those plans which hinge on densities to become viable transportation options.
“Midtown truly is Victoria’s next up-and-coming residential node, with a high-density future, high-frequency transit connections, and many walkable amenities available now and in planning,” Geric says. “We’re excited to be involved in the kick-starting of this community, and our buyers will realize the many benefits of being an early purchaser in an emerging neighbourhood where an unprecedented level of cross-municipal investment is being targeted by both Victoria and Saanich.”
To learn more about Tresah and connect with the project’s sales team, view the website here
. To visit Tresah’s presentation centre, drop by between 1PM and 4PM Saturday or Sunday at 629 Speed Avenue in Tresah East, or call 250-477-5353 to schedule a private appointment. C
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