Abstract's Gorge Waterway condo 'Central Block' sees sales jump with new downpayment program
Mike Kozakowski, Citified.ca
Published December 14, 2022
A unique deposit structure at a Gorge Waterway condominium project led to a spate of sales throughout November, Citified has learned, as savvy homebuyers took advantage of a market-leading deposit option for a highly anticipated pre-sale offering.
Abstract Developments’ 99-suite Central Block – coming soon to the former location of Tillicum Road’s Gorge Pointe Pub opposite Esquimalt Gorge Park – recently sold eight suites following the introduction of a limited-time 5% downpayment upon securing a unit, plus a further 10% payable in two instalments beginning once construction commences in 2023.
The downpayment program spread out across an extended period has provided purchasers with a lower financial commitment up-front, while allowing for both time and financial flexibility for the remaining portion.
“The changes seen in the market have had an impact on home purchasers in the Capital Region, and we’ve heard from numerous would-be buyers how a revamped deposit structure could help them over the near and longer terms,” said Tavish Rai, Abstract Developments’ Executive Vice-President. “We responded, and with just a 5% deposit required up-front, this opens up homebuying opportunities for more people, and provides much needed flexibility during this time.”
Availability for this offer is limited, however, and Rai notes that “only a select number of residences remain available under this program.”
Individuals interested in learning more about the program are encouraged to speak with Abstract Developments’ sales team by connecting with the Abstract Home Store prior to a Holiday break from December 22 through January 2. Home Store representatives can be contacted by calling 250-590-5130, or via Central Block’s website here.
Scheduled for a construction start in March of 2023, the six-storey Central Block will rise near the banks of the Gorge Waterway offering unimpeded views of an iconic ocean channel from many homes, plus park, city and urban canopy views from most units.
|An exterior rendering of Central Block, coming to 1075 Tillicum Road in Esquimalt. Abstract Developments|
|Central Block's patio amenity space will feature unique views towards the Gorge Waterway, which stretches from the Township of View Royal out to the Salish Sea along the shores of Esquimalt, Saanich and Victoria. Abstract Developments|
Nearby BC Transit services will connect downtown Victoria, CFB Esquimalt, Saanich’s Uptown area and the University of Victoria. Frequent bus connections provide easy access to Tillicum Shopping Centre, Uptown Shopping Centre, and Esquimalt’s town centre, including multiple schools and the Gorge Vale Golf Club.
With introductory pricing below $340,000, the project represents great value for the Capital’s urban core, while delivering rich interiors that feature up-market finishings, desirable material choices and light-filled floorplans.
In terms of build quality, Rai says Central Block will take full advantage of Abstract’s more than two decades of experience overseeing a wide range of development styles, that include luxury condominiums in Rockland, luxury townhomes throughout the south Island, and high-end condominiums like Fifteen88 in Saanich and Bowker Collection in Oak Bay.
Amenities, meanwhile, are designed to be practical and responsive to today’s changing needs. Central Block’s Portage Commons will be an indoor space suitable for co-working or group events, with break-out rooms, a kitchenette and workstations. Outside, Portage Garden will provide residents with a private outdoor relaxation and zen experience that has multiple seating areas for private or group settings. And the Portage Rooftop, according to Rai, will be a sight to see.
On the pricing front, junior one-bedroom layouts are available from $339,900, and one-bedrooms from the upper $400,000s. Two-bedroom homes are priced from the upper $500,000s and three-bedroom floorplans start in the low $800,000s.
Despite current headwinds, Abstract’s longevity has seen it through several market undulations, where weathering change has led the company to face challenges with a commitment to its project pipeline and securing well paying construction jobs, and a sustained supply of high quality housing.
“We are pushing forward with our planned inventory of new homes because we believe in the Victoria market, and pride ourselves in being a locally run development firm that is not only investing in individual pre-sale opportunities, but also in the future of the Capital Region,” Rai said, adding that “as far as we at Abstract are concerned, there is no sign of slowing down, and we are continuing to grow.”
To learn more about homeownership opportunities at Central Block, and to view the project’s official sales website, click here. To connect with a sales representative, call 250-590-5130 to book your private viewing of the Central Block presentation centre at the Douglas Street Home Store. C
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