A rendering depicting Corvette Landing, situated at 669 Constance Avenue and overlooking the intersection of Admirals Road and Naden Way in Esquimalt. The 12-storey highrise hit the market last spring as a condominium offering but will be proceeding as a rental tower. Standing Stone Developments
Esquimalt condo dev in active pre-sales switches gears to become rental complex
MIKE KOZAKOWSKI, CITIFIED.CA
Published December 18, 2019
A 12-storey condominium tower planned for Admirals Road at Naden Way in Esquimalt has shifted gears and will now proceed as a rental project.
The sales staff of Corvette Landing
, which secured municipal approvals in mid-2018
as an 83-unit strata-titled condo, have begun advising pre-sale purchasers that their deposits will be returned as developer Standing Stone Developments pursues an all-rental future for the mass timber-designed highrise.
Citified's request for information from a project representative was not returned in time for publication.
However, a purchaser has confirmed to Citified that the project team will be refunding deposits along with the issuance of a new disclosure statement describing the changes.
Pre-sales of Corvette Landing’s studio, one, two and three-bedroom residences began in spring of this year. The number of deposits has not been disclosed.
According to Citified’s data, a transition from an active pre-sales campaign for a condominium project into a purpose-built rental building has not occurred in recent years on the south Island although several buildings have proceeded with split rental and ownership components, namely seniors residences.
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