A long-time parking lot behind the former Capital Six movie theatre in downtown Victoria will be fenced off this week as crews begin site preparations for a 15-storey, 209 unit rental tower at 819 Yates Street.
Vancouver-based Chard Development is embarking on the company's first purpose-built rental project following a half-dozen condo developments in Victoria. The company's decision to build rental housing in lieu of condos is in response to the local market's penchant for market condos-turned-rentals given the region's historic lack of new-build rental housing and strong demand for modern homes without the commitment of a purchase.
"Since our experience with The 834 condo where there were many investor buyers who rented their suites we have been interested in bringing the 'new condo' experience to the primary rental market," said David Chard, head of Chard Development.
819 Yates will rise 15-storeys above Yates Street and taper to 11-storeys above View Street with a mix of one and two bedroom homes ranging between 508 and 1,052 square feet. 6,600 square feet of ground floor commercial space will front onto Yates Street.
Excavation is expected to take approximately seven months. Completion is aimed for mid-2018. C
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