The Tyee Housing Co-op in Vic West, at centre, may undergo major changes as residents mull the possibility of redeveloping the site, together with a market housing component, or rehabilitate existing housing stock. Citified.ca.
Big changes could be on the horizon for one of Victoria's oldest housing co-operatives.
Built in the early 1980's, the 75-unit townhome-style Tyee Housing Co-op, nestled between the Dockside Green and Bayview Place developments, offers a mix of two, three and four bedroom homes for low-to-moderate income families. Since the early 2000's, however, the co-op's six buildings have been plagued by a problem synonymous with multi-family development from that era: leaky condo syndrome.
With building envelope issues stemming back over a decade, the idea of leveraging market housing as a means of financing a new-build co-op was first touted by residents ten years ago. By 2009 the community had formalized enough of a consensus to retain Vancouver-based Henriquez Partners Architects and formulate a development scenario that included a market residential tower offsetting the cost of a medium density, low-rise co-operative. Despite the clear vision and the progress made, plans were ultimately sidelined following the stock market crash and subsequent real-estate slowdown.
With the co-op's mortgage nearing maturity and a red-hot real-estate market driving fast-paced sales, residents are once again exploring opportunities that include selling half of the co-op property to a developer while retaining half for multi-storey affordable housing; refurbishing the co-op's existing buildings at a cost of approximately $10-million; even relocating the community and selling off its valuable Vic West land.
Residents are set to meet next week at the annual general meeting to assess the various scenarios and decide whether to pursue redevelopment, rehabilitate the existing housing stock or consider other opportunities. Once a decision has been made, a formal planning process will begin later this spring. C
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