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Major downtown Victoria rental development gets going on heels of Province announcing housing quotas

A rendering of Spencer Block, set to get underway along the 600-blocks of Chatham and Herald streets in downtown Victoria. The project will deliver nearly 280 rental residences by 2025.  Nicola Wealth

Major downtown Victoria rental development gets going on heels of Province announcing housing quotas
Mike Kozakowski, Citified.ca
One of the largest rental projects to ever rise in Victoria’s downtown core is now in its site preparation stage at the former location of Government Street’s Fountain Tire.
 

Comprised of nearly 280 homes in a two-building, five-storey massing, the project, dubbed Spencer Block, will redevelop 1.5 acres of presently vacant land along the 600-blocks of Herald and Chatham streets at Government Street.
 
Approximately 19,000 square feet of ground floor retail spaces will be situated along Spencer Block’s three street-side frontages.
 
Underground parking will accommodate 85 vehicles, including visitor spaces and stalls for retailers.
 
Development partners Nicola Wealth and Denciti Developments are expected to deliver the units by mid-to-late 2025.
 
Spencer Block's location.
Spencer Block will occupy approximately 1.5 acres of land in north downtown, bordered by Chatham, Herald and Government streets.  Nicola Wealth 
 
With its large dose of residential density, Spencer Block will get underway on the heels of the Province’s housing targets released this week, requiring the City of Victoria to complete 4,902 residential units over a five year period. In practical terms, the provincial quota expects construction of just about 18 ‘Spencer Blocks,’ or almost 28 ‘Hudson Place One’ towers (Vancouver Island’s tallest building, located near Spencer Block along the 700-block of Herald Street at the Hudson District) with 176 homes.
 
The quota may even be realistic, considering the volume of units presently under construction in condominium and rental forms.
 
According to Citified's market research, currently underway within the City-proper are just over 1,000 units of condominiums, with approximately half reaching occupancy this fall, and some 2,000 units of rental apartments, not including the upcoming construction start of Spencer Block.
 
Since 2015, Citified's market research has tracked the completion of nearly 3,000 condominium units and 3,300 apartment units across the City of Victoria, or Victoria-proper (not including other south Island municipalities.
 
Also released as Provincial housing quotas were 4,610 units to be constructed in the District of Saanich, the Capital's largest municipality, and 664 units in the District of Oak Bay. C
 
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