Mayfair District's Tresah condo pre-sale unveils lowest downpayment option in Victoria; 179-unit tower to complete in 2024
Mike Kozakowski, Citified.ca
Published September 5, 2023
Midtown's newest condominium project is making good progress between Speed Street and Frances Avenue opposite Douglas Street’s Mayfair Shopping Centre, with its first phase nearing occupancy in September.
Tresah – from Victoria-based developer Mike Geric Construction (MGC) – will complete its six-storey Tresah East component in the coming days, while Tresah's 12-storey Tresah West counterpart (see website
) is on-track for completion by summer of next year.
Now launching a Tresah fall sales campaign, Mike Geric Construction is offering a market-leading $10,000 deposit on any home at Tresah West where 70% of the 179 suites have already sold. Prices for remaining one-to-two-bedroom condominiums, townhomes and penthouses start at $399,000.
“Momentum is really growing as Tresah East owners begin moving into their new homes in the coming weeks. With this in mind, we wanted to build on this by offering anyone who may be interested in calling this unique Midtown neighbourhood home the opportunity to do so with only $10,000 down, and no additional payment top-ups or commitments ahead of project completion in mid-2024,” says MGC head and developer Ed Geric, adding that “we’re also including a strata fee reimbursement for an entire year.”
At a $10,000 downpayment, irrespective of unit price and size, along with developer-paid strata fees for an entire year, MGC’s fall sales campaign could be the Capital’s most attainable and comprehensive pre-sale program yet, totaling a low single digit percentage of total home value for the down payment, and a strata fee savings that starts at approximately $2,400 for the year, and rises considerably for larger units.
|12-storey Tresah West is seen under construction on Speed Street in summer of 2023. MGC |
Geric says the decision to provide a low downpayment option, along with the strata fee offer, is borne out of a recognition of the current interest rate environment, and to help potential purchasers of varying backgrounds plan their finances without haste or pressure.
“Downsizers and first-time buyers are trying to navigate the current interest rate market as best they can, and based on the many conversations our sales team has had with purchasers, we understand how important it is for our buyers to maintain their current savings in interest-accruing accounts, and to slowly liquidate assets prior to occupancy of their home, and that’s where the idea for our $10,000 downpayment option stems from,” Geric said. “Meanwhile, if we can make homeownership more attainable through our strata fee offer, we’re glad to be here to help.”
Both offers, Geric confirms, are available until December 31, 2023.
Tresah West, built of environmentally-friendly recycled steel and concrete, is a technological innovator on the south Island’s new-build market, where modern construction materials and in-home technologies will deliver a future-ready building equipped with in-suite climate control for year-round comfort, large windows for plenty of natural ambient light, secure underground vehicle parking (along with electric vehicle charging) and a wide range of bicycle parking options, along with industry-leading home automation. The building materials are also exceptional, the company says, for sound proofing and combine for a high fire safety and energy efficiency rating.
Residents of Tresah West will enjoy a spacious dog run and play area, as well as a top floor lounge with a kitchen and barbecue zone, socializing spaces and sweeping views of Greater Victoria. For a car-lite lifestyle, two Modo car-share vehicles will be available on-site for residents and the community, and the nearby Galloping Goose cycling trail is only steps away. Nearby BC Transit services are plentiful, connecting every pocket of the Capital Region via Douglas Street and adjacent transit corridors.
While Tresah is the first condominium project to come to market as part of a comprehensive push for development along north Douglas Street, Geric and his team are no strangers to Speed Street. Several years ago, the developer completed Brizo 19, a boutique condominium at the western end of the small tree-lined street. And together with the Accent Inn chain's restoration of a motel at the Douglas Street end of Speed Street into Hotel Zed (a trendy up-market lodging start-up), the first pieces of the Mayfair District puzzle were cemented.
Since then, a string of luxury automotive dealerships have redeveloped light industrial lands along Douglas Street to deliver modern showrooms for brands like Land Rover, Porsche, Maserati, Audi and Lexus, as significant investments took place transforming under-utilized properties that include a Starbucks coffee shop just north of Tresah’s site, and the Tally-Ho Hotel south of Finlayson Street between Burnside Road and Douglas Street where a residential complex (fronting Burnside Road) is nearing completion
|Six-storey Tresah East is nearing completion, with occupancy slated for later this month. MGC |
Looking further to the future, the City of Victoria, the District of Saanich and the provincial Ministry of Transportation have designated Douglas Street as a light rail or rapid-transit corridor that will connect downtown Victoria with the West Shore. The provision of more housing and employment will work to fast-track those plans which hinge on densities to become viable transportation options.
“Midtown truly is Victoria’s next up-and-coming residential node, with a high-density future, high-frequency transit connections, and many walkable amenities available now and in planning,” Geric says. “We’re excited to be involved in the kick-starting of this community, and our buyers will realize the many benefits of being an early purchaser in an emerging neighbourhood where an unprecedented level of cross-municipal investment is being targeted by both Victoria and Saanich.”
To learn more about Tresah and connect with the project’s sales team, view the website here
. To visit Tresah’s presentation centre, drop by between 1PM and 4PM Saturday or Sunday (temporarily) at 618 Frances Avenue in Tresah East, or call 250-477-5353 to schedule a private appointment. C
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