Downtown Victoria’s shuttered Victoria Plaza Hotel complex at the nexus of Government Street and Pandora Avenue, once home to Monty’s Showroom Pub, Cabin 12 eatery and various nightclubs, has been sold to North Vancouver-based Pacific Gate Investment.
The four-storey hotel, built in 1911 as the Westholme Hotel, has sat vacant for several years following a failed attempt by now-defunct developer League Assets Corporation to restore a portion of the building and add a six-storey new-build wing along the northern edge of the property. Plans called for 106 condo residences and nearly 7,600 square feet of ground floor commercial space.
Although League’s proposal received municipal approvals in 2013, the company ran into financial troubles shortly thereafter and eventually declared bankruptcy, forcing the cancellation of the project.
In 2014 Victoria Plaza Hotel’s Vancouver-based owners placed the building — which includes two sought after liquor primary licenses — and its formerly approved development plans on the market for $5.8 million. The price was subsequently reduced to $5.2 million, according to the property listing.
Pacific Gate Investment’s purchase price has not been disclosed. Commercial real-estate broker Robert Young, who oversaw the sale, and Pacific Gate Investment representatives have not returned Citified’s calls for comment.
It is anticipated Pacific Gate will pursue mixed-use redevelopment plans that may be in-keeping with those secured by League Assets as part of the 2013 municipal approvals process. C
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