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Now renting: 134 condo-quality apartments hit the market with completion of Cook Street tower

The southwest view from atop the 13-storey V1488 purpose-built rental tower recently completed on Cook Street between Johnson Street and Pandora Avenue. The condo-quality units of the concrete tower are going fast given Victoria's under-supply of rental housing.  Citified.ca

Now renting: 134 condo-quality apartments hit the market with completion of Cook Street tower
MIKE KOZAKOWSKI, CITIFIED.CA
Cox Development’s 13-storey, 134-unit purpose-built rental tower at 1488 Cook Street has received full occupancy status from the City of Victoria just in time for the peak rental season.
 
Underway since mid-2015, the condo-quality V1488 residence was constructed as a three-building complex utilizing external walkways and stairwells common to Vic West’s Songhees neighbourhood and frequently seen in milder regions of the United States.
 
The decision to pursue an architectural design with exposed common areas, says developer Dan Cox, was to introduce a unique building to downtown Victoria’s Harris Green precinct and to give the project a brighter, airier feel.
 
“At first glance you can’t help but think that the building design is fitting of southern California or Florida, and you’d be right,” says Cox. “We designed it this way to take advantage of Victoria’s mild year-round weather and to break away from the same-old. And by doing so the building’s environmental footprint has been greatly reduced by not having to heat corridors or waste energy on thirteen levels of constantly lighted common areas.”
 
Despite being a purpose-built rental, the building’s units feature higher-end interiors with kitchen and bathroom finishings more commonly seen at market condominium suites while an up-market full appliance package gives the residences sophisticated appeal.
 
“We recognize the demand for more luxury finishings in Victoria’s new generation of rental buildings. Based on feedback with potential tenants and upon reflecting on the state of the industry, we opted to take additional measures to finish our units to a higher standard than you’ll find at most newly constructed rental projects. And the response from the market has been overwhelmingly positive,” Cox said.
 
Although nearly half of the project’s one and two-bedroom suites have already been assumed, the large variety of remaining floorplans still yield the option for would-be residents to pick and choose from a variety of price points, floor heights and view opportunities.
 
“One of the things we did differently was to pursue a large selection of internal layouts and styles,” Cox says. “You literally get the impression when doing a walk-through that no two units are the same, and the views from so many of our remaining apartments are absolutely amazing.”
 
Units range from some 400 square feet to 730 square feet in one-bedroom configurations. Two-bedroom suites are sized from 750 square feet to 900 square feet, including upper level penthouses with sweeping view opportunities from all four sides of the building.
 
Prices start in the $1,300 range for one-bedroom suites while two-bedroom layouts start in the $1,800’s.
 
An underground parking component will accommodate just over 100 vehicles with all two-bedroom units allocated a parking stall at no additional cost. One-bedroom residences have the option of securing a parking stall at the seemingly bargain-basement rate of $100 per month.
 
As for the building’s 6,800 square foot ground floor commercial component, Cox says several parties are actively pursuing opportunities to absorb V1488’s Pandora Avenue retail frontage, although it’s too early to formally announce the upcoming tenant line-up.
 
With the completion of V1488, Cox says his focus will switch to the intersection of Johnson and Vancouver streets where the developer is currently building a two-tower, 15 and 17-storey condominium complex containing over 200-units. The high-end project, dubbed 989, is expected to complete by mid-to-late 2019. Meanwhile future plans from the company include yet another residential project across the street from 989 and an additional rental tower along the 1000-block of Johnson Street.
 
For individuals interested in learning more about V1488’s rental opportunities and to schedule a walk-through, register on the company’s website at V1488Victoria.com or call 250-477-1100. Open houses are scheduled Tuesday through Thursday, 4-7PM and on weekends between 2PM and 4PM. C

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