The North Park neighbourhood's Wellburn's Market building and its adjacent surface parking lot have been tentatively purchased by a Vancouver-based real-estate development firm with plans to develop the property, Citified has learned.
The iconic two-storey heritage registered complex, officially called the Caption Building and situated at 1050-1058 Pandora Avenue, was constructed in 1911 as a mixed-use commercial and residential building that 107-years on remains true to its original purpose with a Wellburn's Market as the primary ground floor commercial tenant, and a barber shop with frontage onto Cook Street and rental apartments above.
Redevelopment plans for the Wellburn's properties are likely to incorporate a heritage restoration of the original building while a woodframed residential lowrise is anticipated on lands currently occupied by the parking lot.
Although conceptual plans are in their infancy, the project's new-build construction is expected to materialize at a height of four-to-six-storeys with a commercial component along the ground floor and a mix of rental residences above.
Development plans will be presented in the coming days to the North Park Neighbourhood Association's board. The information session, however, will not be open to the general public.
Situated to the northeast of downtown Victoria-proper and Harris Green, North Park and its adjacent blocks have experienced a significant rise in development activity in recent years.
The neighbourhood will soon be home to the downtown core's first full-service, large-scale grocery store as part of a mixed-use development currently underway along Pandora Avenue at Vancouver Street.
Known as the BueSky project at 1008 Pandora Avenue, the six-storey mixed-use building will include nearly 200 rental apartments and a ground floor commercial component home to a Save-On-Foods supermarket and other retailers. Completion is anticipated by early-to-mid 2019.
Across Pandora Avenue from the Wellburns property is Cox Development's 13-storey V1488 rental tower. The 134-unit complex was completed earlier this year and has received its occupancy status. V1488's rental apartments are currently being offered for rent.
Further west along Pandora Avenue Victoria-based developer Kang & Gill has proposed a mid-rise residential complex along the 900-block. The project is at the municipal planning stage and is not expected to receive municipal approvals until later this year or in early 2019.
North Park is also home to what could become redevelopment of the Crystal Pool health and wellness facility along Quadra Street at Pembroke Street. The $70 million undertaking could get underway within two years pending municipal approvals and secured financing. C
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