Address:
The Montrose Wintergarden/Spire Hotel is a proposal along the 700-block of Fort Street at Blanshard Street to build a 20-storey highrise hotel tower catering to younger travellers in downtown Victoria's Harris Green neighbourhood.
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Do development permits expire? This got approved almost two years ago, and if they're signing a new lease with a tenant it sounds like construction isn't beginning any time soon.
Or can they just sit on this indefinitely?
Note how the Hudson District was approved circa 2006, but didn’t complete until 2023. Same with Dockside, approved in 2003, touted as complete by 2015, and not even half finished.
Might be a long wait if interest rate drops are the key.
The wording in all of the City of Victoria development permit letters I have seen says "Please note that the Development Permit generally expires two years from the date of council approval unless otherwise specified in the permit." If they haven't started before the two years runs out, I suspect they will have to go back to council to have the DP renewed. But that is much simpler than getting the initial permit.

Gorge Road's Travelodge turned-COVID-era housing facility back to hotel operations as 'The Vic'
The Vic Hotel has returned the former Travelodge complex on Gorge Road East to tourism lodging.

20-storey hotel tower still on-track, developer says, as Fort Street's vacant Monk Office site offered for lease
Building permit submission expected to be filed by year's end for the 128-room hotel.

20-storey Montrose Wintergarden Hotel proposal unveiled for Blanshard at Fort
128-room hotel includes three-storey garden atrium space described as a 'wintergarden.'

Highrise hotel tower catering to millennials proposed for Monk Office property at Fort and Blanshard streets
65.5 meter tall hotel with "unique tower design" hopes to tap into the tech-savvy millennial travel market.