The parking lots beside View Street Towers have been acquired by Vancouver based multifamily investor, Gordon Nelson Group. Both the parcels have an OCP designation of ‘Core Residential’ which recommends an FSR of up to 5.5:1 with a height of up to 20 storeys.
In November 2016 Gordon Nelson acquired the two large surface parking lots at 930 Fort Street and 937 View Street for a combined price of $4,025,000. Gordon Nelson has since submitted two separate rezoning applications for each parcel. Gordon Nelson is an experienced multifamily investor with assets in Vancouver, Victoria, and Tofino.
Gordon Nelson later acquired a third adjacent property, 941 View Street, eight months after the initial acquisition of the surface parking lots. The Vendor of 941 View (1109614 B.C. Ltd.) who sold to Gordon Nelson (1121447 B.C. LTD.) only held the property for 2 months and made a gross profit of $275,000.
The recent acquisitions now provides the Gordon Nelson group with 33,186 square feet or 3/4 acre of prime development land in the Harris Green neighbourhood of downtown Victoria.
Gordon Nelson Land Acquisitions Downtown Victoria
|PID||Civic Address||Municipality||Zone Code||Zone Description||OCP||Registered Owner||Lot Size||Sales History||Actual Land Use||2016 Assessed Total Value|
|000-410-233||937 VIEW ST Victoria||Victoria||R-48||Harris Green District||Urban Place Designation: Urban Core Residential||1092871 B.C. LTD.||16,917||11/30/2016 $3,371,035.00 Type: IMPRV SINGLE PROPERTY CASH||PARKING (LOT ONLY, PAVED OR||$2,871,500.00|
|004-121-325||941 VIEW ST Victoria||Victoria||S-1||Limited Service District||Urban Place Designation: Urban Core Residential||1121447 B.C. LTD.||7,248||6/7/2017 $1,475,000.00 Type: IMPRV SINGLE PROPERTY CASH;|
4/12/2017 $1,200,000.00 Type: IMPRV SINGLE PROPERTY CASH
|VACANT RESIDENTIAL LESS THAN 2||$1,051,000.00|
|000-416-592||930 FORT ST Victoria||Victoria||CA-42||Harris Green Commercial District||Urban Place Designation: Urban Core Residential||1092874 B.C. LTD.||9,021||11/30/2016 $653,964.00 Type: MULTIPLE PROPERTY||PARKING (LOT ONLY, PAVED OR||$1,205,400.00|
The Harris Green neighbourhood has seen a significant amount of investment from Vancouver based developers. The neighbourhood is centre stage for the over 2,000 dwelling units currently under construction. In the past 20 years it has had a 44% growth rate, the second highest in the City. Harris Green is a commercial centre secondary to downtown, with retail and business uses primarily along Johnson Street and Fort Street. This neighbourhood is the second most dense in the city with only five single detached homes.