36 unit strata development goes to public hearing in Fairfield

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Empressa Properties has made significant progress on its 3 lot assembly on Burdett street in Fairfield. The project is now approaching the public consultation stage for the re-zoning request.

Local entrepreneur Karl Robertson approached the 3 landowners in the sleepy community of Fairfield in Spring 2015. Well versed in the Fairfield NCP, Karl sought out under utilized urban properties. He found a ripe opportunity with a contiguous row of small lot properties surrounded by larger multi-family developments. With about 2 weeks of negotiations with the land owners, Karl found himself an off-market deal!

The Development Site:

Civic Address Zone Code Lot Size Acquisiton Cost & Date Year Constructed Actual Land Use 2016 Assessed Value
1120 BURDETT AVE Victoria R1-B 7,200 10/29/2015 $785,000 1928 SINGLE FAMILY DWELLING $949,000.00
1124 BURDETT AVE Victoria R1-B 4,920 10/29/2015 $775,000 1926 TRIPLEX $888,000.00
1128 BURDETT AVE Victoria R3-AM-1 5,880 10/29/2015 $615,000 1930 SINGLE FAMILY DWELLING $859,000.00

The Math:

The acquisition and proposed 4 storey, 36 unit concrete development give the following metrics of value for development sites in Fairfield.

  • Total Acquisition Cost: $2,175,000
  • Site size: 18,015 sqft
  • Price/sqft of land: $120
  • Proposed FSR: 1.83
  • Price/ buildable sqft: $66

With a building efficiency of 85%, Empressa should have about 28,000 saleable sqft that should market anywhere between $600-800/sqft. Construction costs in current market are anticipated to be $220/sqft.

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The project will offer 10 different suite layouts. The 1 bedrooms will range from 532 – 685 sqft. The 2 bedrooms will range from 882 – 1072 sqft.

Parking is generous at this project with 34 / 36 units having a dedicated secure underground parking stall. An additional 3 visitor parking stalls will be provided.

This will be a popular development and is welcomed by most of the surrounding neighbourhood. The project is well designed, embraces quality timeless materials, and a well balanced unit mix. A fantastic location in North end of Fairfield offers easy walking to amenities, downtown, and inner harbour.

You can view detailed renderings, floor plans, and the proposal here.

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