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.