NVision Properties, a division of Abstract properties, has received second and third reading for their re-developement of former Shell gas station at the SE corner of Shelbourne St & Mckenzie Ave.
The rezone from C-8 (service station) to C-2BW (Commercial-Apartment) was granted on March 9, 2020 from Saanich City Council. This C-2BW zone is the same as what was created for a previous NVision project at 433 Boleskine; which was a 95 unit rental building that recently transacted for $32.7M.
3949 Shelbourne Street
Situated at the corner of the busy intersection of Mckenzie Avenue & Shelbourne Street, the former gas stations was acquired in June 2018 for $975,000.
Previously the property was transacted in May 2016 for $800,000. The purchaser, UCANCO GENERAL PARTNERS INC., a USA foreign entity operating in St Louis, MO, acquired the site in a portfolio sale of Shell Gas stations across the country. The transaction enabled Shell the ability to divest non-core, contaminated real estate, transfer the environmental liabilities to a third party, and guarantee clean-up of the environmental conditions. For more information on the sale read the case study.
A six-storey, mixed-use building with two commercial retail units and under-building parking on the ground floor and 76 rental residential units on the upper floors.
It will be built to Built Green® – Silver. AirB&B and short term rentals will be prohibited.
Parking requirements from the bylaw dictate 138 stalls, but the applicant achieved a variance to provide only 22; a reduction of 116 stalls. The visitor parking has been reduced from 23 to 1 stall. The variance was granted as the project is located along major high frequency transit routes, and likely positioned to be an off-campus student building. The history of the site as a service station make incorporating underground parking prohibitive.