A land assembly across from Mayfair Mall has been sold to a local Victoria developer, Geric Construction. The 8 parcel assembly encompasses approximately 57,600 square feet of land and is designated ‘Town Centre’ in the Burnside community plan.

The previous owner, Oakwood Park Estates, submitted and successfully obtained approval for a two structure 176 unit multi-residential tower on the 1.3 acre lot in 2016. The approved proposal consisted of two 12-storey towers with a ground floor commercial component and 10 two-level townhomes. 83 market rental apartments are planned for east tower and 83 condos in the west tower. 26,077 square feet of commercial space will be shared among both buildings.

During the rezoning process the City of Victoria imposed a $975,000 community amenity contribution requirement for the project, a cost that was far too high for the developer to absorb. Oakwood Park Estates requested reduction to $200,000, which was denied.  In letters to the city, the developers representative Number10 wrote:

“In a community that is trying to encourage affordability it is evident that the proposed amenity fee of $975,000 is going in the wrong direction, inflating the costs to both purchasers and renters.”

The bonus amenity contribution policy that sets a fixed rate target of $5 per square foot for amenity contributions when considering additional floor space above the base density allowed in large urban villages or urban residential areas, and $12 a square foot in the downtown core. It appears the Oakwood may of sold the property out of frustration with City of Victoria policy and politics. .

The land is now held by 1172873 B.C. LTD where Ed Geric and his partner Qian Liu are directors. The Geric family has been building quality homes in Royal Oak and surrounding neighbourhoods since 1968. Notable projects include Travino at Royal Oak, The Duval in Royal Oak, and the adjacent Brizo 19 which is also on Speed Street.

Speed & Frances Assembly

wdt_ID Sales Price Civic Address Municipality Lot Size SF Current Use Zone Code Registered Owner Gross Taxes OCP NCP Development Permit Area PID
1 $1,256,307 609 SPEED AVE Victoria V8Z 1A5 Victoria 8,400 Multi-Family - Vacant R-81 11* 0.00 Town Centre Neighbourhood Plan: Burnside DPA: Town Centres 009-152-288
2 $2,153,669 612 FRANCES AVE Victoria V8Z 1A5 Victoria 14,400 Vacant IC&I R-81 1172873 B.C. LTD. 0.00 Town Centre Neighbourhood Plan: Burnside DPA: Town Centres 000-202-720
3 $897,362 615 SPEED AVE Victoria V8Z 1A5 Victoria 6,000 Single Family Dwelling R-81 11* 0.00 Town Centre Neighbourhood Plan: Burnside DPA: Town Centres 009-152-326
4 $1,076,834 629 SPEED AVE Victoria V8Z 1A5 Victoria 7,200 Single Family Dwelling R-81 11* 0.00 Town Centre Neighbourhood Plan: Burnside DPA: Town Centres 009-152-369
5 $1,076,834 607 SPEED AVE Victoria V8Z 1A5 Victoria 7,200 Single Family Dwelling R-81 11* 0.00 Town Centre Neighbourhood Plan: Burnside DPA: Town Centres 009-152-261
6 $1,076,834 605 SPEED AVE Victoria V8Z 1A5 Victoria 7,200 Multi-Family - Vacant R-81 11* 0.00 Town Centre Neighbourhood Plan: Burnside DPA: Town Centres 009-152-245
7 $1,076,834 606 FRANCES AVE Victoria V8Z 1A5 Victoria 7,200 Vacant IC&I R-81 11* 0.00 Town Centre Neighbourhood Plan: Burnside DPA: Town Centres 009-152-211

Overview:

Transaction Date: August 23, 2018
Total Purchase Price: $8,614,674
Mortgage: Coast Capital Savings Credit Union.
Lot Size: 57,600 SF
Price/SF land: $149.56
Zone: R-81 Speed & Frances Multiple Dwelling District

The new owner has not announced plans for the property, nor submitted new proposals to City of Victoria as of November 8, 2018. The previous development permit was issued June 23, 2016.

Leave a Reply