Vancouver based developer eyes Cook St Village for 48 units + CRU’s

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Aragon Properties of Vancouver is actively investing and developing in Greater Victoria. The company is behind the new Esquimalt Town Square, 755 Cordova Bay Road, Lampson English Inn, and Cook Street Village developments.

Aragon recently submitted a rezoning and DP application to the City of Victoria for review. Prior to the submission the developer consulted with the Fairfield Gonzales neighbourhood on 5 occasions to refine the project.

The Lands 

Address Size (SF) Zone Code Purchase Price
1044 Pendergast 6,345 (47×135) R-K $1,000,000
1048 Pendergast 6,345 (47×135) R-K $1,000,000
1052/54 Pendergast 6,345 (47×135) R-K $1,000,000
324 Cook St 11,907 CR-3M $4,124,000
TOTAL 30,942  $7,124,000

The sale closed on August 31, 2017 and was a brokered deal between private investors (US and Canada).

The four parcels encompassed by the proposal are 2,875 sq.m. in total area and are currently occupied by 3 detached houses (none are registered or designated heritage) and a one-storey commercial building.

The Development Proposal

The site is planned to be rezoned for a 4-storey plus mezzanine mixed use commercial and residential building.

Site Area 30,942 SF
Floor Space Ratio (FSR) 2.19:1
Buildable SF 67,763 SF
Price/Buildable $105/pbsf
Parking Stall 80 surface/underground

This is one of the first sales in Greater Victoria in 2017 to break the $100/pbsf threshold. Not surprising given current market conditions and fantastic location of this property.

Residential Component

One Bedrooms 11
Two Bedrooms 27
Three Bedrooms 10
Total # Units 48

All units that are 732-795 sq.ft. will be one-bedrooms, twobedrooms are 1,064 to 1,471 sq.ft., and three-bedrooms are 1,265 to 1,660 sq.ft

A mezzanine floor is proposed at the north west corner of the building. 3 suites on level 4 will have individual mezzanine space and outdoor roof top patios facing south. The concept for this 5th floor space was developed in direct response to from neighbours at 380 Cook Street, as it allows an increase in the setback between the 2 buildings by shifting floor area from levels 1-4 to the mezzanine.

The project will include at grade parking off Cook Street and underground parking accessed from the south side of the property along Pendergast to provide a total of 88 parking stalls for the 48 residential units and 5,400 sq.ft. of commercial space. Additionally, secure bicycle rooms well-located at grade and in the parkade will accommodate the required 51 Class-1 bike racks. 12 additional Class-2 racks are located at the Cook and Pendergast frontage and at the parking area accessed off Cook Street.

The city of Victoria parking requirement for this project is 85 parking spaces. Parking study conducted by Watt Consulting suggests the proposal satisfies parking demand.

 

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