The first residential building planned for Uptown will be an 11-storey structure with 134 rental suites and townhomes, according to plans submitted to Saanich.
The development at the corner of Carey Road and Ravine Way will also offer 55,000 square feet of retail space at the northwest end of Uptown Boulevard.
“We’re excited to be moving into the formal approvals process for the final phase of the mixed-use neighbourhood that is Uptown, and particularly pleased to be working toward a residential development that will help to meet the local need for more rental homes,” said Geoff Nagle, director of development for Morguard Investments Limited. The proposal will be before Saanich council for rezoning this year.
The project will be another in a series of rental buildings that Greater Victoria’s housing market will happily absorb, said rental specialist Jason Kahl, chairman of the Victoria Real Estate Board’s commercial division. Rental vacancy rates remain below two per cent and the market is hungry, he said.
“With all of the new buildings coming in we haven’t seen much impact on vacancy rates yet,” Kahl said. He noted that, until the past few years, the region hadn’t seen much purpose-built rental accommodation since the 1970s. “Right now [units] come up, they flip and turn over. There’s not a lot of product sitting anywhere in the market. The market will absorb this, definitely.”
Kahl said the increase in the number of purpose-built rental buildings is down to an availability of money at low interest rates.
“Victoria has one of the lowest vacancy rates in Canada, so it’s pretty safe money,” Kahl said, adding pension funds have been looking at this kind of building in order to park their money safely.
Among recent rental buildings are Townline’s Hudson Mews project. The company will add another 178 units this spring when Hudson Walk’s first phase is complete.
Developer Stan Sipos is planning rental units for his mixed-use project at the corner of Government and Wharf streets.
The Uptown building features exterior suite entrances and secure bicycle and automobile parking.
The suites will be offered as studio, one- and two-bedrooms.
“We began the redevelopment of this property in 2008 and so much has changed in the neighbourhoods in and around Uptown,” said Nagle.
“Uptown is at the centre of an evolving urban core in Saanich. It’s going to become even more vibrant as people continue to move into this area.”
The new building will be next to the Whole Foods store, which is under construction.
