Starlights insatiable appetite for Victoria, BC continues. The private REIT has been picking up prime Victoria assets for years. Most notably two adjacent apartment blocks in James Bay, among others.
The recent acquisition by Starlight Developments of 1314 Quadra and 851 Johnson Street shows the company has very long term plans for Victoria.
|Civic Address||Purchase Price||Zone Code||Zone Description||Lot Size Sq.Ft.||OCP||NCP|
|851 JOHNSON ST||$2,950,000||CBD-1||Central Business District-1||7,200||Core Business||Harris Green|
|1314 QUADRA ST||$1,680,000||CBD-1||Central Business District-1||4,016||Core Business||Harris Green|
|Parking Lot||$720,000||CBD-1||Central Business District-1||3,600||Core Business||Harris Green|
The sale amalgamates 3 parcels that are currently underutilized. The site contains a dry cleaners, surface parking lot, and a largely empty retail store.
The OCP designation of Core Business envisions a built form of up to 24 storeys in height for commercial and mixed use buildings. There should be retail at grade with underground parking to the building. The maximum residential floor area should be no more than 3:1 FAR. Total commercial FAR ratios range from 4:1 to 6:1.
Given its prime location in Harris Green, this would be an ideal location for a rental building. The city might be prepared to offer bonus density to residential component for affordable rental units. In the COVID era new office developments are unlikely.
This intersection is ready for change. Immediately across the street, Alpha Projects are well underway with their 14-storey rental project at 1400 Quadra. On the SW corner Mings Restaurant at 1321 Quadra has been left vacant and derelict for many years, is now slated for demolition.
Nearby in the same neighbourhood, Starlight Developments is in the planning stages for the landmark transition of Harris Green Village. The company acquired the entire city block from Yates & Vancouver Street to View & Quadra Street. The proposal includes a five tower, three phase development that will contain over 1,500 purpose built residential rental units and over 100,000 square feet of commercial and retail space.
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