David Chard stood atop his Duet development in James Bay Wednesday afternoon, but part of his mind was firmly focused on a plot of land several blocks away.
The developer used a ceremony that marked the topping off of his current project — the 90-unit, two-building Duet — to highlight details of his next one.
Chard laid out his vision for changing the face of the 800-block of Broughton Street by developing two lots — 818 Broughton, home to Black Press, and 838 Broughton, a parking lot — into an 82-unit condominium called Escher.
“What Escher will do is bring a lot more people and vibrancy to that street,” he said.
It’s part of his ongoing revitalization program that has included the Sovereign, Juliet and The 834 buildings in the downtown core.
The $40-million Escher building will reflect its namesake, famous European graphic artist M.C. Escher, who explored the themes of infinity as well as impossible construction like that in his famous print, Relativity, with stairs leading to nowhere.
“I would lean toward the exploring of infinity,” Chard quipped. “We will stick with traditional construction methods.”
Chard said it is a marketing name, but he does intend to try novel construction processes with the building. He said he would reveal the details over the coming months.
The 10-storey development across from the YMCA is not yet approved by the city, but it has cleared the planning, land-use and design hurdles. Chard expects to go to public hearings in a few weeks.
“Assuming approval, we will be opening doors for the introduction to the market and start sales in mid- to late-July,” he said.
Chard is also starting a $1-million renovation of 818 Broughton that will include an exterior facelift.
As for his Duet project, Chard said it is now more than 50 per cent sold and the building is expected to be complete in November.
And that’s despite what Chard called a soft condo market.
“We get little spurts. We have had a couple of good months this spring when we’d done well with our sales, but then it eases up, so generally I would put it as soft with some steadiness,” he said.
Chard isn’t concerned about oversupply, noting most projects now on the market are about 50 per cent sold, while some planned projects may never make it to market.
According to real estate agent Tony Zarsadias, chief executive of the Condo Group, oversupply is always a concern.
“There are a lot of big projects coming out of the ground, but at the same time the market seems to be able to bear it,” he said.
The majority of condo buyers are local, Zarsadias said, but the market is once again starting to see buyers from Vancouver and parts of Alberta, Saskatchewan and Ontario coming back.
He said that’s a reflection of the economy improving and Victoria’s relatively inexpensive inventory.
“It starts with the economy. Consumer confidence is huge and, at the same time, anyone [who] comes over from Vancouver thinks we are a steal,” he said.
Chard agrees, noting he is seeing a lot of soon-to-be retirees coming back to the Victoria market.
“The economy had an impact. In 2008, I think a lot of people said they would work for another five years instead of retiring,” he said. “Now there are retirees we see coming and some are buying in order to have this as a vacation home but with idea they will eventually retire here.
“But the majority of our purchasers are Victorian.”
