Dockside Green’s new way of doing business appears to have stirred the rumour mill regarding the development’s future.
Rumours have been circulating the massive development site is being sold by owner Vancity Credit Union, but Dockside president Norman Shearing says it’s nothing more than following through with the master development plan it had approved by the City of Victoria this year.
Shearing noted the plan dictates Dockside Green will act as a “neighbourhood developer” that will partner through land sales and partnerships with third-party builders to bring the neighbourhood to life.
“Dockside Green recently issued a request for builders to submit proposals to develop two residential properties along Tyee Road,” he said. “We did this following the approval by Victoria of a new master development agreement for the project.”
Shearing said there was “significant interest” in the request.
“Several developers submitted bids, including some that were interested in more than just the two properties,” he said. “We are currently exploring options, but due to confidentiality, we are not able to comment on any offers we have received.
“We can, however, confirm that no deal has been reached at this time as part of these discussions.”
Shearing said the development has not been for sale. Vancity did not respond to requests for comment.
“It is unfortunate there are rumours regarding Dockside as they create stress and uncertainty for all concerned,” said Shearing.
Dockside’s new business direction has already started to bear fruit, as last year it signed an agreement with Vancouver’s Catalyst Community Developments Society to build the $9-million Madrona complex — 49 units of affordable housing spread across two rental buildings.
That marked the first construction activity on the site in six years, and signalled a new way of doing business.
Shearing said since then Dockside has entered into an agreement to sell a commercial site — a deal is pending — and sold a land parcel along Harbour Road that will house a law firm with retail space at grade.
“These sales are representative of our dedication to building and completing the Dockside lands,” he said.
Building on the 15-acre Dockside Green site had been quiet since 2008, but the expectation is for robust activity in the near future as the master plan calls for as many as 12 new buildings — the first of which could break ground as early as 2018.
The new plan, which will be built with Dockside’s LEED (leadership in energy and environmental design) Platinum community program in mind, will include commercial and residential buildings, more park area, a children's play area, dog park, a park to replace a previously planned traffic circle and a retail centre with grocery store.
There is space for such things as a brewery, distillery, liquor store, kindergarten, parks, seniors’ assisted and independent housing, and a cultural facility spread across buildings between the Johnson Street and Point Ellice bridges.
To this point, Dockside has developed about 300,000 square feet of space, in which there are 266 residential units and about 500 residents; that’s about 22 per cent of the total expected density.
The new plan calls for another one million square feet of development and 1,000 residential units, but this time the units will be in taller buildings rather than ones that spread.
Dockside expects the next residential development will start to the south of the existing residential complexes on Tyee Road, and that the full build-out of the project could be complete in another 10 years or so.
