The owner of Dockside Green has rolled out a new business model to ignite stalled construction on the 15-acre project on Victoria’s Upper Harbour.
Vancity credit union is inviting third-party developers to build their own projects on individual lots.
Vancity said the density of individual multi-family housing buildings is being slightly reduced, meaning each building would have fewer housing units than originally planned.
The credit union said the changes should make it easier for developers to finance a project.
Dockside Green won international attention for its commitment to sustainability and green living, but nothing new has been built there in seven years as development has “experienced challenges,” according to an annual report on the project.
Grasses and scrub cover vacant land on the Dockside site, where 266 multi-family housing units and some commercial and office space have been built to date. In 2005, the city chose Vancity Enterprises and Windmill Development to create a community on its former industrial land. Plans called for 1,000 housing units, plus commercial and light industrial uses, to be built over 10 to 12 years.
The new scheme remains committed to the original principles and was developed following extensive public consultation. It is still a mixed-use urban community where people can live, work and shop. Proposed changes have to be approved by city hall. Updates reflect the current situation surrounding community, the developer said.
Original plans called for buildings too large for the post-2008 real estate market, according to Dockside’s annual report.
The overall density of the entire development will stay about the same. A total of 12 new buildings are now planned, the report said. Buildings will be between 85,000 to 140,000 square feet, rather than 200,000 square feet. “These newly created parcels are marketable and financeable for local developers,” the report said.
The aim is to spark new construction and to add lively temporary uses to revitalize Dockside Green as development unfolds in coming years.
Dockside will remain responsible for delivering public amenities, said Ally Dewji, Dockside development manager. More than 75 per cent of amenities have been completed, but just 22 per cent of the site has been built out. “This has created a substantial financial burden on the project,” the report said.
The current master development agreement with the city of Victoria provides an “unworkable scenario whereby remaining amenities such as public plazas and parks are to be delivered with no connection to the buildings that neighbour it.”
Under the proposal, an updated main plaza on Harbour Road will be the main urban area on the site, to help link Dockside Green with Point Hope Maritime across the street. A new central park, an improved childrens’ play area, a dog park called the “Mutt Strut” and a centre for local residents to meet indoors are also included in the plan.
In the meantime, temporary uses proposed include BETA, a proposed commercial centre with services and retail operating out of shipping containers. Urban agriculture with greenhouses and produce grown in above-ground containers is also being explored.
