Construction is expected to get underway next month on a five-storey, 153-unit building in the Burnside Gorge area that Victoria Mayor Lisa Helps says is needed in the city’s tight rental market.
The development at the corner of Gorge Road and Irma Street is expected to be ready to rent by late 2023.
“In Victoria, three out of every five people rent their home, so enhancing the rental supply provides more housing choice and more homes for our residents,” Helps said during a groundbreaking event Friday.
“We welcome the addition of more purpose-built rental housing to help us to achieve our housing targets.”
The rental vacancy rate in Victoria is about 1% and purpose-built rental housing stock is in short supply.
The new development is aimed at middle-income earners, with ground-floor commercial space for a coffee shop or other retail.
It will also feature beehive apiaries to support sustainability, Modo car-share vehicles and free memberships, along with EV Level 2 charging stations.
The wood-frame building will have a public plaza, children’s play area, rooftop amenity and public art.
About half the units will be two- and three-bedrooms.
The development replaces six older single-family homes in the Burnside Gorge neighbourhood.
Traffic-calming measures will be added on Irma Street, as well as connections to cycling and pedestrian pathways.
The building is a partnership between Vancouver-based PC Urban Properties Corp. and Fiera Real Estate, an investment fund owned by Fiera Capital Corp. and based out of Toronto.