One of the developers of a planned 59-unit rental apartment building in the 800 block of Fort Street said the project will create more vitality in the area and predicts residents will support local businesses.
“We really think it will be a beneficial thing,” Ian Laing said Wednesday. “We think it will help with some of the commercial vacancies and make it a more active street.”
Victoria council approved the plan last week for 840 Fort St., which includes an agreement with the city to keep all the residential units as rental housing in perpetuity, said Laing, who has spent 17 years in the rental sector.
“It is a wonderful location for a rental building. It’s very walkable. Fort Street has so many little restaurants and amenities for tenants,” Laing said. “There’s a park a block away. It’s just a very, very livable location.”
A six-storey addition will be built on top of the original 1911 building on the site, creating 23,869 square feet of housing. A 700-square-foot commercial space on the ground floor will maintain retail flow along the street, Laing said.
The site once housed Sawyer Sewing Centre, which moved to 3400 Douglas St. The building has been vacant for several years as the developer refined plans.
The project is being developed by Laing, Three Point Properties and Norwood Holdings. A construction value wasn’t immediately available.
“We are very hopeful to get going right away,” Laing said. In the next four to six months, developers will produce working drawing, arrange financing and apply for permits. After that, construction will take about 18 months, he added.
Rental units will range from 280 square feet to just over 700 square feet.
Rents have not been finalized, but could be between $850 and $1,100 per month, Laing said. Developers expect to attract tenants who live and work downtown.
Like some other condominiums and rental units downtown, the project does not include vehicle parking, but there will be spots for 59 bicycles. “In the right location it makes a lot of sense,” to go without vehicle parking, Laing said. “Every amenity you need is within two blocks.”
