Bosa Properties has struck a deal with Focus Equities that will see a new 140-unit condominium tower being built at Bayview Place in Songhees as early as next year.
The deal is similar to one between the two companies that resulted in Bosa building the 177-unit, 21-storey Promontory, which was completed in the summer of 2014 on the Bayview site bordered by Esquimalt, Kimta and Tyee roads.
“We are pleased with the reception we’ve earned in the Victoria marketplace, and eager to further develop in what we believe to be one of Canada’s finest master-planned neighbourhoods,” said Bosa chief executive Colin Bosa. “There is simply no other piece of real estate in Victoria that affords the views, character, refinement and exclusivity offered here.”
The new $65-million project will feature 140 units, many of which will be two-bedroom homes, and be spread over two buildings — a 17-storey tower and a connected five-storey low-rise development — directly west of the Promontory building.
Ken Mariash, owner of Focus Equities, the master developers of the Bayview site, said the deal allows his company to focus on the adjoining mixed-use Roundhouse project, which will help complete the 20-acre neighbourhood.
In June, Focus Equities got approval from the City of Victoria for the redevelopment of the Roundhouse.
That project includes the restoration of the historic Canadian Pacific Railway site, adding new retail buildings and box cars to establish a retail destination and community gathering place, featuring space for performing arts, special events, retail and food.
Focus Equities hopes to have tenants signed for the project and have it open by the summer of 2017.
Daryl Simpson, senior vice president at Bosa Properties, said marketing for the new residential tower will start in late August or early September. The company hopes to drive sufficient sales to start building in early 2016.
“There is significant interest in this next phase, due to the views afforded by the hilltop location, surrounding parks, and short walk to the city centre,” he said, noting the company has learned a lot about the Victoria real estate market since it started work on Promontory.
“In Victoria, sales at Promontory were active at the beginning in presales and again as we got finished, but the intervening months, it was quite slow,” he said.
“Victoria is a very strong presale market and when they can see, feel and touch it.”
The company expects the property will attract older couples who are down-sizing and still want to be close to the city, as well as first-time buyers.
Simpson also noted a completed Roundhouse project will add to the appeal of this tower and any others on the site.
“Once the Roundhouse and community amenities are developed, it will be an enclave and we are certainly looking forward to that happening,” he said.