The Cook Street condo site in Victoria is up for sale.

Vancouver developer Max Tomaszewski is offering for sale land in the heart of the village for $15 million, along with plans for a residential and commercial development dubbed Castana.

The developer is moving on to a Marina project and several development projects in Europe, but has said that if a buyer can’t be found they will complete the project. Delays on the Cook Street project have left a lot of residents unhappy:

Word that the property isn’t being developed quickly is crushing news to the Fairfield community that has been involved with numerous meetings on various proposals for the site since 2002.

“We want it completed,” said Wayne Hollohan, chairman of the Fairfield Community Association’s planning and land-use committee.

He added it’s disappointing that houses have been demolished on the site, Food Country is closed, and employees have been laid off but still construction hasn’t begun.

Amid escalating rumours about the project, Tomaszewski was asked in December if the property was sold. He replied he was tired of the “wild rumours” about the property and assured that construction would start that month.

There is no activity on the site and the building permit still hasn’t been taken out at the City of Victoria.

The development permit on the site expires in September 2008.

I haven’t been following the market in Victoria – are condo prices falling faster there than in Vancouver? Is it no longer wildly profitable to be building condominiums on the island?