Who wants to build a condo in Victoria?

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?

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Prairieboy
Prairieboy
13 years ago
loki
loki
13 years ago

I am hoping at some point in the near future to compile a list of condo projects similar to what VHB has done.I would be interested to see this – the Island may be of future interest to me when I escape from Vancouver.

loki
loki
13 years ago

I remember that area before they tore it down. It almost seems like a developer with plans and permits in place should be charged an eye-sore tax for every month they leave a property vacant or torn down.

Prairieboy
Prairieboy
13 years ago

I live near the Cook Street Village in Victoria and it is an incredible eyesore and a dissappoint in how this project has not proceeded.I am not sure how profitable condo building is in Victoria right now. I would assume that it is profitable, as there are projects coming up left, right, and centre. However, inventory is piling up. In the City of Langford, based on December numbers, there is an 11 month supply of condos. I am hoping at some point in the near future to compile a list of condo projects similar to what VHB has done.