Victoria Construction - #7

[Mike K.]

This morning the construction crane for the 21-storey Promontory is coming down. These are photos from within the cab as it happens, courtesy of Rhys Foord.

[casper]

Originally Posted by Mike K.

The Dockside Green project will not continue as originally envisioned after market crash of 2008 derailed construction and stalled the development.

It is interesting that the article talks about an upturn in development. I am wondering what the driver is. I am seeing the same thing in the tech industry, Viatec has had a significant upswing in job posting on their job board this January.

It is nice to see this happening but I don't quite know what it is the driver.

[Mike K.]

The CEO of Dockside Green Ltd. made that comment, but the reality is the market has been on an upswing since about 2009-2010. Dockside is late to the party and the revelations about its need for re-assessment come at a time when the market is slowing as far as condos are concerned, not heating up. But then again since Dockside is thinking long-term they're probably happy that the floor didn't collapse beneath the economy's feet and things actually turned around since the crash of 2008.

That being said I would be very, very surprised to see Dockside proceed as anything similar to what had been approved in the mid-00's.

[casper]

Originally Posted by Mike K.

The CEO of Dockside Green Ltd. made that comment, but the reality is the market has been on an upswing since about 2009-2010. Dockside is late to the party and the revelations about its need for re-assessment come at a time when the market is slowing as far as condos are concerned, not heating up. But then again since Dockside is thinking long-term they're probably happy that the floor didn't collapse beneath the economy's feet and things actually turned around since the crash of 2008.

That being said I would be very, very surprised to see Dockside proceed as anything similar to what had been approved in the mid-00's.

I relocated out of Saskatoon, (where Condo's sell in days instead of weeks). I find the market to be a bit soft. Given the size and scale of Dockside, if they build out one building at a time hey can probably do things on a timeline where the new condos can be absorbed into the market.

[Mike K.]

Between 2001 and 2008 condos sold in Victoria like hotcakes and buildings couldn't be built fast enough. That's the market Dockside Green was conceived in and the first phases began construction in. By 2011 Dockside Green had to let remaining units go at fire-sale prices just to find buyers (I mean I know someone who bought a penthouse for just over $500k! That's crazy!).

The reality is outside of a real-estate gongshow nobody wants to spend the extra money on "green" construction if it means higher unit prices and higher strata costs. Those who bought into Dockside bought in when times were different and the market looked promising. Now people want the most bang for their buck, tried and true construction, and the lowest strata fees they can find. Unless Dockside can transform itself into something the market actually wants they can't build anything (and that's why they haven't built anything since the market turned).

[craneSpotter]

Originally Posted by casper

I relocated out of Saskatoon, (where Condo's sell in days instead of weeks). I find the market to be a bit soft.

Our market is a bit soft, but picking up. Regarding condos, you have to match the units to the market - the projects that stalled after 2008 were the high-end (priced) units. We have seen several mid-range hi-rise condo projects successfully completed over the past few years along with lots of lower-priced suburban ones. I spent some time living in Saskatoon and follow their market - and statisticallty (without the hype) Saskatoon's housing market is actually not that much stronger than Victoria's right now. The building boom here during 2001-2008 saw speculators/investors enter the market in number and we ended up over supplied (especially high-end condos).

It is nice that Saskatoon is finally seeing some development tho! I lived there in the late 80's and it still pretty much looked the same last time I was there in '08 (some new mostly SFD suburban areas and strip malls had been built around the outskirts). Has downtown changed at all yet? Any large condo projects on the go - other than the 4 storey suburban timber-framed cookie-cutter stuff?

Victoria's economic drivers are easy: High Tech, Education (Unis/Camosun/Pearson College/Private Schools/ESL students from Asia), Tourism, Provincial Government, Construction and retirees (the ones with money). Victoria typically has steady population growth with relatively low unemployment. We don't swing much, even tho we keep getting voted the most romantic city in Canada! Ha.

[Mike K.]

From today

[craneSpotter]

^ Era will be a great addition to the downtown, beats a hole in the ground

[Mike K.]

An updated rendering for Midtown Court under construction on Hillside. The design is getting some renewed flack.

[Mike K.]

Despite a slow economy at the moment, there is quite a lot of office development throughout the region that is both driven by demand and speculation.

 
Five projects to add nearly 300,000 sq. ft. of office space
By Mike Kozakowski, VibrantVictoria.ca
http://vibrantvictoria.ca/local-news...-office-space/
 
The steady pace of office development throughout the capital region will continue as developers rush to build nearly 300,000 square feet of inventory for a market believed to be on the cusp of new space acquisitions.
 
“We have both demand and speculation driving construction,” says David Brumby of Cushman Wakefield Victoria, a commercial brokerage firm representing many of the region’s high profile office and commercial properties.
 
Pointing to the fact that government shed surplus office holdings over the last few years, Brumby adds any expansion plans will rely on new office stock. Meanwhile private tenants seeking to upgrade, consolidate or expand space are themselves in-holding for the right time to make a move.
 
“All it takes is one turn in the economy and [government] will be coming out with space requirements and private tenants will begin consolidating space or upgrading.  Once this happens developers will be ready with product,” Brumby said.
 
Of the five projects currently underway or nearing construction throughout the capital region the largest is Midtown Court, a six storey mixed-use office and commercial development at 740 Hillside Avenue between Douglas and Blanshard streets. Nearly 60% of the 82,905 square feet of office space in the 98,255 square foot development is to be assumed by the developer, Andrew Sheret, for corporate offices. Construction began in mid 2013 and completion is expected by the fall of this year. [Read more]

[craneSpotter]

Good to see new rentals coming on the market - and 6 storey wood-frame...hmmm


Six-storey, wood-frame Saanich rental buildings win raves

Times Colonist Feb 20, 2014

A rental housing development featuring a pair of six-storey buildings that broke new ground in the local construction industry is winning accolades from residents, neighbours and the municipality of Saanich.

Herons Landing and the Ardea at the corner of Burnside and Tillicum roads are the first rental-only structures on the South Island to take advantage of 2009 changes in the building code that allow wood-frame multi-family buildings up to six storeys, an increase of two floors, said builder Ernie Yakimovich...

...Still, new rental developments funded by the private sector are not common. Yakimovich said his new project is the first rental the company has built in nearly three decades.

“This is a big deal,” said Saanich Mayor Frank Leonard, on hand Thursday to officially open the Herons Landing and the Ardea. “This is a real event to have a purpose-built rental building in our municipality and in our region. It’s got to be more than a quarter of a century since something like this has opened up — private money providing rental housing in our community.”

[Mike K.]

Still, new rental developments funded by the private sector are not common. Yakimovich said his new project is the first rental the company has built in nearly three decades.

“This is a big deal,” said Saanich Mayor Frank Leonard, on hand Thursday to officially open the Herons Landing and the Ardea. “This is a real event to have a purpose-built rental building in our municipality and in our region. It’s got to be more than a quarter of a century since something like this has opened up — private money providing rental housing in our community.”

Oh give it a rest already mayor of Saanich, would ya . There have been plenty of rental buildings built over the last ten years.

Right now just within the City of Victoria there are about 1,000 rental units in planning, under construction or having been completed within the last couple of years. The positioning between municipalities is so silly with this "this is a real event" talk.

[craneSpotter]

Originally Posted by Mike K.

Oh give it a rest already mayor of Saanich, would ya . There have been plenty of rental buildings built over the last ten years.

Right now just within the City of Victoria there are about 1,000 rental units in planning, under construction or having been completed within the last couple of years. The positioning between municipalities is so silly with this "this is a real event" talk.

Haha, yup. Lots of rentals being built in the area right now. And I know of at least one large building in Saanich - built maybe 15 years ago - that was rental (although it started out condo..).

[craneSpotter]

Great news...part of the BC Government plan to beef-up trades training, specifically shipbuilding (LNG) etc.

Camosun breaks ground on new trades centre

Times-Colonist, March 10, 2014

Kinetic Construction has won the $22-million job of building Camosun College’s new Centre for Trades Education and Innovation, scheduled to be open with 20 programs in fall 2015.

Training in the 80,000-square-foot facility will reflect emerging trades, such as shipbuilding, sustainable construction, and resource infrastructure, Camosun president Kathryn Laurin said Monday at the ground-breaking ceremony.

The centre will boost Camosun’s training capacity, something that employers have been calling for.

A total 2,570 full-time-equivalent skilled trades students will be able to attend Camosun, up 370 from the current 2,200, Laurin said.

A $5-million capital campaign will be launched to buy up-to-date equipment and to pay for features in the new building, such as a covered outdoor work yard and storage, she said.

The entire project to improve trades training facilities at the campus will cost more than $30 million, with $29.2 million coming from the province. Existing facilities will be renovated with new electrical and data network upgrades, and better use of space. That work is to be finished by spring 2016.

- See more at: http://www.timescolonist.com/busines....gzHfUP5l.dpuf

[Bcasey25raptor]

Originally Posted by craneSpotter

Great news...part of the BC Government plan to beef-up trades training, specifically shipbuilding (LNG) etc.

Camosun breaks ground on new trades centre

Times-Colonist, March 10, 2014

Fantastic news.

Love the design as well.

[craneSpotter]

Originally Posted by Bcasey25raptor

Fantastic news.

Love the design as well.

Yes! The design is nice.

[Mike K.]

New proposal surfaces in Saanich.

Mark One proposal in Saanich aims high with 15-storey residential tower
http://vibrantvictoria.ca/local-news...dential-tower/

A mixed-use development, dubbed Mark One, has been proposed to the north of Uptown shopping centre in Saanich and could become the tallest highrise outside of the City of Victoria.

Envisioned are two buildings, at 15 and five storeys, along Crease Avenue at Harriet Road with a combined 159 residential units, six commercial units and two live-work spaces designed by Keay & Associate Architecture. According to the project site plan Building A, the taller of the two, will be situated at 50-54 Crease Avenue and Building B at 3657 Harriet Road.

One of the more interesting design elements is a pedestrian skybridge connecting buildings A and B which is likely to be the first of its kind in greater Victoria. [More]

[Mike K.]

VV is holding the Spot the Promontory photo contest right now. You don't even have to a good photographer as we have draws for random entries together with judge-selected winners. Full contest details are at www.vibrantvictoria.ca/promontory

The first winning photo, a judge-selected entry, was awarded to Michael Lane. The next draw is March 24 and will be awarded to a random photo entry.

[craneSpotter]

Originally Posted by Mike K.

New proposal surfaces in Saanich.

Oh, I hope this goes ahead...I would love to see the Uptown area become , well an uptown, or err mid-town

[Mike K.]

The 1075 Pandora project has been approved. It is comprised of two buildings, both rentals, with the 13-storey building fronting onto Cook and Pandora and the 10-storey wedged in between the newly completed Mondrian and Sutton Place East.