Hockey star Trevor Linden is backing a downtown Victoria condominium-commercial building set to start in May as home builders across ÎÚÑ»´«Ã½ return to the marketplace.
Linden, a former Vancouver Canucks captain who retired from hockey in 2008, is working with Vancouver companies, the Airey Group and Primewest, to develop 601 Herald on a vacant lot at the corner of Herald and Government streets.
Along with several other local housing projects, this strata development was postponed when the global economic crisis hit. Builders have been venturing back into the market as they see signs of economic recovery and real estate sales boom again.
"We pushed the pause button last year because it was extremely difficult to get construction financing," Howard Airey of the Airey Group said yesterday. "Now it is a completely different story. There is much more confidence in the market."
He's anticipating that supply will tighten somewhat. "Plus, we own the property so it's expensive to have it just sit there, too."
Construction drawings are being worked on in order to submit a development permit to the city of Victoria for the building, expected to have a construction cost of approximately $5 million, Airey said. Victoria's Durwest Construction is the project contractor.
The 1,600-square-foot commercial area in 601 Herald has already been spoken for by a furniture store, and four of the 27 residential units are taken, Airey said.
Construction is expected to be completed by next spring, he said.
Prices range from $259,000 for a 454-square-foot studio to $439,000 for a two-bedroom and loft unit, at about 900 square feet.
Airey, who trained as an architect, describes 601 Herald as a "boutique" style project. It will have a brick exterior to fit in with the heritage style of the area but contemporary interiors.
Linden was also a partner in the 20-unit West development on West 10th Ave. in Vancouver, Airey said.
This is the latest condominium project planned for Victoria's downtown. Others underway include The Hudson, a 152-unit project on Douglas Street to include a $32-million non-profit housing tower. David Chard's 14-storey, 110-unit new building at 834 Johnson St. is underway, and Chris Le Fevre's 30-unit project in the 500-block of Yates St. will see two old buildings redeveloped.
