Construction is expected to get underway next month on a 颅five-storey, 153-unit 颅building in the Burnside Gorge area that Victoria Mayor Lisa Helps says is needed in the city鈥檚 tight rental market.
The development at the 颅corner of Gorge Road and Irma Street is expected to be ready to rent by late 2023.
鈥淚n Victoria, three out of every five people rent their home, so enhancing the rental supply provides more housing choice and more homes for our residents,鈥� Helps said during a groundbreaking event Friday.
鈥淲e welcome the addition of more purpose-built rental 颅housing to help us to achieve our housing targets.鈥�
The rental vacancy rate in Victoria is about 1% and 颅purpose-built rental housing stock is in short supply.
The new development is aimed at middle-income 颅earners, with ground-floor commercial space for a coffee shop or other retail.
It will also feature 颅beehive apiaries to support 颅sustainability, Modo car-share vehicles and free memberships, along with EV Level 2 charging stations.
The wood-frame building will have a public plaza, children鈥檚 play area, rooftop amenity and public art.
About half the units will be two- and three-bedrooms.
The development replaces six older single-family homes in the Burnside Gorge neighbourhood.
Traffic-calming measures will be added on Irma Street, as well as connections to cycling and pedestrian pathways.
The building is a 颅partnership between Vancouver-based PC Urban Properties Corp. and Fiera Real Estate, an investment fund owned by Fiera Capital Corp. and based out of Toronto.
