Hundreds of town homes and condominiums are expected to come online in Colwood over the next several years as part of a development that aims to provide a variety of housing options for families on the West Shore.
The Two Waters development comprises of just over 700 townhouses and condominiums to be built on a 26-acre site nestled between Royal Roads University, overlooking the Esquimalt Lagoon.
“Our main focus in the beginning stages is the town homes, because that’s what we believe the market is in strong demand for,” said Peter Tioco, a managing director of Relevant Properties that purchased the property from the previous developer last year.
“A lot of the town homes or homes will have views of the riparian area and sweeping panoramic views of the Lagoon and the sea. It’s providing a lifestyle with a quality home.”
Phase one of the project includes the construction of 61 row and stacked town homes, ranging from 870 to 940 square feet.
There will be 31 two-bedroom units, as well as 30 three-bedroom units.
Pre-construction work on the site, which includes installing utilities and repaving roads, will start in September.
Tioco said the company is currently waiting on the approval of a development permit from the City of Colwood, which they hope to receive by the end of the month. Following that, the company will apply for a building permit, which they hope to have approved by winter. If everything goes according to plan, they hope to have shovels in the ground by November or December.
In the meantime, Relevant Properties has also signed a five-year agreement to lease the municipal-owned building at 170 Goldfinch Rd., near Esquimalt Lagoon, which will be used as a sales centre. The centre is currently undergoing improvements and is expected to open in October. Pre-sales will begin shortly after.
Phase two of the project, which includes the construction of 68 town homes, and phase three, which includes another 60 town homes, are expected to be rolled out in a staggered approach over the next three to four years. The entire project is expected to be complete in roughly eight years.
The development also includes what Tioco calls a “green network,” including a man-made stream that will run down the middle of the development linking to Esquimalt Lagoon, green corridors, and a trail network.
“It’s all about the lifestyle of the demographics and what we believe they’re looking for, not just in terms of the type of homes, but the quality of homes the community would like to live in,” Tioco said.
“It’s a very exciting master plan community to open a much-needed diverse mix of housing types in the area … We believe that Esquimalt Lagoon and Colwood is perfect for investment.”