A portion of Victoria’s Old Town will soon feature purpose-built rental units, if Denciti Development Corp.’s proposal is approved.
The developer said Oct. 20 that it’s proposing 274 purpose-built rental units for a 1.5-acre site at 610-624 Herald St. and 611-635 Chatham St. The proposal would see the rental units replace parking lots, a tire repair shop and surface parking lots.
The developer says the project would help ease the rental housing crunch in Victoria.
“Victoria has a high percentage of people who rent yet the market has a serious shortage of purpose-built rental housing,” said Garry Fawley, CEO of Denciti Development. “This project will add much-needed rental housing supply to the city. There is great opportunity in this area because of its unique location in historic Old Town and its proximity to downtown.”
Units are proposed to include studios and one and two-bedroom units.
The Old Town properties were acquired by Nicola Wealth Real Estate in 2019 and 2020. A development permit application was submitted to the City of Victoria on Sept. 25 and if approved, construction is expected to start in late 2021.
Existing zoning bylaws allow for rental apartment or condominium use.
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