League Assets Corp. has started selling condominium units in a planned five-storey building at Colwood Corners

Developer begins sales for overhaul of Colwood Corners

  • Apr. 19, 2011 7:00 a.m.

Units in the first five-storey condo building planned for Colwood City Centre were listed for private pre-sale last week.

Member-partners in the project at Colwood Corners were offered first dibs to buy one of the 76-units in the Triumph Gate building, which is planned as London Drugs on the main floor and residences above. The one- and two-bedrooms units range in size from 550 to 1050 square foot living areas for $230,000 to $360,000.

Adam Gant, founding partner of the developer League Assets Corp., said construction will begin after 40 units are sold, which will likely all go to the pre-registered buyers.

“We have a lot of interest on our wait list, but we’re not expecting to sell every unit in the building,” Gant explained, noting that people are reluctant to buy into a building before it’s built since the collapse of the real estate market.

Once the minimum number of units are sold, the company plans to shift gears and start construction on the low-rise five-storey building while opening a display centre to attract buyers for units in 25-storey tower.

Gant expects it will take two years to complete the first building, which is planned with an aerial garden and community outdoor kitchen to be shared by all building residents, as well as a number of units with private garden patios.

When Triumph Gate is within six months from completion, the remaining units will be available for public sale. In the meantime, if all goes as planned, construction will have begun on the high rise.

“We’re going to need a lot of people behind it, to get the tower moving ahead. That’s why we’re selling it (to the public) first,” Gant explained.

The first phase of the project includes putting in two levels of underground parking, which Gant notes will be “a lot easier to navigate than Uptown.”

Having just returned from a tour around B.C. and Alberta to showcase current League projects, Gant said there’s a lot of retirees looking at moving into City Centre in particular.

“They’re looking at it as an alternative to the snowbird idea, they want to live on Vancouver Island all year,” he said.

The Colwood City Centre is designed to replace the outdated strip mall at Colwood Corners, on 10-acres of property where Goldstream Avenue meets Sooke Road. The developer is partnering with Solar Colwood to use low-carbon systems for heating and cooling units to create 10 suites with solar panels for net zero energy use.

If built to full capacity, the development could yield 3.8 million square feet of floor space, making it the third largest single-site construction project in Canada. Developers plan the buildout to extend over 15 to 20 years.

As the development reaches density milestones, public amenities will be integrated into the site, including a new Colwood fire hall, affordable housing units and a transportation hub.

While progress on nearby developments, such as Aquattro and Silkwind, have either failed or stalled since the recession, Gant said League Assents is a sizable company with $800 million in assets.

“It’s been a challenging couple of years for us and everyone in real estate, but we have a lot of weight behind us making sure this project doesn’t fail,” he said. “We plan to break ground at the site this year.”

news@goldstreamgazette.com

 

Just Posted

The shores will not rock in 2019

Atomique Productions announce Rock the Shores festival will not return in 2019, future is uncertain

Video shows logging operation on disputed Saturna Island land

Tsawout First Nation members opposed to logging on reserve land

Family still searching for missing Langford man two weeks after disappearance

Family hopeful he is alive, offering $10,000 reward

Victoria police concerned about missing man’s well-being

Delmer was reported missing on March 19

Fracking, economy, climate at centre of Green Party town hall in Metchosin

Green Party leader Elizabeth May and local candidate David Merner take questions from community

Victoria hosts ‘Ultimate Hockey Fan Cave’

The hockey cave was recently featured on a Netflix special

Calgary captain has 3 points as Flames torch Canucks 3-1

Giordano leads way as Alberta side cracks 100-point plateau

Fire crews battle large blaze at Courtenay hostel

Courtenay Fire Chief Don Bardonnex said nobody was injured

1,300 cruise ship passengers rescued by helicopter amid storm off Norway’s coast

Rescue teams with helicopters and boats were sent to evacuate the cruise ship under extremely difficult circumstances

B.C. university to offer first graduate program on mindfulness in Canada

University of the Fraser Valley says the mostly-online program focuses on self-care and well being

Province announces $18.6 million for B.C. Search and Rescue

The funding, spread over three years, to pay for operations, equipment, and training

Late-season wave of the flu makes its round in B.C.

BC Centre for Disease Control reported 50 per cent jump in flu cases in first weeks of March

Tofino’s housing crisis causing some to seek shelter at the local hospital

Tofino’s housing crisis is pushing the town’s ‘hidden homeless’ population into the forefront.

Sentencing judge in Broncos crash calls for carnage on highways to end

Judge Inez Cardinal sentenced Jaskirat Singh Sidhu to eight years

Most Read