Denciti buys properties in Victoria for multi-family development | RENX
Denciti Development Corp. has acquired three properties in the Greater Victoria community of Esquimalt which it intends to redevelop into a new mid-rise multi-family building.
The three properties at 820 Esquimalt Rd., And 833 and 837 Old Esquimalt Rd. Include 0.89 acres. The rectangular land package includes a commercial site and two residential properties within walking distance of downtown Victoria in one neighborhood, Denciti CEO Garry Fawley says it is undergoing a transition to increase density.
Thus, he does not anticipate any difficulty in obtaining the necessary approvals.
âNo, the Official Community Plan anticipates that. This location is so close to the core that it makes sense to densify it, âFawley told RENX in an email exchange.
Denciti has not released financial details, although the company says that in line with its growth strategy, the properties were acquired as part of an “off-market opportunity”.
The multifamily development of Denciti
Although Denciti is still working on the final details, it anticipates a rezoning request to allow for a multi-residential project of approximately 95,000 to 97,000 square feet. In keeping with current neighborhood structures, the plan includes a five- or six-storey wood-frame building above a parking garage.
The project will include interior and exterior fittings.
Fawley said details will be finalized based on the results of the zoning change request.
âIt’s a gateway entering Esquimalt, and what you see when you see the bend in the road (Esquimalt). . . welcome you to this wonderful town, âFawley wrote. âVery visible site. It is a visual gateway site.
Housing crisis in Victoria
The capital region of British Columbia has experienced significant net migration in recent years. Due to COVID-19. the trend has accelerated as more people have switched to working from home, putting additional pressure on the rental market.
Apartment vacancy rates fell to 1.4% in Esquimalt.
This trend has combined with rising house prices and a lack of supply in both Greater Victoria and other markets, which means that many first-time buyers are unable to afford it. buy in the area. As a result, the demand for rental housing is increasing.
âThis is a municipality that will continue to grow and an area that needs more housing choices,â said Fawley. âThis is a great location for a must-have residential project and we’re excited to bring something new to this community. “
The location provides easy access to employment and lifestyle amenities. It is close to elementary and secondary schools, grocery stores, shops and parks, including Barnard Park with its access to water. It is also close to a well-established trail network with connections throughout the Capital Region.
Denciti and its other developments
Denciti has several other projects in various stages of development across British Columbia. In the old town of Victoria, he is building 278 rental units in collaboration with Nicola Real Estate Heritage.
He also currently owns a 108 unit residential development on Uplands Drive in Nanaimo and a healthcare focused rental building across from Kelowna Hospital with 38 units.
Industrially, Denciti is working on projects in Langley, Kelowna, Squamish and Chilliwack.
The Vancouver-based real estate development company creates urban industrial, commercial and residential developments, delivering more than $ 2 billion in real estate across Canada.