Two parcels of land totalling almost an acre have been acquired by Denciti Development Corp., in the Greater Victoria township of Esquimalt, where it is planning a six-storey multifamily project.
The Vancouver-based developer says the 0.94-acre property at 1006, 1008 and 1010 Craigflower Rd., is home to a thrift store and other retailers.
It plans to redevelop the property with a wood-frame building which will comprise approximately 112 residential units, 10,000 square feet of retail space and two underground parking levels.
“With the housing market still under pressure, this additional development is much-needed and we are excited to bring a well-thought-out development to the area,” said Garry Fawley, CEO of Denciti Development Corp., in Tuesday’s announcement.
Financial details were not released.
Denciti’s redevelopment plan
The plan is to provide new housing units, as well as more affordable housing through the construction of a low-rise condo building. The average price of a multiresidential home in Esquimalt was $650,200 in April, according to the Victoria Real Estate Board, compared to single-family home prices at about $1.3 million.
Denciti reports the area’s condo market has seen steady growth during the past four to five years. However, listings are down and “with no new apartments under construction” it believes the time is right for such a project. It notes buyers are hoping for larger units as well as outdoor spaces such as balconies and gardens, but at “attainable prices.”
The development is being planned to appeal to both first-time buyers and downsizers seeking convenience within easy reach of amenities. The neighbourhood includes schools, grocery stores and recreational spaces such as Esquimalt Gorge Park.
“Where a single-family home may be out of reach for first-time buyers, many see well-designed apartment units as a competitive alternative that’s within reach,” Fawley said. “Our objective with this development is to provide a thoughtful balance of an efficient living space mixed with the natural landscape.”
Other development in neighbourhood
The Craigflower Road area is also seeing a spate of redevelopment proposals.
Council just approved rezoning a site on nearby Fleming Street to allow a five-storey, 42-unit rental apartment building and a four-storey project is proposed along the 800 block of Craigflower.
Brandon Selina, vice-president with Colliers Victoria, which served as an advisor to Denciti, said Esquimalt’s older housing stock creates an opportunity for new units.
“This site offers a high-quality lifestyle, including views that will not be lost given its proximity to the ALR (Agricultural Land Reserve),” he said. “The ease of pathways for biking and getting around and the central location makes this redevelopment highly desirable.”
Denciti says it plans to submit a development application later this year and hopes to complete construction in 2026.
Denciti is a real estate development company creating urban industrial, commercial and residential projects. It has delivered over $2 billion of real estate across Canada.