Strata industrial specialist PC Urban Properties Corp. is launching its 10th Intraurban development, a 160,000-square-foot light industrial hub in Langford in the Victoria metro area.
To be known as IntraUrban Cornerstone, the three buildings will be constructed on a seven-acre vacant lot at McCallum Road and the future City Gate Boulevard. When completed, it will be the largest industrial strata property in the region, the Vancouver-based developer says.
“Strata ownership opportunities for small and medium-sized businesses in a land-constrained community like Victoria continue to be in high demand, and our IntraUrban-branded industrial projects have been recognized as providing high-quality industrial strata industrial developments across B.C.,” said PC Urban CEO Brent Sawchyn in the announcement.
“This site is in the heart of the Langford with quick access to the Trans Canada Highway.
“With the growth of e-commerce boosted by the pandemic, there are more opportunities for companies looking to leverage different ways of doing business.”
The IntraUrban Cornerstone development
IntraUrban Cornerstone is the second PC Urban strata project to launch in metro Victoria during the past year. The firm is also developing a 4.6-acre site at 1764 Island Highway, across from the Juan de Fuca Recreation Centre.
It features about 135,000 square feet of light industrial, commercial and office space.
The projects are being introduced into a market where industrial space availability is at record lows, with no signs of significant improvement on the horizon.
“There are a growing number of small businesses in the area struggling to find space,” said Elizabeth J. Mears of Cushman & Wakefield, in the announcement.
“With industrial vacancy at 0.4 per cent in Victoria and 0.1 per cent in the West Shore, and average lease rates climbing three to five per cent per year, industrial strata units are in high demand because there is simply currently nothing available.
“Some companies here are operating out of garages and we see many businesses are moving up from Victoria. IntraUrban Cornerstone is an opportunity for local small business owners to future-proof and invest in their business, which will provide stability for long-term growth in our region.”
Construction at Cornerstone is slated to start in January with occupancy planned for Q1 2023.
All three buildings feature contemporary storefront design and extensive glazing, one 10×10-foot grade-level loading door per unit, 25-foot clear ceiling heights, built-in concrete mezzanine for units above 3,000 square feet, three-phase power (200 amp), ESFR sprinklers and heavy floor load capacity.
They will provide space for businesses in e-commerce, industrial service, fitness, marine service as well as for private investors in spaces ranging from 2,500 to 5,900 square feet.
The site is adjacent to the island’s busiest Costco, in an area with a quickly growing residential population. There are 1,100 new residential units and 120,000 square feet of commercial space under construction in Langford.
About PC Urban
PC Urban is a Vancouver-based real estate development and investment company which has developed real estate projects across all asset classes – retail, office, industrial and multi-family.
Notable projects include the reimagining of a heritage industrial building in Mt. Pleasant and industrial strata developments in Vancouver, Kelowna, Calgary and the recently announced five-acre industrial strata development in Colwood, southwest of Victoria.
PC Urban has more than 750,000 square feet of commercial and retail under construction, as well as 960 residential units across Western Canada.