Wesbild has transferred ownership of University Heights to Greystar. (Photo courtesy Wesbild Holdings Ltd.)

Wesbild has transferred ownership of University Heights to Greystar. (Photo courtesy Wesbild Holdings Ltd.)

Ownership change not expected to impact redevelopment of Saanich’s University Heights

Wesbild Holdings transfers ownership of University Heights Shopping Centre to Greystar

A transfer of ownership is not expected to alter the University Heights Shopping Centre redevelopment project or timelines as construction is anticipated to begin later this spring.

Wesbild Holdings transferred ownership of the shopping centre to real estate company Greystar with an announcement Friday (March 25).

The project aims to redevelop the shopping centre into a compact community space with residential rentals, up to 11,000-square-feet of daycare space, cycling infrastructure, a public plaza, community spaces, B.C. Transit hub, electric vehicle charging infrastructure and new commercial space.

ALSO READ: Split vote by Saanich council sends amended plan for University Heights to public hearing

“We have worked on this project for more than four years and we are excited to see it proceeding which is good news for this community and the future of University Heights,” said Wesbild president Kevin Layden in a release. “We have worked closely with the District of Saanich on the need for more residential rental homes. With their support and subject to project approval, over 590 rental apartments will be constructed including 60 homes designated as affordable.”

Layden added Greystar will be an excellent developer of the site and that Wesbild will ensure a smooth handoff.

The redevelopment plan is scheduled to undergo fourth reading and bylaw adoption by the District of Saanich in the next few weeks.

The Home Depot location in the shopping centre will undergo an expansion – once the project is approved – and is expected to remain open during construction.

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