A new 450-unit rental community development in downtown Victoria is in the works as Chard Development has acquired the old Pacific Mazda dealership site at 1050 Yates St.
The $45-million deal was finalized in November.
“With zoning already in place, we are focused on advancing the project through the city process to commence construction in late 2023 to early 2024 and look forward to delivering these much-needed rental homes to a vibrant neighbourhood,” said Byron Chard, Chard Development’s president and CEO. “Chard’s intent is to develop 100 per cent rental housing on this site.”
The development firm intends to operate and maintain ownership and won’t be rezoning the site any further.
“Chard views the purchase of this site as an opportunity to continue contributing to housing solutions in downtown Victoria,” Chard said. “We are excited to be able to make that contribution at various levels along the housing continuum.
Chard Development wrote in a statement that this is an exciting opportunity for them to deliver a highly amenitized rental development in the Harris Green neighbourhood.
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