Pair of 21-storey towers downtown to feature ‘affordable’ condo units

A proposal to build two 21-storey condominium towers in Victoria — including one that could be “affordable” units for households with incomes up to $99,0000 — has been forwarded by city council for public comment.

David Chard, president of Chard Development Ltd., is proposing to build the towers with ground-floor commercial at 848 Yates St. The project would sit mid-block between Yates and Johnson streets, with 7,000 square feet of ground-floor retail facing both frontages.

One of the towers with 111 units will be market-valued condominiums.

In a letter to councillors, Chard said he’s negotiating a partnership with B.C. Housing in order to provide “affordable condominiums” in the second tower, which would front Johnson Street and be designed to appeal “to a unique group of income-restricted purchasers.”

“I’m quite excited about the concept to bring it into downtown Victoria,” Chard said in an interview.

The affordable suites are geared to local residents with annual incomes of about $69,000 for a one-bedroom suite and $99,000 for two-bedroom suites.

“It’s trying to offer housing to those who are first responders, teachers, nurses who may not be able to afford with their income level to go and buy a typical market condominium,” Chard said. “So it’s adding a different level in the continuum of housing. It is offering people [the ability] to get in; own their own dwelling for those that may not be able to afford a true market condominium,” he said.

Mayor Lisa Helps said the relatively high income thresholds reflect the state of Victoria’s housing market. She praised Chard for coming forward with an innovative proposal.

“For a one bedroom apartment, the threshold is $69,000. So two people making $35,000 each, it gets them into the market. That’s the full purpose of this — to get people in,” Helps said.

Chard was unable to provide price estimates for units in either building, saying it would be premature at this time.

He said the units in the more affordable building would be smaller and there would be fewer available parking stalls. They would not have air conditioning and there would be a different level of finishings.

There would also likely be some restrictions on resale which are still under negotiation, he said.

Overall, the development will have 224 residential suites within the two 21-storey towers which will be connected by a three storey podium and have three levels of underground parking.

Of the 227 parking stalls, Chard is proposing that 81 stalls be made available to business owners, downtown workers and patrons during business hours on a monthly or hourly basis.

A garden is to be built on the podium roof utilizing native trees and shrubs, nesting boxes and water ponds to encourage bird activity. There would also be secure bike parking for all units and a through-block walkway.

Both towers will have common amenity areas offering outdoor gardening and cooking options, seating, dog facilities and children’s play area.

Helps said the proposal checked all of her boxes. “To me this is a model project,” she said. “Dog run, children’s play area, urban food production, added commercial parking, affordable home ownership. This is the kind of development that we need to support and to foster.”

Coun. Ben Isitt unsuccessfully argued council should make approval of the development permit conditional on a guarantee the affordable component will be built.