A couple of commercial real estate projects have made the news in Victoria this week. One story discusses how Evergreen Centre, Sooke’s largest shopping centre, is in the process of being sold to a new owner. This commercial property, home to a largest supermarket, a national bank branch, and a retail and pharmacy store, will be managed by LAPP Global Asset Management, an affiliate of IGW REIT, one of Canada’s largest private real estate investment trusts. Sooke, a bedroom community of Victoria, BC, is growing fast. Land in BC’s Capital Region is at a premium (Victoria, after all, is located at the tip of an island, and is hemmed in by ocean, mountains, farmland, and land reserved for green space), so Sooke has a bright future. The population is affluent, and the community itself is extremely desirable, as it will likely escape the explosive growth of its sister-municipalities to its west.
The second bright spot for commercial real estate in BC this week is the announcement that Victoria’s Plaza Hotel will finally be renovated, once again with a little help from League. The Plaza Hotel, most famous in Victoria for being the home of Monty’s Showroom Pub (a strip club) is the last remaining commercial building in its neighbourhood to await revitalization. Mountain Equipment Co-op has moved in across the street, as well as a number of nice new condominiums,so the Plaza Hotel looks positively blighted in comparison (especially when contrasted with chic Lower Johnson, just a block away).
Plans for the Plaza Hotel include mixed use affordable housing, market condominiums and commercial opportunities at street level. As well, the somewhat less-than-stellar backside of the hotel may be converted into a street-level open-air cafe.
Here’s more information about the two League Assets-related projects.
Add these stories about the second phase of the Uptown Project and the recent addition of a new movie theatre to the Westshore region, and the Victoria BC commercial real estate scene is looking very rosy indeed.
- Charles Edwards frequently blogs on Canadian REIT topics
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