Land Agreement with School District First Step in Proposed Affordable Housing Project
November 21, 2018
The Capital Region Housing Corporation (CRHC), the City of Victoria and the Greater Victoria School District 61 (School District 61) have entered into a Letter of Intent (LOI) to support the redevelopment of an existing property and surrounding land located at 1211 Gladstone Avenue in Victoria. The LOI is the first step in a process that will result in more affordable housing in the Fernwood neighbourhood.
CRHC’s proposal for the property, referred to as the Caledonia project, requires new lands becoming available that are currently owned by either the City of Victoria, School District 61 or BC Housing, along with the existing Gladstone Townhouse site CRHC leases from the School District. The LOI supports construction of the project on the current CRHC townhouse lands and adjoining vacant land. The project is subject to the parties completing the necessary agreements for land dispositions, SD61’s regulatory approvals related to transferring land, which includes public consultation, as well as CRHC successfully completing the necessary rezoning process.
The proposed land agreement between the City of Victoria and School District 61 would see the City transfer four vacant city lots within the housing project area in exchange for nearby School District 61 properties that currently support existing community gardens, the Compost Education Centre as well as the School District 61 property adjoining Haegert Park.
On November 9, 2018, the Capital Region Housing Corporation (CRHC) received a commitment under the Building BC: Community Housing Fund with an estimated $15.5 million equity contribution. The Caledonia project proposes to cost approximately $50 million and CRHC has contributed $1 million toward this project. The proposed redevelopment would include 38 one bedroom units, 97 two bedroom units, 16 three bedroom units and 4 four bedroom units for a total of 155 units. The project will not involve or impact the current greenspace areas used for the running track and school grounds on the Victoria High School site.Go to Top