Editorial: Capital Iron project could transform downtown Victoria |
It’s a massive project, one that can be expected to reshape the north end of downtown Victoria by bringing more people, more residences and more jobs for many years to come.
Seven acres on two blocks adjacent to the historic Capital Iron building on Store Street are slated for transformation into housing, retail space, light industrial possibilities, and, if all goes well, a new home for the Art Gallery of Greater Victoria.
The project, put forward by Reliance Properties, has strong support from Victoria city council, so it is likely to get final blessing in the next month or so.
As proposed, the full redevelopment would take a decade to be completed, but that thinking was based on market conditions that existed when the plan was put together, rather than today’s market.
There is not much demand for condominiums or retail space these days. Units already available are not being sold or leased. Developers are being squeezed between high carrying costs and low demand. It’s anyone’s guess when the market will turn around.
Traditionally, companies with solid financials will succeed in times like this.........