A 179-unit high-rise condominium underway in Victoria’s Burnside Gorge neighbourhood is looking at the option of transitioning to a purpose-built rental project, according to developer Mike Geric Construction.
12-storey Tresah West got underway in 2020 along the 600-block of Speed Avenue near Douglas Street, and despite COVID-19-related market conditions, pushed through to construction. Escalating costs, however, have necessitated a potential pivot from ownership residences to rental apartments, the company says.
“Greater Victoria’s construction industry is facing significant cost challenges, with rising material prices and ongoing supply chain issues which pushed our construction budget more than 30% above our prior forecast. This, combined with industry delays leading to increased carrying costs, led us to make a difficult decision on the project’s future,” says Shannon Kowalko, Director of Marketing and Community Relations for Mike Geric Construction.
”Our team's priority now is communicating directly with our valued buyers to discuss the situation and confirm that if we move forward with this change they will receive their full deposits back,” Kowalko added.
The pace of construction, meanwhile, has Tresah West on track for completion in early 2025, according to Kowalko. Its 179 homes will add inventory to a rental market deeply under-supplied in Greater Victoria, and in an area of the municipality that is expected to see significant densification in the years to come both in the City of Victoria and the District of Saanich.
As one of the most active developers on southern Vancouver Island, Mike Geric Construction (MGC) is currently building The Rise on Fifth, a four-storey up-market condominium in Sidney. Completion is earmarked for the end of this year. MGC also has an active proposal before the City of Victoria for a mixed-use development in James Bay at Quebec Street and Montreal Street.
Tresah was conceived by MGC as a two-phase condominium development that delivered a six-storey building in 2023, known as Tresah East, with 68 units.
Tresah West was originally planned as a mass timber-built tower. However, costs to build using that technology to a height of 12 storeys proved to be a challenge and steel construction was ultimately selected as the primary building material. In the City of Colwood, a 15-storey mass timber tower from Greater Victoria Housing Society approved by the municipality also underwent a change post-approvals, and is being redesigned as a six-storey woodframe due to costs associated to mass timber building materials. C
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