Capital Park is a $250-million, master-planned community located in the surging rental market of Victoria, BC. Breathing new life into the large city block that links James Bay with the downtown core, the land was acquired by Concert Properties and Jawl Properties in 2014, with construction completed in March 2022. Once home to cement parking lots and aging provincial office buildings, Capital Park has transformed the neighbourhood into a thriving, vibrant destination complete with commercial space, retail, condominium and rental residences.
“Leasing efforts for our rental residences have been minimal given the enormous demand for modern, well-appointed rental housing in the area,” said Kerri Jackson, Senior Vice President, Property Management. “This is likely also due to the low vacancy rates, which have remained around 1 per cent in Victoria over the last few years.”
Unlike the vacancy spikes seen in Vancouver and Toronto during the pandemic, few doors opened for would-be renters in Victoria. In fact, according to a recent report from Colliers, the Greater Victoria purpose-built rental market had a record-breaking year in 2021—the result of high demand, stable returns, and low interest rates that have since gone by the wayside. For its part, Capital Park has brought 66 new rental homes to the undersupplied region, which were snapped up quickly. Described as “modern homes in a historic community,” the spacious suites are equipped with wood grain laminate cabinetry, quartz countertops, wood-patterned plank flooring and porcelain tile bathrooms, and come in a range of layouts.
“The vision for Capital Park was realized as planned, with the community seamlessly blending into, and enhancing the neighbourhood,” Jackson said. “Since COVID, we’ve been seeing that residents are more willing to communicate remotely, with fewer in-person meetings. However, there has not been any diminishment of Concert’s customer service. We’re also seeing more residents working from home full time. At Capital Park Residences, there’s a working lounge on the main floor, and upstairs there’s a beautiful lounge with an expansive roof deck where residents can work and socialize. Some of our newer developments planned since COVID have generous working spaces within community lounges, as well as dedicated workspaces.”
Meanwhile, Environmental & Social Governance has emerged as a top priority for the building sector—something Concert Properties has been proudly committed to since before it became a buzz term. According to the company’s sustainability mission, “We design, construct, and manage buildings that foster resilient and inclusive communities where residents can live healthy lives full of meaning. We work to lower greenhouse gas emissions, reduce waste, and lower our environmental impact while increasing the value of our portfolio now, and in the future.”
Garden City
Well-deserving of its nickname “Garden City”, Victoria is located on the southern tip of Vancouver Island where mild winter temperatures, colonial British heritage, and expansive green space all add to the city’s international allure and projected growth. Victoria is the 15th largest city in Canada with a total population of 383,360, and roughly 86,000 in the urban core. Colliers reported there were 3,535 apartment units under construction there in Q1 2022, with projects in the urban core and the West Shore dominating the overall pipeline.
At Capital Park, the community was designed to complement its surroundings. Located just steps from the Inner Harbour and close to the Legislative buildings, a key feature of the property is an integrated network of plazas, courtyards and landscaped pathways designed to maximize and encourage foot traffic. Extensive amenities and varied retail options such as the Victoria Public Library branch, Red Barn Market, and Good Earth Coffeehouse have increased the area’s appeal, making it a vibrant destination for locals and tourists alike.
“With offices serving government and easy access to several amenities, there is a real connectedness and integration with the local community,” Jackson said. “Careful consideration was given to maintaining the neighbourhood’s original character—for instance, three heritage homes were fully restored and renovated as 13 residential suites, and the landscaping features are beautiful with a large amount of green space to soften the impact of the commercial aspects of the property.”
Designed in partnership with local developer Jawl Properties, Jackson calls Capital Park a great example of a successful master-planned community, and one that wouldn’t have been possible without the support of the City of Victoria. Currently Concert has ten master-planned communities in various phases of development across Canada and sees collaboration as central to success.
Find out more about Capital Park Residences at: www.concertproperties.com
