PC Urban Properties, in partnership with the Fiera Real Estate CORE Fund, has broken ground on a mixed-used rental project located at 858 Esquimalt Road in Victoria, BC, formerly the site of the Cask & Keg liquor store. When complete, the new development will offer 8,400 square feet of retail at the ground level of two five-storey residential buildings consisting of 198 apartment units.
“This is a key area of Esquimalt and an opportunity for us to work with Fiera to provide a new community hub and enhance the supply of purpose-built rental homes in the region,” said Brent Sawchyn, CEO, PC Urban Properties. “This development will provide much needed homes for families and individuals who want to be close to the city centre, and brand-new retail for the whole community to enjoy.”
As part of the West Bay Local Area Plan, the Township of Esquimalt envisioned this property for an active, mixed-use residential and retail redevelopment The Cask & Keg liquor store, which was a much-loved fixture of the neighbourhood, will move into 7,200 square feet of new space fronting Esquimalt Road, with the remaining 1,200 square feet of additional retail space up for lease in the coming months.
Victoria’s residential vacancy rate currently hovers around one per cent, declining from 2.1 per cent in 2021. When complete in late 2025, this project will help alleviate some of that housing need with its high-quality, pet-friendly and sustainably designed rental homes. Envisioned by WA Architecture, the wood-framed project is described as “climate-conscious” and meets the BC Building Code’s Step Code 3 requirements.
“This development represents a positive move forward for Esquimalt,” said Mayor Barbara Desjardins. “We’ll see the property flourish to not only retail space, but retail alongside much-needed rental housing– housing that offers amenities that reinforce active, green and connected communities.”
Bicycle parking stalls are included for every home and the location is near the E&N Rail Trail with connections to the network of bike trails throughout the region. A car-share program will also be facilitated on site for use by residents and the public alike. The outdoor public realm surrounding the project will be upgraded via street beautification along Esquimalt Road, including widened boulevard, landscaping, street trees, sidewalk improvements, and the addition of public art courtesy of PC Urban Properties.
“The Fiera Real Estate CORE Fund is pleased to undertake its second residential development in Victoria,” said William Secnik, Senior Vice President and Fund Manager, Fiera Real Estate. “This project not only adds to the housing stock in British Columbia, but enables Fiera Real Estate to apply its environmental, social and governance (ESG) strategy directly into its investment management activities. This approach mitigates risk and helps drive stable long-term value creation. The foundation of our ESG strategy is based on the primary belief that the way in which we manage our funds should be responsible, resilient and engaged.”
For more info, visit: PC Urban Properties Corp and Fiera Real Estate Break Ground on New Multi-Use Development in Esquimalt – PC Urban
