A provincial representative for land and property developers says he hopes to see experienced developers with good track records propose bolder housing projects amid uncertainty in the real estate market.
On Monday, April 8, the Township of Esquimalt voted to approve a building permit for an amenity-packed, 26-storey residential building B次元官网网址� double the height of the current tallest building in the municipality.
B次元官网网址淲e have to be ambitious in todayB次元官网网址檚 environment. I mean we cannot look back at the way that weB次元官网网址檝e approved and undertaken housing over the last several decades, and expect that can be the approach that we take going forward,B次元官网网址� said Jordan Milne, president of GMC Projects, the developer who proposed the building.
On top of the Esquimalt property, permits were approved for a 97-unit GMC development in Sidney, which Sidney Mayor Cliff McNeil-Smith said was B次元官网网址渕uch-needed multi-unit and townhouse residences.B次元官网网址�
Both projects saw support from community leaders, politicians, First Nations, and current tenants of GMC properties, support that Milne said is few and far between when it comes to development firms in the area.
B次元官网网址淧rojects like GMCs are fantastic demonstrations of unique solutions that are providing housing, and amenities in a time when we are desperately needing those,B次元官网网址� said Ben Mycroft, regional chair for Urban Development Institute, which represents individuals involved in all facets of land development. B次元官网网址淭heyB次元官网网址檙e a well-managed and well-capitalized developer with a good track record, and they have a unique project proposal and a great amenity package, so I think that municipalities should be, especially if theyB次元官网网址檙e OCP compliant, approving these projects right now, because thatB次元官网网址檚 the clearly the signal that the province is sending.B次元官网网址�
Mycroft said right now, some B次元官网网址渟econd-tierB次元官网网址� developers have taken on too much debt, and some projects are struggling, which can be a good opportunity for developers with the capital and experience to take on new projects as properties go up for sale, however, some landowners still feel that their land is worth a lot even if the market doesnB次元官网网址檛 agree, construction costs are rising, and some municipalities are enforcing bigger fees for developers.
Despite economic challenges, he thinks bigger developers with good track-records, like GMC, could be in a position to define projects over the next market cycle.
B次元官网网址淭he only challenge is on the infrastructure side, and just recognizing that developers should be made to pay a fair share,B次元官网网址� he said. B次元官网网址淚 think that there also is a need to generate new housing going forward, and we donB次元官网网址檛 want to have this kind of big, black hole gap period when the province is announcing all these housing targets.B次元官网网址�
GMC Projects however, is not a leading or world-class developer like Polygon or Concord Pacific in Vancouver; they are family owned and theyB次元官网网址檙e based in Esquimalt, with a portfolio that focuses on the Capital Regional District with some properties in Vancouver, Washington, and Manitoba.
B次元官网网址淎 lot of developers spend a lot of money marketing themselves as to why theyB次元官网网址檙e so great, and why theyB次元官网网址檙e the best or it might be the most luxurious, and we try to let our actions speak for ourselves,B次元官网网址� said Milne.
The Esquimalt development, along with most of their other properties, features millions of dollars worth of amenities and community spaces like dog parks, gyms, music rooms, rooftop patios and community kitchen spaces.
Jamie McCallum, who advocated in favour of the Esquimalt development, approached GMC Projects in 2020 with an idea to open a salon that would use tip money to give free haircuts.
B次元官网网址淸During the COVID-19 pandemic] I wasnB次元官网网址檛 making enough money, and a normal management company wouldnB次元官网网址檛 let me in based on my income, they would be like, B次元官网网址榊ou canB次元官网网址檛 afford it,B次元官网网址滲次元官网网址� McCallum said. B次元官网网址淏ut I had an idea that I thought could work, and then I approached [GMC] and they said yes, and itB次元官网网址檚 been good ever since.B次元官网网址�
He said they have done good work and they paid for broken appliances and food that went bad when his freezer broke, and he has access to a rooftop patio and community space in a separate building on the same block. They also support fundraising initiatives and community events McCallum leads.
B次元官网网址淭he right thing to do, in my opinion, is if youB次元官网网址檙e going to have a transformational development, regardless of what size it is, that site is going to be a transformational development,B次元官网网址� said Milne. B次元官网网址淗ow do we make a transformational development that delivers the most amount of good to the community and creates the most amount of opportunity for success for community and healthy living to succeed.B次元官网网址�
Among economic woes and uncertainty in the development industry, Milne hopes to set a precedent for future developments in the CRD.
B次元官网网址淥nce you see people who are willing to be bold and ambitious, and take that approach, and theyB次元官网网址檙e successful, other people will follow suit. ItB次元官网网址檚 when itB次元官网网址檚 when despite all of that, you still get a no from a council, that the message thatB次元官网网址檚 sent is B次元官网网址榃ell, then IB次元官网网址檒l just do the minimum thatB次元官网网址檚 required,B次元官网网址滲次元官网网址� he said. B次元官网网址淲eB次元官网网址檙e going to have to recognize weB次元官网网址檙e on an island, weB次元官网网址檙e surrounded by water, agricultural land reserve urban containment boundaries, weB次元官网网址檙e going to need to go up in order to be able to provide the housing thatB次元官网网址檚 needed.B次元官网网址�
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