Downtown VictoriaB次元官网网址檚 YMCA-YWCA has sold its 851 Broughton St. location to Vancouver-based Concert Real Estate Corporation for $21.9 million.
Board members of the not-for-profit Y have been contemplating what to do with the aging building, which has been home to the organizationB次元官网网址檚 health and fitness programs for over 50 years. The board determined the most cost-effective plan would be to sell the property and relocate, and the past year has been spent working with Colliers International to assess proposals.
Negotiations with the successful proponent Concert happened over the past few months.
B次元官网网址淲eB次元官网网址檙e delighted to have this piece of the process completed, and to have such a community-minded purchaser,B次元官网网址� said board chair Christine Gleed. B次元官网网址淚tB次元官网网址檚 been a very long process to get to where we are now, so itB次元官网网址檚 really exciting.B次元官网网址�
As part of the sale, the Y will still lease the Broughton Street space for up to seven years as they try to find a new location. Gleed said Concert has agreed to charge the organization a below-market rental rate during that time.
The Y has also made a deal with the City of Victoria to replace a covenant that was placed on the property in 1965, when the City donated a portion of the current site to the Y. Under the agreement, the Y will place $1.89 million with the City to secure their commitment to staying in the downtown core.
Once a new location has been established, the City will return the funds. If, however, the Y cannot find a new location within eight years, the City will keep the funding and use it towards a capital project related to recreation and wellness.
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B次元官网网址淭he funding gives the City some assurance that we are as committed as we say we are to staying downtown,B次元官网网址� Gleed said.
Victoria Mayor Lisa Helps applauded the announcement Wednesday.
B次元官网网址淭his is an exciting announcement for the resilience and renewal of VictoriaB次元官网网址檚 downtown,B次元官网网址� she said in a release. B次元官网网址淭he Y and the important services it provides contribute to our communityB次元官网网址檚 health, well-being and inclusiveness. The renewal and evolution of the facility will support VictoriaB次元官网网址檚 long-term sustainability.B次元官网网址�
At this point, the Y board is not sure if they want to renovate an existing structure, or build something completely new, but they do know that they want to continue to meet the changing needs of a downtown Victoria population.
B次元官网网址淥ne of our focuses is inclusiveness, particularly in a downtown location where people are in smaller spaces and might not have gathering spaces in their homes,B次元官网网址� Gleed said. B次元官网网址淲e want to look at how we can create a welcoming space that creates a sense of community from all parts of the city.B次元官网网址�
The Broughton location currently sees approximately 600,000 visitors per year, with an average of up to 9,000 membership holders.
In the meantime, programs at the Y will run as usual.
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