Next Hudson development opens in August

Victoria’s luxury rental market will get another boost in August.

Hudson Walk One is pictured from Herald Street. The building is expected to be complete in August.

Hudson Walk One is pictured from Herald Street. The building is expected to be complete in August.

By Jesse Laufer

Victoria’s luxury rental market will get another boost in August.

That’s the expected move in date for Townline Homes’s new purpose-built rental tower, Hudson Walk One, on Caledonia Avenue.

Purpose-built rental developments are designed to cater specifically to renters, as opposed to condos or mixed residential development. The third of five buildings developed by Townline in the new Hudson District, the 16-storey concrete development will contain 178 suites and 29 different floor plans. Units range from 452 to 1,302 square feet.

More than 800 people have expressed interest in moving into the building, even though the leasing centre doesn’t open until Saturday, April 30.

A launch event was held recently to give the initial tours. Victoria Mayor Lisa Helps praised the property’s pet-friendly policy and rental-first mentality.

“This district really is our future,” she said. “It’s the future of the up-and-coming generation of Victorians who want to walk seven minutes from their bedroom to their office.”

The city did not mandate that Hudson One become a purpose-built rental development. Rather it was a market decision, said Townline president Rick Ilich.

“(Victoria) was an underserved market place,” Ilich said.

“When we did research the rental market was desperately in need of new housing. The city did not push for this, we brought the idea to the city.”

Helps added interest rates are low, and there is clearly a demand in the market.

“I think what the city is doing is supporting the market demand and supporting the developer making these significant investments in our downtown,” she said.

Currently the apartment rental vacancy rate in Victoria is roughly 0.6 per cent, but Helps said more purpose-built rental housing is coming, and not just in the luxury market.

Still, some say the city could do more.

“The reality is we are starting to see some more support for purpose-built rental,” said David Hutniak, CEO of Landlord B.C.

“Victoria is still working through some potential incentives, or stronger partnerships with our industry in terms of building more purpose-built rental, but a good example of a success story on this is actually Vancouver.”

Vancouver introduced the Rental 100 program in May 2012 with the goal of providing 5,000 new rental units throughout the city by 2021. The city is expected to reach that goal early.

Through Rental 100, the City of Vancouver reduces some cost to developers, allows greater density, and lowers smaller requirements such as the minimum number of parking spots. In exchange, buildings that qualify under Rental 100 must always remain rental developments.

Helps said the city is open to making small bylaw changes regarding development, but noted that because Victoria is seeing unprecedented growth downtown, stimulating general rental developments isn’t necessary.

However, because Victoria’s growth is largely fuelled by high-paying job growth in the city, the lack of affordable purpose-built rental building is becoming a bigger challenge.

 

intern@vicnews.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Jimmy Fallon joked that a woman’s 4.5-star review of a Langford jail is “the most Canadian thing you could do” in The Tonight Show Jan. 21. (Screenshot/YouTube)
VIDEO: Jimmy Fallon jokes Canadian jails are basically hotels following woman’s 4.5-star review

Woman gave handwritten card to police following stay in Langford cells

Following a cease work order from the District of Highlands in October, the BC Supreme Court ruled Jan. 20. that bylaws won’t apply to O.K. Industries’ work until its quarrying activity is complete. (Courtesy of District of Highlands)
BC Supreme Court rules Highlands quarry work can continue

District bylaws won’t apply until quarrying activities are complete

The Greater Victoria School District and two retired teachers are named as defendants in a lawsuit alleging that a student was sexually abused in the early 2000s. (Pixabay photo)
Former Saanich student files sexual abuse lawsuit against school district, retired teachers

Lawsuit claims student was groomed, abused by retired teacher

Greater Victoria Emergency Response Team and Victoria police executed a high-risk warrant arrest on Jan. 22. (Black Press Media file photo)
Victoria police arrest man wanted on multiple warrants

Warrants include drug trafficking, theft and possession of firearms

(Black Press Media file photo)
Mechanical issues blamed for Saanich car fire

‘Nothing untoward’ suspected, no injuries reported, firefighter says

Toronto Public Health nurse Lalaine Agarin sets up for mass vaccination clinic in Toronto, Jan. 17, 2021. B.C. is set to to begin its large-scale immunization program for the general public starting in April. THE CANADIAN PRESS/Frank Gunn
B.C.’s COVID-19 mass vaccinations expected to start in April

Clinics to immunize four million people by September

Daily COVID-19 cases reported to each B.C. health region, to Jan. 20, 2021. Island Health in blue, Northern Health green, Interior Health orange, Vancouver Coastal in red and Fraser Health in purple. (B.C. Centre for Disease Control)
B.C.’s COVID-19 infection rate stays stable with 508 cases Friday

Vaccine delivered to more than 110,000 high-risk people

More than 100 B.C. fishermen, fleet leaders, First Nations leaders and other salmon stakeholders are holding a virtual conference Jan. 21-22 to discuss a broad-range of issues threatening the commercial salmon fishery. (Black Press file photo)
B.C. commercial salmon fishermen discuss cures for an industry on the brink

Two-day virtual conference will produce key reccomendations for DFO

Black Press file photo
Investigation at remote burned-out Vancouver Island cabin reveals human remains

Identity of victim not released, believed to be the owner of an SUV vehicle found parked nearby

Angela Waldick is the new team photographer for the Nanaimo NightOwls. (Nanaimo NightOwls photo)
Half-blind photographer will help new Island baseball team look picture-perfect

Nanaimo NightOwls say legally blind team photographer is making history

School District 57 headquarters in Prince George. (Mark Nielsen, Local Journalism Initiative Reporter)
Prince George school district settles with sexual abuse victim

Terms were part of an out-of-court settlement reached with Michael Bruneau, nearly four years after he filed a lawsuit

Surrey provincial court. (File photo: Tom Zytaruk)
New COVID-19 protocols set for provincial courthouses

The new rules were issued on Jan. 21, and took effect immediately

Dog owners, from left, Marlyn Briggs with Nayla, Marjory Sutherland with Effie and Mick, and Christina Godbolt with Conon walk their pets frequently at the Chemainus Ball Park but are growing increasingly concerned about drugs being found discarded in the area. (Photo by Don Bodger)
Puppy rushed to emergency 3 times after ingesting drugs in Chemainus public spaces

Dog owners walking in Chemainus parks urged to take caution

Police in Vancouver looking for male suspect who allegedly spat and attacked a store manager for not wearing a mask, at 7-Eleven near Alma Street and West 10th Avenue just before noon on Dec. 17, 2020. (Vancouver police handout)
VIDEO: Man spits on 7-Eleven manager over mask rule, sparking Vancouver police probe

‘Unfortunately, the store manager sustained a cut to his head during the assault’

Most Read