Six years has lapsed since the City of Victoria signed a master development agreement with Dockside Green.
The environmentally-friendly, mixed-used development along the Gorge is now 30 per cent complete, including $5.8-million worth of amenities such as a waterfront dock and improvements to the Galloping Goose Trail.
The project's owner still owes the city a $3.4-million contribution toward the construction of a plaza, and other amenities. As the development continues to stall, however, the value of these commitments dwindles.
Last week, the city and Dockside's owner, Vancouver City Savings Credit Union, agreed on a solution. The dollar value of the promised amenities will be tied to the consumer price index.
Dockside Green director of development James Miller informed city council of the VanCity's commitments to affordable housing last week. So far, 26 units have been built and Miller recently met with B.C. Housing and the Capital Regional Housing Corporation "to establish solid next steps."
He said he continues to evaluate the market and seek a development partner before relaunching construction.