Family owners/operators of EY Properties came out to break ground on Saanich’s first purpose-built rental housing project in  25 years

Family owners/operators of EY Properties came out to break ground on Saanich’s first purpose-built rental housing project in 25 years

Work begins on first rental units in Saanich in 25 years

Three generations of family break ground on site at Tillicum, Burnside

By this time next year, tenants should be moving into the first privately owned purpose-built rental buildings in Saanich in a quarter century.

Three generations of the Yakimovich family, owner-operators of EY Properties Ltd., returned to the site of their former offices, where, after three years of planning, they finally broke ground on Herons Landing and The Ardea.

The two six-storey buildings, located at the corner of Burnside and Tillicum Roads, will offer 104 bachelor, one, two and three bedroom rental units, ranging in price from $775 to $1,700.

“This is important that we get something going. Nothing’s really happened here in 25 years and I’m really hoping that this one development will kick start others in the area,” said Paul Gerrard, a Saanich councillor and Gorge-Tillicum resident. “We’ve got the mall, services, doctors, the rec centre, fantastic bus routes. This is obviously the best place for densification.”

Company president, Ernie Yakimovich, alongside his mother, 88-year-old Olga Yakimovich, co-founder of George Yakimovich and Son, the precursor to EY, exuded enthusiasm over the much-anticipated start of the project and didn’t rule out the possibility of another new rental development, should economic conditions allow.

“We’re looking at this one step at a time,” Ernie Yakimovich said. “It could be dependant on government regulation or government policy in that they’re talking about it finally after 25 years.”

The “it” Ernie Yakimovich was referring to is the capital gains taxation, which requires rental unit owners who sell to pay 50 per cent of the increased value of the property, and the lack of a rollover tax option for building owners selling properties in order to reinvest.

The tax regime on rental buildings – not to mention ongoing upkeep costs – has created a disincentive to build new rentals, and an incentive for developers to build condos.

The family has been open about the factors that allowed the project to move forward, despite the current challenges of building new rental stock.

Working on a site the company already owns and seeing the change in B.C. Building Code in 2009 to allow for six storey wood frame residential construction, as opposed to the previous four-storey limit, rendered the project financially viable.

“It’s been a long process and we’ve done a lot of work between ourselves and our consultants, the community and the municipality, to come up with the right building concept,” Ernie Yakimovich said. “I’m excited to be able to be able to produce this quality of rental building in this location.”

EY has the set standard of achieving at least a Gold LEED (Leadership in Energy and Environmental Design) rating, yet the company is more likely to achieve platinum standards on the project, through details such as common areas are powered by LED technology, exterior insulation, higher efficiency windows, energy star appliances and air to water heat pumps, said Doug Yakimovich, project co-ordinator.

The higher efficiency standards will come at an initial investment of approximately $400,000 to $500,000 more than standard construction and are expected to yield a 60 per cent energy savings. Farmer Construction Ltd. has been hired for the contract.

 

nnorth@saanichnews.com

 

 

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

Just Posted

From right: Brad Cameron, BCEHS superintendent of patient care delivery for Greater Victoria, with primary care paramedics Em Funk, Tyrone Trotter, Fiona Galvin and Peter Hill at the Leigh Road station. (Black Press Media file photo)
West Shore paramedics didn’t waver when faced with COVID-19 pandemic

B.C. Emergency Health Services personnel are this year’s Courage and Bravery Award recipients

February is Black History Month. (Photo: Government of Canada)
Camosun College highlighting Black content with research guide during Black History Month

The collection includes a range of works by Black authors and creators

Amy Morrison was surprised to find a note on her windshield for parking on a public street with no restrictions in south Oak Bay where she works. (Amy Morrison Photo)
Oak Bay resident uses notes to claim street parking

‘You must have noticed, we park in front of OUR HOUSE,’ note writer says

Debra Sheets, a University of Victoria nursing professor, is starting Victoria’s first Memory Cafe program for adults with dementia and their caregivers. (Photo: Debra Sheets)
Memory Cafe Victoria hopes to connect local dementia community

Adults with dementia and their caregivers will participate in weekly Zoom socializing and activities

Dr. Bonnie Henry leaves the podium after talking about the next steps in B.C.’s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. THE CANADIAN PRESS/Chad Hipolito
COVID: 589 new cases in B.C., and 7 new deaths

No new outbreaks being reported Feb. 26

Staff from the Marine Mammal Rescue Centre, passersby, RCMP and Nanaimo Fire Rescue carried a sick 300-kilogram steller sea lion up the steep bluff at Invermere Beach in north Nanaimo in an attempt to save the animal’s life Thursday. (Photo courtesy Marine Mammal Rescue Centre)
300-kilogram sea lion muscled up from B.C. beach in rescue attempt

Animal dies despite efforts of Nanaimo marine mammal rescue team, emergency personnel and bystanders

Gina Adams as she works on her latest piece titled ‘Undying Love’. (Submitted photo)
‘Toothless’ the kitty inspires B.C. wood carver to break out the chainsaw

Inspired by plight of a toothless cat, Gina Adams offers proceeds from her artwork to help animals

B.C. Finance Minister Selina Robinson presents bill to delay B.C.’s budget as late as April 30, and allow further spending before that, B.C. legislature, Dec. 8, 2020. (Hansard TV)
How big is B.C.’s COVID-19 deficit? We’ll find out April 20

More borrowing expected as pandemic enters second year

The first of 11 Dash 8 Q400 aircraft's have arrived in Abbotsford. Conair Group Inc. will soon transform them into firefighting airtankers. (Submitted)
Abbotsford’s Conair begins airtanker transformation

Aerial firefighting company creating Q400AT airtanker in advance of local forest fire season

The Canada Revenue Agency says there were 32 tax fraud convictions across the country between April 2019 and March 2020. (Pixabay)
Vancouver man sentenced to 29 months, fined $645K for tax evasion, forgery

Michael Sholz reportedly forged documents to support ineligible tax credits linked to homeownership

Then-Liberal leader Andrew Wilkinson looks on as MLA Shirley Bond answers questions during a press conference at Legislature in Victoria. (Chad Hipolito / THE CANADIAN PRESS)
B.C. Liberal party to choose next leader in February 2022

Candidates have until Nov. 30 to declare whether they are running

After nearly 10 months of investigations, Mounties have made an arrest in the tripping of an elderly woman in Burnaby this past April. (RCMP handout)
VIDEO: Mounties charge suspect for tripping elderly woman near Metrotown in April

32-year-old Hayun Song is accused of causing bodily harm to an 84-year-old using her walker

British Columbia provincial health officer Dr. Bonnie Henry arrives to view the Murals of Gratitude exhibition in Vancouver, on Friday, July 3, 2020. THE CANADIAN PRESS/Darryl Dyck
Death threats mount against Dr. Bonnie Henry, sparking condemnation from Horgan, Dix

Henry has become a staple on televisions in homes across British Columbia since January 2020

Most Read