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Published on: 3/2/2007
Last Visited: 3/2/2007
Victoria developer Peter Daniel expects final zoning for the 20-hectare, 563-unit waterfront residential condominium development to be given at the regular March 19 council meeting.
The delay was requested because the company hasn't completed its final documents, Daniel said.When zoning bylaws reach final reading, council approval is considered a formality.
Once final approval has gone through, the current property owners, Ridley Bros. Development Corp., get paid for the land, said Daniel, president of Woodburn Management Ltd., which will co-own the site with Winnipeg-based property company United Equities Group.He would not disclose the purchase price.
"We won't buy the land until final reading," he said, noting that his company is giving a 13-acre waterfront section to Colwood as parkland, complete with two kilometres of rebuilt salmon streams.
Daniel has a sample display unit and sales team ready to get on the site.He expects construction to begin by late June.
The pace of the construction will depend on sales, said Daniel, noting the first phase starts with framing four-storey buildings with 22 units each.
When completed the development will have three 12-storey towers on the property's western edge, 13 townhouse buildings, and 12 low-rise condos.
Current zoning allows for a maximum of 360 single-family houses.
Daniel said the natural site conditions have been an important part of this project from the very beginning, including an interpretive centre and extensive pathway network designed to give everybody an appreciation for the lagoon ecosystem.
The project is a Leadership in Energy and Environmental Design (LEED) project, meaning it is expected to include environmental innovations such as geothermal heating and cooling, solar lighting, permeable pavements and greenway connections linking to Royal Roads University and the adjacent community.
Daniel said his traffic studies found that the Lagoon Estates development would generate 28 percent less traffic during peak travel times than the previous single-family zoning.
"This reduction in traffic volumes is largely because residents are expected to be empty nesters and retirees, not families with commuters and children needing school trips, sports trips," he said.