Developer donates $15 million site for social housing

August 15, 2022


Rendering of Bayview Place, Victoria. | Bayview Place

B.C. developer Bayview Place has donated land worth $15 million to the Greater Victoria Housing Society, which plans to build an 18-storey tower with 180 rental units of affordable housing on the site.
The land is part of the developer’s master plan for eight other residential towers ranging from 18 to 28 storeys and commercial development on the 10 remaining acres of the former E&N Railway lands.
The company was trying to blend affordable housing with its other planned towers on the site. The idea of donating the lot arose after discussions with mayor and council and community groups, according to Bayview Place president Ken Mariash.
“Many of the city hall applications are an argument about how much and this and that,” he said. “We didn’t want to be trying to negotiate less than what should happen, so we thought we’d make it large.”
James Munro, director of real estate for the Greater Victoria Housing Society, said the donation by Bayview Place owners Ken and Patricia Mariash is the largest the group has ever seen and could be a record for the Island—and even the province—for an affordable-housing project.
The estimated capital cost for the development is $72 million—with construction costs estimated at $52 million.
All the units will have below-market rental rates and 30 per cent will be at 80 per cent of the median market rate set by the Canada Mortgage and Housing Corporation. Units will range from $775 a month for a studio and $895 for one-bedroom to $1,500 for three-bedrooms (in 2027 dollars), said Munro.
The Greater Victoria Housing Society currently has 17 buildings in the region, housing about 1,000 people, and says the latest project is much needed.