With many of its students taking off for the summer, the University of Victoria is turning its attention to redeveloping a trio of properties that it owns in downtown Victoria.
UVic Properties, which manages the university's revenue-generating properties, is partnering with Vancouver's Chard Development Ltd., to create commercial spaces, as well as housing and rental units, within the three properties on Broad Street.
Donated by the estate of Victoria property developer Michael Williams, the properties, including the three-storey Duck's Building, built in 1892, will help the university fund its academic programs.
"This proposal is intended to provide housing downtown, including for UVic students, increase UVic's downtown real-estate investments, as well as enhance the future returns of a donation that was intended to provide ongoing financial support to UVic," said Peter Kuran, president of UVic Properties.
The proposal calls for Chard to build a brand-new 52-unit rental complex on one of the properties, currently a parking lot, to be retained by UVic to address the shortfall of on-campus living quarters.
Chard will then also purchase the other two properties, and is committed to maintaining the heritage character of Duck's Building while converting it and the other into condominium buildings of 51 and 53 residential units, respectively, with commercial space at street level.