After its official launch on November 5, The Wade condominium development in Victoria, B.C. is already 40 per cent sold, reports developers Fortress Real Developments (Fortress) and Amadon Group.
The Wade will occupy the space of the former Victoria Medical Arts building, which will be redeveloped into a boutique residential condominium. Named for the original architect, John Howard Wade, the development will house 102 units ranging from 366 to 1,220 square feet spanning four storeys.
The project will feature a central courtyard, complete with its own orchard. Each suite will also be assigned a rooftop garden space where they can grow wildflowers, herbs or vegetables with the help of a specialized water irrigation system.
“It’s a low-rise, European-style community that emphasizes health and wellness in every aspect of the plan,” said Max Tomaszewski, Amadon Group president, in a press release.
The Victoria housing market is beginning to see a short supply of residential options, making developments like The Wade a good addition to the community.
“Reports say that an average home in Vcitoria is now $750,000 and the average price for a condo has gone up 17 per cent since 2015. With vacancy rates at an all-time low, expect more innovative condominium apartment projects like The Wade that appeal to a wide range of buyers,” said Ben Myers, SVP of Fortress.
Construction is expected to begin in 2017 with completion slated for the end of 2018.