VancouverIslandProjects.com


Vancouver Island’s Latest Residential Projects

‘Castana’ Buyers in Fairfield Have Staying Power

By Duncan Boan • Jul 18th, 2008 • Category: Featured Articles, Most Recent Articles

Cook Street Village in Fairfield
Image Credit Cook Street Village in Fairfield

They didn’t plan it that way three years ago when they contracted to purchase their unit in the then yet-to-be-built Castana. It’s still ’yet-to-be-built’, but it’s getting closer. If you are familiar with the location you can understand their perseverance.

The corner of Cook and Sutlej Streets is in the heart of Fairfield’s Cook Street Village, one of Victoria’s favorite places noted for its sense of community and livability. For years the corner was both eclectic and vibrant, home to a much loved community grocery store, some affordable housing apartments, and a couple of private residences.

That was before the bulldozers arrived. Before long, the corner stood empty, ready for the then recently approved development to proceed. Sales signs went up for the residential component of the development, and presales began.

Cook Street Village in Fairfield
Image Credit Cook Street Village in Fairfield

The Development Permit that was approved in 2004 followed extensive public consultation and debate that began in 2002. As approved, it covered two distinct development areas. One was for a mixed use building directly on the corner, with a main floor of retail space topped off by 23 apartments on the second and third floors. The other was for a residential strata development immediately to the west on Sutlej, with a variety of townhouse and condo apartments, 22 units in all.

But the site remained empty as days turned to week, weeks to months, and months to years - two of them. An application to renew the Development Permit, with a few minor changes, was approved by Victoria City Council in the fall of 2006.

2007 arrived but still - no construction. Instead, the development, complete with Permits and presales, was offered for sale.

Finally, following years of uncertainty for anxious buyers, construction began. As you can see from the accompanying photos, no one will be moving in in 2008.

But those who bought a unit at the Castana in 2005 and had the patience to ride it out during this period of uncertainty and delay will be rewarded when they ultimately get their keys. It’s all about location!

Cook Street Village in Fairfield
Image Credit Cook Street Village in Fairfield

Not only is Cook Street Village itself a quiet, people friendly place to live, it’s situated just a hop, skip and jump from much of Victoria’s best. Within a radius of 1.25 km (less than a mile) is Victoria’s Inner Harbour to the northwest, the Dallas Road waterfront to the south, Beacon Hill Park between, and other points of interest too numerous to list. And for those who work downtown, a nice walk to the office is a great way to start the day.

We’ll keep an eye on this development as it progresses.

If you enjoyed this post, make sure you subscribe to my RSS feed!

Duncan Boan is a Victoria real estate agent focused on Buyer Agency, new construction, and green real estate issues in the residential market.
Email this author | All posts by Duncan Boan

2 Responses »

  1. Duncan
    I am curious as to whether the castana project in Cook St. village has been completely presold, as I see no advertising or pricing for units.

    Adrian

  2. Adrian

    That’s an excellent question you have asked.

    I have done a little digging, and will be doing a further item about this project in the next while to update things. But to answer your question as to whether the project completely resold - no, it was not. I have discovered that a new sales office/presentation centre will be opening soon for sales of remaining units in the renamed project, now dubbed the Essencia Verde. It looks to me like there will be 16 condo units, 4 townhouse units and 2 live/work units hitting the market.

    Duncan

Leave a Reply