Council voted 8-1 in favour of the exemption, which Reliance Properties had said was key to being able to get started on the condominium project
Victoria council has approved a tax exemption to offset the cost of seismic upgrading for the Northern Junk condominium project, in hopes it will allow the developers to start construction.
“They’ve become a blight, frankly, to Old Town, and I think seeing them renovated and rehabilitated is going to breathe life into that part of downtown.” Coun. Matt Dell noted that it meets most of the criteria, however, saying he hopes the approval signals more flexibility in the tax incentive program. “This building needs to be built. It’s going to be a wonderful addition to downtown.”
The building, which is expected to cost $37 million to build and $4.3 million to seismically upgrade, will have residential units that range from about 400 square feet to 1,100 square feet, with four studio units, 30 one-bedroom units, nine two-bedroom units and four units with three bedrooms.
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