Although stories are no longer being told in film at the closed Capitol 6 multiplex theatre, another chapter is unfolding now that the high-profile downtown property is up for sale.
The site bordered by Yates, View and Blanshard streets is ripe for redevelopment, suited to a project with ground-floor commercial use topped by condominiums, said Ty Whittaker, one of the listing agents with Colliers International’s Victoria office.
Owner Empire Company Ltd. is taking bids until Oct. 9 and aims to close the sale by year’s end, Whittaker said. No price is listed and the building is expected to be torn down. The two-storey theatre complex was built in 1981 and has 48,087 square feet, including three ground-floor retail units. The theatre closed in October 2013.
The property’s zoning allows for commercial and residential uses. It also falls inside the city’s central business district, which allows for higher density, meaning larger projects could be built if rezoning is approved.
A new development on Blanshard and View streets would serve as a link along Blanshard between Fort Street and further north to the Atrium commercial-office complex to Johnson Street, Whittaker said.
It makes sense to consider condos for this location, he said. The current market is stable and expected to improve. “Our residential market has been fairly strong,” Whittaker said. “We don’t see that necessarily letting up.”
Occasionally, properties come on the market without a specific price listed. In this case, the rationale is there will be a cost of taking down the existing building, he said. As well, someone may buy the site with the idea of building immediately or holding it for a time before developing a plan.
Downtown has been a focus for developers lately as high-end, entry-level and mid-market condominiums and some rental units have gone up. The City of Victoria has encouraged such development as a way of invigorating the city’s core by bringing more people downtown and supporting downtown businesses.
Developer David Chard is building a rental tower at 819 Yates St., next door and to the east of the Capital 6. The project, his seventh in Victoria, will see 209 units over commercial space. The finished project is being sold to a Canadian pension fund.
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