Radius to revitalize 'uptown'

$160-million project mixing residential, commercial space removes 'barrier,' extends vital core
Andrew A. Duffy, Times Colonist

With a flick of dirt yesterday John Schucht hoped to kick off a new start for an all-but-forgotten area of Victoria's core.

At a sod-turning on the grounds of what will be a 350,000 square foot, mixed-use development, the president of Principle Holdings and Waywell Development was looking at barren landscape but seeing a community ready to breathe new life.

"This will enhance the uptown area of Victoria," Schucht said of his $160-million Radius project, adding the goal of the massive development is to establish a community in what had become a worn out industrial and commercial area.

Schucht's Waywell Development will immediately start work on blasting the site bordered by Douglas Street, Blanshard Street, Caledonia Avenue and Herald Street for underground parking with hopes of being back up to grade by September.

The development aims to be out of the ground and ready by June 2009 for commercial tenants such as University Canada West, which will take up 30,000 square feet, and an unnamed public-sector tenant, which has spoken for another 35,000. The residential component, 111 units, will be ready for occupancy by the end of July 2009, Schucht said.

But the entire concept can't come fast enough for some. "The importance of this is it's bringing life to this neighbourhood," said Robert Randall of the Downtown Residents Association. "There has never really been a time when this area was vital. It's always had a kind of mix of industrial and vacant lots."

Randall said this project breaks through the metaphorical barrier that held all life and vitality in the downtown core south of the Hudson's Bay building.

"It took a big project like this to get past that barrier and assert this as a neighbourhood that includes residents, commercial and office and learning. I don't know if there's any other project in the region that incorporates so many different uses."

The new neighbourhood's revitalization, anchored by the Radius, will include the mixed-use $250-million Hudson development currently underway at the Bay building as well as the $40-million Gateway Green office development at 1620 Blanshard St.

The Radius has already leased 44 per cent of its 244,000 square feet of commercial space and Schucht expects that, with 100 names on the company's reserve list, sales will be brisk with the public launch of sales in late September.

"I would like to say that by the end of the year we will be 75 per cent sold," he said.

The development has also turned its focus to small business and retail tenants for its ground level commercial space.

According to Fraser Campbell, vice-president of commercial development with Royal LePage Coast Capital Realty, agents are canvassing for local flavour and an eclectic mix to suit the development.

"We're looking for all types of tenants to come forward," he said, noting rates will be consistent with downtown Victoria.

"It's a unique opportunity to be able to try and put that mix together because it's not been done in Victoria before. We are really trying to be careful about who we approach because it is going to have to benefit the residents and people in the office tower at the same time."

© Times Colonist (Victoria) 2007