January 31, 2012
Huge Development Planned for Colwood
The 20-year, $1-billion plan calls for townhouses and residential towers, as well as retail outlets
A $1-billion mixed-used development that will be taking shape on southern Vancouver Island over the next 20 years will add significant new housing opportunities in the area.
Plans call for the 13.89-acre Capital City Centre community in Colwood to eventually include 12 residential towers ranging in height from 16 to 29 storeys, four-storey wood-frame residential buildings located above retail units, and two-storey townhouses, said a prepared release from LEAGUE Financial Partners, which broke ground on the huge project last week.
The community will also include multi-storey office buildings, and a public plaza that will feature retail and restaurant facilities, making it “one of Canada’s largest urban projects on a contiguous site,” the release said.
The $250-million first phase of the project will be developed in three sub-phases over the next five years.
“The heart of Capital City Centre will be its civic plaza, a public gathering space for the community,” the release said. “It will play host to a variety of events and festivals, such as local farmers’ markets, arts and crafts shows and live entertainment.”
Capital City Centre will be situated next to the Royal Roads University campus in the community southwest of Victoria.