The iconic Times Colonist Building in Victoria is being sold for mixed-use redevelopment.
Merchant House Capital Inc. announced on Sept. 5 it has purchased the property and will be reconfiguring and restoring the site. The project, coined the TC Evolution, is described as an “urban, campus-style, mixed-use environment.”
"The Times Colonist Building represents such a unique cultural landmark for Victoria," says David Fullbrook, CEO of Merchant House Capital, "not only does the building embody the living history of Victoria and Vancouver Island, its preservation and reuse signals the emergence of the new Midtown urban village. We are excited to be a small part of the vibrant Victoria landscape."
The site, located at 2621 Douglas St., has a total buildable density of 270,000 square feet. Merchant House released concept sketches that outline plans for nine-storey residential and two-storey townhomes. Merchant House proposes up to 150,000 square feet of purpose-built rental homes incorporated into the existing structure. The project with also feature street-level retain and 120,000 square feet of office space.
The property’s print building will be retained and used as an entertainment space, with proposed zoning for distillery or brewing manufacturing. The development will also include a rooftop common area and restaurant.
