$1.2 billion waterfront neighbourhood to be built in Victoria suburb
Reliance Properties has further expanded its portfolio beyond Metro Vancouver, as it is now a key partner in the development of Royal Beach in Colwood, BC.
The Vancouver-based developer is working with Seacliff Properties, another local developer, to build the $1.2 billion waterfront neighbourhood in Colwood — a rapidly growing suburban city just west of Victoria.
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The 135-acre site is framed by 1.4 km of shoreline with the Strait of Juan de Fuca. There will be 2,850 homes in a typology mix of single-family houses, townhomes, and apartments, along with commercial buildings with retail and restaurant spaces.
Additionally, one third of the site — over 47 acres — will be set aside for dedicated public parks and green spaces.
The entire area, including the future adjacent Royal Bay district development, was a rock and gravel mine for over a century, and one of Greater Victoria’s largest employers.
The mine closed in 2008, and Seacliff acquired the waterside parcel of the industrial property in 2017. The City of Colwood approved a new area plan and zoning bylaw for the neighbourhood last year.
Site of the Royal Beach neighbourhood in Colwood, near Victoria. (Reliance Properties/Seacliff Properties)
“We are thrilled to partner with Seacliff to develop Royal Beach, which will be our first project on Vancouver Island that is outside of Downtown Victoria,” said Jon Stovell, president and CEO of Reliance Properties, in a statement.
Reliance is best known for its Vancouver projects, but it also has a growing portfolio in the Victoria region, including the 2016 completion of the Janion Plaza heritage preservation redevelopment at the east end of the Johnson Street Bridge in Victoria Inner Harbour. In 2020, it acquired about seven acres in downtown Victoria, including the site of the Capital Iron building, for the property’s redevelopment potential.
Georgia Desjardins, the director of development of Seacliff Properties, added: “This is our company’s first joint venture. Royal Beach presents a unique opportunity to develop the last significant waterfront lands in Colwood, creating a new local, regional, and national destination.”
The project will be built in multiple phases over the next 15 years, with construction activity supporting over 700 jobs each year or about 10,500 jobs over the duration of the development. The first phase will begin construction in Spring 2022, specifically with the new road infrastructure to support the access required.
Artistic of the Royal Beach neighbourhood in Colwood, near Victoria. (Reliance Properties/Seacliff Properties)
Colwood spans an area of just under 18 sq km, and its population has grown from 17,290 residents in 2017 to 19,693 residents in 2021, with growth also recorded during the initial pandemic year of 2020, according to Statistics Canada’s newly released population estimates.
The Capital Regional District’s Growth Strategy identifies Colwood as a centre for urban growth and densification. The population of the city is expected to increase by about 30% by 2038.
Immediately west of Royal Beach is the 158-acre Royal Bay district, which is being built by Vancouver-based Gablecraft Homes. The Royal Bay project will also add thousands of additional homes to the area within single-family houses, townhouses, and low- to mid-rise buildings, accommodating about 6,000 residents, as well as a retail village and office space.
Both the Royal Beach and Royal Bay developments combined span a total area of about 1.2 sq km or 7% of Colwood.
In September 2020, the provincial government acquired an eight-acre parcel of the Gablecraft Homes-owned property for its plans to build a 151,000 sq ft satellite facility for the Royal BC Museum. The institution will move its vast archives and collections from its existing museum in downtown Victoria to the new purpose-built research and storage facility in Colwood.
The provincial government is expected to select a contractor early this year, allowing for construction to begin by the end of 2022 for completion in 2025.
Master plan of the Royal Bay development in Colwood, with the location of the Royal BC Museum Collections and Research Building highlighted. (Gablecraft Homes/Government of BC)
Master plan of the Royal Bay development in Colwood, with the location of the Royal BC Museum Collections and Research Building highlighted. (Gablecraft Homes/Government of BC)
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