COWICHAN VALLEY, BC / ACCESSWIRE / August 7, 2020 / Cowichan Valley has a new $210 million real estate development plan in the works to build up to 777 new apartments and condo units to help the housing shortage and rental demand in the area. The project name is dubbed "Cowichan Nest" and is located on Vancouver Island, specifically in North Cowichan, the largest municipality in the Cowichan Valley Regional District.
Architectural conceptual rendering of a portion of the $210 million Cowichan Nest real estate development project. Image Credit: Cowichan Condos Inc.
Minutes away and serving the area is the City of Duncan, BC, also known as the "City of Totems" for their beautiful display of Canada's most extensive collection of outdoor totem poles scattered throughout the corridor and along the river trail.
With a robust, stable and diverse local economy, and just off the Trans-Canada Highway, nestled between Victoria and Nanaimo on Vancouver Island, the Cowichan Valley is an ideal location in demand with affordable housing relative to the neighboring City of Victoria.
The downtown core of Duncan contains several heritage buildings featuring commercial Real Estate properties, as well as a great combination of small, unique, exquisite shops and restaurants catering to all tastes. Duncan has touched the walking trail of the funky, with artsy boutiques lining the commercial real estate corridor.
The new revitalization of the city hub has something for everyone and is a very walkable, people-friendly community that invites every person to come, stay, and explore the heart and soul of the city.
The market demand for rentals in the Cowichan Valley is extreme, and the vacancy rate for both regular apartments and senior housing is near 0%, much lower than the BC vacancy rate of 1.4%.
"The Municipality of North Cowichan is progressive and would like to see the supply of reasonably affordable housing increase. To have enough, they need more than another 2,500 rental units and are encouraging such developments to meet the growing needs of the community. With a new $600 million hospital approved and expected to open in 2024, this will undoubtedly add to the ongoing demand for rentals in North Cowichan," said Michael Ruge, Development Manager for Cowichan Condos Inc.
Premier John Horgan announced that Cowichan Valley will have a new $600 million hospital by 2024. The new facility will replace the existing and aging Cowichan District Hospital.
"The great thing is, the new hospital is only 5 minutes away from the Cowichan Nest project. And, the new Royal Canadian Mounted Police (RCMP) $48 million Cowichan RCMP Detachment project just cleared the final hurdle to proceed, and will start construction only a few blocks away from us," mentioned Ruge.
Cowichan Condos Inc. is a purpose formed real estate development company that is developing a five-phase project of three to five story apartments, commercial condos, and townhouses for renting in the Cowichan Valley. In total, they anticipate providing a minimum of 568 new rentals and up to 777 rental units in the community.
Just blocks away from the Cowichan Commons retail park, featuring Best Buy, Home Depot, Canadian Tire and a Walmart Supercenter, and significant recreational amenities such as the Island Savings Centre skating rink and aquatic center, splash park, Cowichan Theatre, culinary tours, wineries, boating and paddling at local harbors and marina, and six golf courses.
The Cowichan Nest project will be situated on a combined 10.47 acres of target property parcels that Cowichan Condos Inc. has already closed on and purchased. There are contracts on the remaining parcels yet to close. The area is situated in a convenient location providing its residents with a luxurious living environment with spectacular mountain and farmland views with the ease of access to an abundance of world-class amenities in the immediate area.
Cowichan Condos Inc. is perfectly positioned to address the inventory shortage and growing demand for rental living and will be a cornerstone property in the beautiful municipality of North Cowichan, Canada.
To find out more about the Cowichan Condos / Cowichan Nest multi-family project, please contact Rachel Forbes at [email protected] for more information.
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