Developer of the Oriental Hotel aiming for $150,000 studios

Sun

Chris Le Fevre’s ambitions for the Oriental signal optimism. ‘I’ve got more residential … in the next six months than I have ever had in the past 20 years.’ Photograph by: Darren Stone, Cns, Canwest News Service

A long-time Victoria property manager and developer has announced plans to put homes in one of capital’s earliest hotels.

Developer Chris Le Fevre expects to start on the conversion of the 125-year-old Oriental Hotel this fall. He plans on installing 30 apartments and expects to charge about $150,000 for a bachelor apartment of about 400 square feet.

In Greater Victoria, one of the country’s most expensive housing markets, that kind of price is startling.

Close to 120 Greater Victoria residential properties were on the Multiple Listing Service last week priced at $150,000 or lower. Those that were not mobile homes were partial ownership propositions or located outside the metropolitan core.

Le Fevre is confident about the housing market as it recovers after the world wide financial shakeup that slammed into Victoria’s real estate market last year. Sales have rebounded strongly in recent months as once-wary buyers return to the market.

“I’ve got more residential housing coming under construction in the next six months than I have ever had in the past 20 years,” Le Fevre said.

“Generally, I think things have stabilized amazingly well. I think it is the reward for the slow and steady approach that has always prevailed on the Island.”

The strong and stable rental market indicates that the bottom end of the housing market — first-time buyers — is likely to be strong as well, he said. Continuing low interest rates are also helping the housing market.

Besides heritage conversion projects, Le Fevre develops contemporary-style housing such as the colourful Railyards in Vic West. The three-storey Oriental Hotel is considered an “excellent example” of what is called high Victorian Italianate design. Its architect was John Teague, who designed many local buildings, including Victoria City Hall, and who also served as mayor.

Construction started in 1883 and the building was expanded in 1888, states a city hall report on its heritage significance. It reflected the early grandeur of that area, the document notes

“The attention to detail of this hotel’s remarkably intact interior and exterior features reflects the fashionable standards of Victoria’s earliest first-rate hotels,” the document says.

Teague’s design featured extensive use of tall upper-storey windows and distinct ground-storey arches — made possible by the use of cast-iron columns — reflecting state-of-the-art architecture of the 1880s, it says.

The Oriental’s neighbour at 560 Yates will be incorporated in the new-home project. It was built by Tomas Pritchard, a Welsh mariner.

During its early life, it had a variety of occupants, such as offices for mining agents, wholesale provisions and for a fruit growers exchange.

Another of Le Fevre’s heritage housing-projects is almost sold out. Morley’s Soda Water Factory is being converted into nine residences. One remains for sale. “It’s like a beautiful antique,” Le Fevre says.

Site work has begun at another of the developer’s projects, called Railyards. The Bond’s Landing phase, when complete, will have 90 homes.

Targeting entry-level buyers, condos start at $225,000. Like other Le Fevre projects, Bond’s Landing features live-work units and lofts.

Le Fevre also expects to begin construction on Harbour Homes, a 46-unit townhouse project at the Railyards. They will be priced in the $400,000 range, he says.

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