The City of Victoria has purchased two properties on Pandora Avenue for almost $10 million, as part of the city’s plan to address affordable housing.
Bill Eisenhauer, head of engagement for the city, confirmed the city purchased the “strategically-located property” as part of a long-term investment to address housing, as well as provide more community services and programs in the downtown and North Park neighborhoods.
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The opportunity first came to light several months ago, but the purchase of 926 and 930/932 Pandora Avenue was closed on April 2.
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The City intends to release more information on future plans for the site at a later date, Eisenhauer said.
The total cost of both properties — 28,880 square feet — was $9.595 million, which Eisenhauer said closely aligns with the BC Assessment value of the combined parcels and is also supported by independent appraisals.
kendra.crighton@blackpress.ca
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