The Capital Iron and surrounding land, which covers two prominent downtown blocks with heritage significance in Victoria is being sold to Reliance Properties, a privately owned Vancouver company.
Located on Victoria’s Upper Harbour, the total 6.7 acres are mostly undeveloped with only 93,000 square feet of built commercial and retail space, including three registered heritage buildings. Capital Iron, the popular namesake tenant, occupies about half of the built space and has roots dating back 80 years.
Earlier this month, Victoria council marked the north end of downtown as a future Innovation District — an area to have diverse uses and be a hub of technological innovation.
“We look forward to collaborating with the current users, like Capital Iron retail store, and the community to create a master plan that incorporates the site’s heritage into a vibrant waterfront with high-value jobs, institutions, homes, and public amenities,” said Jon Stovell, president and CEO of Reliance Properties. “The Capital Iron lands have more than 400 feet of water frontage, making it a unique, attractive, and exciting location.”
The purchase is expected to be complete in August.