The developer behind a massive commercial retail centre to be built on a 10-acre parcel of land at Victoria’s International Airport in Sidney announced on Monday it will not be going ahead with the project.
Omicron Development Inc. blames rapidly rising construction costs as well as off-site infrastructure requirements such as a pedestrian overpass required as part of the re-zoning of the project lands,
“Timelines are critical success factors in the development business”, said Bill Tucker, CEO, Omicron Development Inc.
“The approvals necessary for this project regrettably took longer than any of us anticipated, resulting in a significant escalation of development costs. Standing down on this project is very disappointing and an extremely difficult decision for our firm.”
The property is located at the intersection of the Pat Bay Highway, Beacon Avenue and bounded by Sterling Way.
Plans for the 100,000 sq.ft development called for proposed tenants including an anchor grocery store, health and wellness programs with childcare, retailers that offer a mix of products from technology to pharmacy, financial and insurance services, fast food restaurants, and medical services.
After a heated public hearing, Sidney council gave the green light to the estimated $35 million dollar project in September of 2016.
At the time, now former Sidney mayor Steve Price said the development would provide 5.5 million dollars in amenities and more than 200 full and part-time jobs.
Price was defeated in Saturday’s municipal election by opponent Cliff McNeil-Smith.
“The Town of Sidney, Victoria Airport Authority, and the community dedicated a significant amount of time to ensuring that Sidney Crossing met the expectations and needs of the community,” said Tucker.
“This announcement is not an outcome that anyone foresaw.”