Bosa Development is buying the Dockside Green development from Vancity.
The sale for the mixed-use residential and commercial real estate development closes on Dec. 15.
Vancouver-based Bosa Development already owns the Fairmont Empress Hotel.
“We’re invested in Victoria right now,” Ryan Bosa, president of Bosa Development, said.
“We decided it’s a great market for us to be in and the opportunity of a project this size is right up our alley.”
Dockside Green sits on 15 acres of former industrial land on Victoria’s Upper Harbour. It was started more than 10 years ago but construction stalled following the global financial crisis in 2008.
Plans for the green development include 26 buildings totalling 1.3-million square feet for about 2,500 people in three neighbourhoods. Bosa said the construction of new buildings on the site is expected to start as early as next summer.
The City of Victoria has approved rezoning for the revamped Dockside Green development.
Bosa said the development will include condos and rental properties.
He added that Bosa Development will continue to build the project to Dockside’s LEED-ND (leadership in energy and environmental design – neighbourhood development) standards.