Vancity's involvement in Dockside Green
Vancouver City Savings Credit Union’s role in the project began in late 2004 as a financing partner to Windmill Development Group, which purchased the Dockside lands from the City of Victoria. The goal was to design a blueprint for how healthy buildings and healthy communities are created. Guided by its triple-bottom line philosophy, Vancity ensured every stage of the project was ecologically, socially and economically responsible.
After a robust start, the global financial crisis and subsequent downturn in the housing market stalled further development with roughly 22 per cent of the overall project complete. Vancity assumed 100 per cent ownership of Dockside Green and launched a public consultation process with stakeholders focusing on how to best move forward. The discussions culminated in a new Master Development Agreement (MDA) approved by Victoria city council in January 2017.
The MDA is based on third parties purchasing land to develop future buildings on the site. This has already happened at Dockside Green with the Catalyst Community Developments Society affordable rental housing complex, in addition to a local law firm’s plans for an office building with retail shops and the pending sale of another commercial site to accommodate another local business. In April, Dockside Green issued a request for builders to submit proposals to develop two residential properties. There was significant interest, and several developers submitted bids for the entire property.
The Dockside Green team carefully considered the idea of selling all the remaining lands. They reviewed the proposals to see if any of the potential buyers would be able to meet the strict provisions set out in the MDA that ensure the project fulfills its vision for sustainability. The team’s analysis found that Bosa Development is a like-minded organization with a proven commitment to the local community and the expertise required to take on a project of this magnitude.
Timeline of Key Events
| 2004 | Vancity partners with Windmill Developments to purchase 15 acres of former industrial land from the city of Victoria. |
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| 2008 | First building is completed; residents and commercial tenants begin moving into the community. The first phase of the community achieves LEED Platinum certification. The global financial crisis has an impact on the housing market. |
| 2009 | Dockside Wharf, the community’s first neighbourhood, is completed. It features 266 market rate apartments, 26 units of affordable housing, and nearly 40,000 feet of office and retail space. Vancity assumes 100 per cent ownership of Dockside Green. |
| 2010 | Vancity puts development on hold amid challenging market conditions. |
| 2016 | Work begins on the Catalyst Community Developments Society Madrona Complex - two buildings consisting of 49 units of affordable rental housing. |
| 2017 | Victoria city council approves a new Master Development Agreement for Dockside Green. Dockside Green is sold to Bosa Development. |