League Financial Partners has broken ground on the $1bn Capital City Centre at Colwood Corners on Vancouver Island, Canada.
The Capital City Centre will be built on a 14-acre area over the next 20 years and is intended to transform the old Colwood strip mall into an attractive downtown destination featuring high-rise towers amid low-rise residential buildings and shops. League Financial CEO Adam Gant said that Capital City Centre is the largest project of its kind in Canada.
The entire project will have 12 residential high-rise towers and four office towers, as well as four-storey, wood-framed residential buildings, two-storey town homes, multi-storey office buildings and a public plaza with other amenities. The project will be built in multiple phases; the first is now underway with an investment of $250m and is set to be completed over the next five years.
The first phase will be developed in three steps; first, a four-storey residential building will be built on the top of a 35,000ft2 London Drugs store, as well as a six-storey office tower, three retail buildings and a public plaza for outdoor events and farmers markets. The second step will feature the construction of a 26-storey residential tower, which is set to become the tallest building on the island.
The final step involves the construction of a second 26-storey high-rise, a four-storey residential building and commercial space for a 33,000ft2 grocery store and other retailers. For the first phase, League Financial will donate about $2.5m toward a second Colwood fire hall, planned for the land between Belmont Road and Ocean Boulevard. Colwood Mayor Carol Hamilton said the project has the potential to revitalise the commercial corridor along Sooke Road.