Abstract Developments will replace its headquarters at the corner of Oak Bay Avenue and Foul Bay Road with a four-storey mixed development building.
City council approved the application after a recent public hearing.
The development, called Village Walk, is expected to break ground next spring and be complete by early 2014. It will contain 22 residential units and 5,800 square feet of commercial space, including retail and office. Abstract will relocate the rental units to be demolished above the company's existing first-floor office.
Though technically within Victoria, the developer also sought approval from Oak Bay council because the building borders on that municipality.
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