The City of Victoria has purchased two properties on Pandora Avenue for almost $10 million, as part of the city’s plan to address affordable housing.
Bill Eisenhauer, head of engagement for the city, confirmed the city purchased the “strategically-located property” as part of a long-term investment to address housing, as well as provide more community services and programs in the downtown and North Park neighborhoods.
The opportunity first came to light several months ago, but the purchase of 926 and 930/932 Pandora Avenue was closed on April 2.
The City intends to release more information on future plans for the site at a later date, Eisenhauer said.
The total cost of both properties — 28,880 square feet — was $9.595 million, which Eisenhauer said closely aligns with the BC Assessment value of the combined parcels and is also supported by independent appraisals.