Growing Victoria rental market?

victoria-flats

On October 24th, 2016 the Victoria City Council will review the conceptual 81-unit apartment complex, Victoria Flats, bringing this massive project one step closer to breaking ground.

Project Background:

Originally brought before the city in 2015, this project will be the largest apartment complex in the city, if the project is approved.  The building will house 80 units (11 studios; 44 single bedrooms; 25 two bedrooms) with an anticipated rent of $1,000 to almost $2,000 per month.  In addition to the 80 apartment units there will also be 156 parking stalls (105 for residents and 51 for public use).

To the best of my knowledge the cost of the project has not been released by the developer but they are asking $2 million to $2.6 million in TIF financing (tax increment financing).  The TIF funds would be utilized to acquire land, demolition of current improvements and preparation of the site and public infrastructure.

For more information on this project please contact the City of Victoria at 952-443-4210.

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