GWLRA Unlocks Value in Downtown Victoria

GWL Realty Advisors (GWLRA) has reached a key milestone in its plan to transform the Broughton Square Parkade property into a mixed-use, purpose-built rental community in downtown Victoria. City Council has approved the site’s rezoning, providing the land use, height and density permissions needed to advance the project.

Unlocking long-term value through thoughtful intensification

The approval reflects GWLRA’s ability to identify and reposition underused urban sites in markets with strong long-term fundamentals. Replacing a 1960s-era above-grade parkade with rental housing, retail and public space is designed to create enduring investor value while supporting the evolution of Victoria’s downtown core.

Located in Old Town, one of British Columbia’s largest historic conservation areas, the site combines complex development considerations with a compelling investment opportunity. GWLRA’s approach respects the neighbourhood’s heritage character while making more productive use of a well-connected property near the Inner Harbour, employment centres and cultural destinations.

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Innovation grounded in place

The proposed 12-storey development will deliver approximately 242 purpose-built rental homes and ground-floor retail. A new public plaza beside St. Andrew’s Presbyterian Church will open views to the historic landmark, strengthen the streetscape and create a welcoming gathering place.

The integrated design brings together market insight, development expertise and creative problem-solving to add rental supply, support street-level activity, enhance the public realm and respect an important heritage setting. It demonstrates GWLRA’s approach to innovation: balancing investment performance with meaningful community outcomes.

A disciplined path forward

“This approval reflects the strength of our development platform and our ability to navigate complex urban sites with a long-term perspective,” said Geoff Heu, Senior Vice President, Development, Western Canada. “By combining rental housing and retail with a thoughtfully designed public plaza, we are creating a distinctive project that respects Old Town’s character while unlocking an underused site. In one of British Columbia’s strongest rental markets, the project is positioned to deliver lasting value for our stakeholders and the community.”

With rezoning secured, GWLRA will advance the project through its next planning and development stages. The milestone reinforces the firm’s experience transforming complex sites into high-quality real estate that responds to market demand, enriches communities and supports durable investment outcomes.