These Yates Street properties were acquired “off market” in 2008 and were completely redeveloped over the next two years. At the time of purchase, the property contained three contiguous properties consisting of retail and office uses and an underutilized and abandoned former hotel. The redevelopment of the property included the repurposing of the former hotel and adjacent office uses to residential rental condominiums. This included the addition of two storeys to the buildings and numerous seismic and building improvements. A ten-year “property tax holiday” was negotiated with the City of Victoria in exchange for the property upgrades and provision of rental apartments. The property was initially acquired in 2008 for $5,590,000 and upon completion of the upgrades and leasing of the residential units, was sold in 2012 for $15,200,000. Approximately $7,000,000 was spent on the property redevelopment.