VICTORIA, BRITISH COLUMBIA , Sept. 28, 2017 (GLOBE NEWSWIRE) -- Chard Development Ltd. is pleased to announce a first-of-its-kind real estate development for the City of Victoria. Vivid at the Yates, a 20-storey, mixed-use residential tower will offer one and two bedroom condominiums exclusively to end users at a discount of 8% below current market value. All purchasers must commit to living in the suite for a minimum of two years and must demonstrate a household income of less than $150,000, with priority given to households with income less than $125,000.

A significant contributor to Victoria’s residential growth, Chard Development has a long-standing history of creating homes for a diverse group of people. From 36 luxury condominiums at The Sovereign, to 209 rental suites now under construction at Yello on Yates, Chard’s award-winning development projects have spanned the housing continuum. The introduction of Vivid at the Yates, demonstrates Chard’s ongoing commitment to building a diverse, vibrant and sustainable downtown community.

In an effort to create an obtainable offering exclusive to end users, purchasers at Vivid at the Yates must commit to living in the suite for a minimum of two years. Purchasers must also provide proof of household income below $150,000 per year, put down a 10% deposit, and demonstrate sufficient financing.

“At Chard Development, we have always been committed to buiding Victoria in a sustainable and economically viable way through a range of housing types,” said David Chard, President, and CEO of Chard Developments. “With the introduction of Vivid at the Yates, we are clearing the way for new homebuyers who may otherwise be priced out of the market to gain a foothold within the thriving Victoria real estate market.”

Chard Development and its partners will offer suites at Vivid to qualified homebuyers at an 8% discount below current market value.

Vivid at the Yates will include 135 one and two bedroom condominium homes priced from approximately $275,000 to $550,000 and will be available for purchase by qualified buyers beginning in October.

About Chard Development

Chard Development Ltd. is an urban real estate development firm established in 1994 by founding principal, David Chard. Since its inception, Chard has developed commercial, mixed-use, secure rental, and residential projects across Canada in Vancouver, Victoria, and Toronto. By integrating the disciplines of real estate, land and lease negotiations, urban planning, development management and project marketing and sales, Chard takes real estate development projects from initial vision to final completion. 

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