The redevelopment of Saanich’s University Heights Shopping Centre near the University of Victoria is on track to reach completion by mid-2026, some three years after construction began on a mixed-use rental and retail mega-project at the hands of South Carolina-based real-estate conglomerate Greystar.

 

 

The multi-building project (see Citified profile) bordered by McKenzie Avenue, Shelbourne Street and Cedar Hill Road was first envisioned by Metro Vancouver-based Wesbild Holdings in the late 2010s as four six-storey buildings. Wesbild secured approvals in 2022 following a lengthy and at times tumultuous municipal planning process, and sold the asset to Greystar in alignment with fourth and final reading issued by the District of Saanich.

 

Construction got underway in 2023, and by 2025, the first phase of the project secured occupancy for rental apartments and retail spaces. At full build-out later this year, nearly 600 rental suites will have been delivered at University Heights, along with approximately 165,000 square feet of modern retail space, as per planning documents sourced at the time of municipal approvals.

 

University Heights’ transformation from an 80s-era low-frills shopping node anchored by Save on Foods and The Home Depot is comprised of rental residential and commercial buildings on the old mall’s footprint and on surface parking lots. The Home Depot component at University Heights’ north end remains in place, and has been operational during construction.

 

Greystar, with new offices in Vancouver and Victoria, said in 2022 that its acquisition of the shopping centre represented its first entry into the Canadian marketplace.

 

“We are thrilled to have this as our first major investment in Canada,” said Greystar’s Vancouver-based Managing Director John Wilbeck, at the time of the acquisition. “This isn’t just a project for us – it is the development of a true, thriving community. Although Greystar is a global company, the redevelopment of University Heights will support local jobs and local companies, and we look forward to developing strong community relationships.”

 

A transaction price was not disclosed by the parties.

 

Although University Heights will infuse Saanich’s housing supply with a noteworthy 600 homes, the municipality has in recent weeks cast doubt on its ability to conform to a provincial housing quota calling for 4,610 net new residential units by the end of 2028. The District cited the delivery of 810 homes as of 2025, falling short of the trajectory required to meet the province’s expectation.

 

 

According to Citified’s market-wide tracking of construction activity throughout Greater Victoria and southern Vancouver Island, the District of Saanich currently has just over 750 purpose-built rental units underway, including approximately 300 units at University Heights, plus another 250 condominiums. This data does not include townhome units, multi-unit houseplexes, single-family homes and duplex properties, or secondary suites.

 

Nevertheless, University Heights represents among the largest redevelopment efforts in Greater Victoria’s recent history, in terms of residential density. Similar mixed-use shopping centre revamps have appeared as ideas on paper in several municipalities, although none have progressed to approvals and redevelopment like University Heights has. In Saanich’s Uptown area, Uptown Shopping Centre’s 24-storey residential tower has been approved as the fourth and final phase of what was formerly Town & Country Shopping Centre. It is not currently known when the 24-storey tower will proceed to construction. C

 

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