Ross Terrace is a five-storey rental complex with a ground floor commercial space situated along the 2500-block of Fifth Street in Victoria's urban core. In addition to apartment suites, several townhomes will front onto Fifth Street, and the Vancouver Island School of Art will occupy the project's commercial component.

The project is themed on the American sitcom Friends, which will include show-inspired interior design elements in the building's common areas and offer below-market rents for several suites, in-keeping with reduced rents available to two characters of the television show. The project's name, Ross Terrace, is also an homage to a key Friends character.