$35M Sidney Crossing shopping centre project cancelled
Katie DeRosa / Times Colonist
OCTOBER 22, 2018
Sidney Crossing, a proposed $35-million shopping centre on a parcel of land owned by Victoria International Airport, has failed to launch.
Developer Omicron announced Monday that it’s pulling out of plans to build a 100,000-square-foot commercial centre on 10 acres of airport land at Patricia Bay Highway and the southwest corner of Beacon Avenue.
The company blamed rapidly rising construction costs for killing the project. Another factor, Omicron said in a statement, was the “significant off-site infrastructure requirements,” including a $3-million pedestrian overpass that was required by the Town of Sidney.
Omicron CEO Bill Tucker said in a statement: “The approvals necessary for this project regrettably took longer than any of us anticipated, resulting in a significant escalation of development costs. Standing down on this project is very disappointing and an extremely difficult decision for our firm.”
Geoff Dickson, president and CEO of the Victoria Airport Authority, said it’s unfortunate that the project will not move forward.
“All the parties put in a tremendous amount of effort into bringing this to fruition and it’s unfortunate that the rising costs have made the project not viable for Omicron,” Dickson told the Times Colonist.
...
https://www.timescolonist.com/real-e...led-1.23472611