Viridian Green

The Viridian, also called Viridian Green, is a four-story strata, 22-unit, townhouse development along the south side of 4th just east of Alma. The name Viridian Green is redundant. Viridian is a colour near identical to green.

This project was plagued with a number of problems and construction completion was delayed until after the expected summer 2008 completion, which itself was a delayed date.

Larc Developments is the developer. Larc is privately owned and does not publish financial statements nor release public information.

Construction has now ground to a near halt, with the building appearing about 80% complete, including the interior construction of commercial businesses on the ground floor.

We understand that the developer has placed all unsold units with a 3rd party for sale.

Construction risk is high.

Financing risk is high.

The building is concrete and appears to be designed with full rainscreening. However, the operation of large commercial businesses on the ground floor and the use of not-proven building components create above average operational risk in the first year of occupancy.

Price risk is high. At present, units are being offer for about $819,000 to $1.2 million. These units are significantly overpriced compared to similar product in the neighborhood.

Environmental risk is average.

Recommendation: Pass. For existing owners, we suggest ensuring any deposits are safe and negotiating an exit alternative.