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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.
Dickson said it’s too early to say what might be next for the land or if another developer might swoop in. The airport authority has been trying to court commercial developers in order to diversify its revenue stream and keep costs low for airlines.
Plans for the project included 10 buildings with an anchor grocery store as well as major appliance and electronics stores. Omicron hoped to attract a mix of retailers, including health and wellness programs, child care, a pharmacy, restaurants and medical services.
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