A major new purpose-built rental community has officially opened its first phase in downtown Victoria, with developer Nicola Real Estate marking the milestone on Sept. 15.
Spencer Block will ultimately bring 278 rental homes to the city core across two buildings, offering a mix of studio, one-, two- and three-bedroom units. With phase one now open and more than 60 percent of its homes already leased, the project is positioned to become one of the largest rental developments completed in Victoria.
A Redesigned City Block
Nicola vice president of development Josh Anderson said the intent behind Spencer Block was to reinvigorate a large downtown block and extend the energy of the city core further north. He said the design aimed to create a building that connects with surrounding streets and the neighbourhood while also including a quieter, inward-facing courtyard at its centre, balancing the convenience of downtown with more private outdoor space.
The project also includes new ground-floor retail space along Herald and Government streets, which is expected to add to the mix of shops, restaurants and services in the area.
Boosting Downtown Business Activity
The opening comes as downtown Victoria continues to see strong visitor and business activity. According to the Downtown Victoria Business Association’s 2026 annual report, the downtown core recorded more than 44.3 million visits and 2,631 business licences in 2025.
Jeff Bray, CEO of the Downtown Victoria Business Association, said adding hundreds of new residents to this part of downtown is expected to support more commercial activity and investment in the area. He described the near-completion of one of the city’s largest residential projects as a sign of confidence in the downtown core.
The second building of Spencer Block is scheduled for completion in January 2027, which will bring the full 278-home project to completion.
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