Three Point Properties picks up stake in Victoria’s Dockside Green project

Three Point Properties Ltd. has picked up Ottawa-based Windmill Development Group’s interest in Victoria’s Dockside Green project.

Three Point Properties Ltd. has picked up Ottawa-based Windmill Development Group’s interest in Victoria’s Dockside Green project.

Windmill announced September 5 that it had spun off its interest in Dockside Green as Windmill West Ltd., which will be owned 99 per cent by Victoria-based Three Point, which is tackling projects such as the massive Bamberton lands redevelopment.

The value of the acquisition was not disclosed.

Joe Van Belleghem will continue to serve as Dockside’s development manager.

A third of the $600-million project is currently under construction.

Van Belleghem expects the first phase to come in under budget when it completes next spring, thanks to the efforts of general contractor Farmer Construction Ltd. and its subcontractors.

“We owe a lot of credit to our contractors and our subtrades on making this really work,” Van Belleghem said. “Everyone’s working really hard and making sure we’ve got adequate labour and really getting behind this project.”