The Kingston EMC

The Kingston EMC published an article today (Nov 4th) regarding the Anna Lane project, please read and leave comments.

‘Affordable’ condos proposed for downtown Kingston

By Bill Hutchins

EMC News – Downtown Kingston’s big hole in the ground has a new owner.
A Toronto-based non-profit housing developer, Options for Homes, recently purchased the so-called Kincore hole at the northwest corner of Queen and Bagot Streets for $1.9 million.
Company spokesperson Alex Heath says a nine-storey, 117-unit condominium is proposed for the excavated property.
The development, called Anna Lane, will feature bachelor to three-bedroom condos with prices ranging from $120,000 to $200,000, he explained.
Kincore, the site’s original owner, stopped work on a residential building three years ago following excavation work at the former parking lot. Since then, Kincore made several attempts to sell the downtown property and the city granted several exemptions to order the 15-metre hole to be filled in.
According to the purchaser’s website, Options for Homes specializes in a ‘no frills’ approach to residential marketing and development. The company builds customized condo units with zero-payment, zero-interest builder financing to make mortgage payments more affordable. The company operates on a ‘deferred profit’ model. Options sells condos at cost, but retains a second zero-interest mortgage for the difference between the market value and the at-cost sales price. The second mortgage is repaid when the unit is resold.
Since 1993, Options has developed more than 1,500 homes in the Toronto-area.
The construction of so-called ‘affordable housing’ condos in downtown Kingston is expected to be finished and ready for occupancy by the spring of 2013.
ICE LEASE
Queen’s University is preparing to lease its home ice from the city for another three years.
The varsity hockey program has played out of the Kingston Memorial Centre arena since 2007 following the demolition of the Jock Harty arena on campus. The lease of the city-owned arena expired earlier this year and the university is seeking to renew it until 2013.
The agreement has saved taxpayers about $84,000 a year.
Under terms of the new deal, Queen’s hockey teams would also have access to the K-Rock Centre, Invista Centre and Cataraqui-Kinsmen ice pads.
The fall fair and the relocation of the Church Athletic League to the Memorial Centre will require Queen’s hockey players to relocate to other city-owned rinks from time to time.
The Memorial Centre’s busy ice season comes only three years after councillors debated whether to keep it open as a 3,300-seat rink following the relocation of the Kingston Frontenacs to a new downtown arena. The Memorial Centre has become a hub for hockey again. Queen’s and the CAL are now sharing the Memorial Centre’s ice time.
City council is expected to authorize staff to sign the three-year lease renewal with Queen’s.

Interview With Alex Heath on CKWS News!

 OPTIONS CONDOS:The big hole in Downtown Kingston will soon be filled with condos.

November 03, 2010

THE BIG HOLE IN DOWNTOWN KINGSTON WILL SOON BE FILLED WITH CONDOS.
A TORONTO-BASED DEVELOPER HAS PURCHASED THE SO-CALLED "KINCORE HOLE" FOR NEARLY 2-MILLION DOLLARS.
THE COMPANY PLANS TO PUT UP A NINE-STOREY BUILDING.
SOME CONDOS ARE USUALLY PRICEY, BUT THIS DEVELOPMENT HAS AN "AFFORDABLE" TWIST.

THERE'S A NEW VISION FOR THIS GIANT EYESORE.

THIS SITE WAS CALLING OUT TO ME FOR A YEAR AND A HALF 

A TORONTO-BASED HOUSING DEVELOPER CALLED 'OPTIONS FOR HOMES' HAS PURCHASED THE EXCAVATED PROPERTY, WITH PLANS FOR A NINE-STOREY, 117-UNIT CONDOMINIUM BUILDING... IN THE HEART OF DOWNTOWN KINGSTON

ALEX HEATH,

" NEVER BEEN DONE BEFORE IN KINGSTON TO PROVIDE HOMES THAT MOST PEOPLE CAN FIT WITHIN THEIR BUDGET. AND YOU DON'T SEE THAT TOO OFTEN THESE DAYS."

'OPTIONS FOR HOMES' IS A NOT-FOR-PROFIT COMPANY THAT DEVELOPS CONDOS FOR LOW TO MODERATE INCOME PEOPLE..... USING A NO-FRILLS APPROACH TO MARKETING.
THE UNITS ARE SOLD AT COST -- BUT THE COMPANY KEEPS A SECOND MORTGAGE FOR THE DIFFERENCE BETWEEN THE MARKET VALUE AND THE AT-COST SALES PRICES.... THE SECOND MORTGAGE IS ONLY REPAID WHEN THE UNIT IS SOLD.
THE COMPANY'S WILLINGNESS TO DEFER ITS OWN PROFIT WILL KEEP CONDO PRICES HERE AS LOW AS 120-THOUSAND DOLLARS.
...HEATH

ONLY SO MANY PEOPLE OUT THERE WHO CAN BUY A 400-THOUSAND DOLLARS CONDO. A LIMITED MARKET.
THERE 'S A TON OF PEOPLE IN THAT 120-THOUSAND RANGE AND THEIR NEEDS AREN'T BEING MET 
ROB HUTCHISON

"I'M QUITE EXCITED ABOUT THE FACT SOMEBODY'S COME FORWARD TO FILL IN THE HOLE AT QUEEN AND BAGOT."

THE DISTRICT COUNCILLOR APPLAUDS THE AFFORDABLE CONDO CONCEPT.

HUTCHISON:

"IT'S ACTUALLY SET UP SO THAT A WIDE RANGE OF PEOPLE CAN AFFORD HOME OWNERSHIP."

THERE'S A LOT OF PEOPLE WAITING FOR PLACES TO GO. 

THE SITE WAS ALREADY ZONED FOR A HIGH-RISE RESIDENTIAL BUILDING WHEN KINCORE STOPPED WORK 3 YEARS AGO.
THE CITY'S CHIEF PLANNER SAYS THE NEW DEVELOPMENT APPEARS TO FIT IN WITH THE CITY'S PLAN TO GET MORE PEOPLE LIVING DOWNTOWN. 

GEORGE WALLACE 

THE FACT IT IS AFFORDABLE HOUSING WHICH IS DESPERATELY NEEDED IN THE COMMUNITY.
AND IT DOES BRING MORE UNITS TO THE DOWNTOWN, WHICH WILL HELP SUPPORT THE VIABILITY OF THE DOWNTOWN.
THEN CERTAINLY AT FIRST BLUSH I'D SAY STAFF VERY SUPPORTIVE OF WHAT'S BEING PROPOSED" 

THE COMPANY STILL HAS TO GET CITY ZONING APPROVALS... BUT IT HOPES TO HAVE THE CONDOS READY FOR OCCUPANCY IN 2013.

BILL HUTCHINS CKWS NEWSWATCH KINGSTON.

Article in "The Kingston Whig Standard"

The hole project

The undeveloped hole at Queen and Bagot streets could be filled next year by a nine-storey condominium development with a unique financing twist.

Options for Homes, which helps buyers by covering a portion of their mortgage cost, hopes to start construction on the 117-unit building next year, with occupancy in 2013.

"We're a new hybrid species in the world of real estate," said Options for Homes eastern regional manager Alex Heath.

 

"We are the antithesis of a gated community. We like to build a mixed community. There's a public good -- an altruistic side."

Condo prices at the Anna Lane project will range from the low-$120,000s to the high-$200,000s.

Among the unique features being offered are a car co-opera-t ive and condominium sizes ranging from 400-square-foot bachelors to a 1,000-square-foot penthouse.

Heath said all of the units come "modestly finished," leaving buyers with the option to upgrade as they wish.

"Our goal is cost-effectiveness," he said. "For first-time home buyers, hardwood flooring is not a priority, (but) we give people an option. (Buyers) are free to soup it up as much as they want.

"If they want gold taps, they can have gold taps."

Options for Homes opened its first project in the early 1990s in Toronto's Distillery district. The organization's main website says that the program is especially attractive to people with incomes ranging from $40,000 to $100,000.

Heath used the example of a $200,000, two-bedroom condo unit to explain the financing model.

The buyer can purchase the unit, make a down payment and take out a mortgage to cover the full amount.

Or they can let Options buy in for 15%, which counts as part of the down payment. The buyer is only required to come up with 5% of the market price, or $10,000.

"We put in $30,000, you put in $10,000, which means you have to come up with (a mortgage for) $160,000," Heath explained.

The condo owner can buy out Options in whole or in part at any time.

There are two main stipulations:

* If the unit is sold, Options takes 15% of the sale price;

* If the owner decides to rent out the unit, after two years Options will buy it back in order to maintain a high owner occupancy rate in the building.

The eastern Ontario branch of Options for Homes has broken ground on a 136-unit project in Kemptville and is finalizing a deal for Ottawa. Another proposal is being considered for Brock - ville.

"We make our money through our financing," he said. "So there's a huge pool of money now to seed projects."

The recession has been good for business, Heath said.

"When people are more careful with their money, they're more likely to sign up with us."

Not all of the major banks have taken to the new approach, though Options for Homes won an award in 2002 from the Canada Mortgage and Housing Corporation.

"The banks are familiar, but only a couple will partner," Heath said. "It's unconventional. Banks are conventional. It has a proven track record. Now after 15 years, there are major banks and credit unions happy to do business with us."

The company plans to open a sales office near the corner of Queen and Bagot in January. People will be given a "priority reservation number" on a first-come, first-served basis.
"When the time comes to buy, you've got a place in line," he said.

Options for Homes will also be soliciting comments and suggestions from interested buyers.
"The design of the building is still in draft form. We want to hear from as many prospective purchasers as possible to hear what they're looking for," said Heath.

 

pschliesmann@thewhig.com
 

Options for Homes Announces New Development at Queen and Bagot Streets

Kingston, Ontario — October 27, 2010 — In the spring of 2013, the vacant lot at the northwest corner of Queen and Bagot Streets will be a vibrant and thriving community.

Options for Homes today announced its plans for the Anna Lane development, a contemporary 117-unit, nine-storey condominium building designed to harmonize with the character of Kingston and to add much needed homes to the downtown core. As Councillor Rob Hutchison, King’s Town District, states: "Options for Homes is providing an exciting opportunity for home ownership in downtown Kingston. It comes at the right place at the right time."

Options for Homes offers incredible value and exceptional pricing for prospective homeowners. Anna Lane condominiums range from bachelors to three-bedroom corner suites with prices ranging from low $120,000 to high $200,000.

Anna Lane condominiums offer parking, car share, and low condominium fees—from $80 to $190 per month. The latest building technology reduces residents’ energy costs and dovetails with the City of Kingston’s efforts to make Kingston Canada’s most sustainable city.

Options for Homes reduces the cost of new homes through its low operating costs, exclusion of costly show homes, and unique web-based marketing program. With Options for Homes, prospective homeowners can upgrade and customize the features of their new homes, tailoring them to fit their budget.

As well, Options for Homes offers zero-payment, zero-interest Special Builder Financing—reducing the monthly cost of home ownership by ten to fifteen percent. It’s an approach that earned Options for Homes the CMHC Housing Finance Award in 2002.

“With Options for Homes we found the right buyer,” said Kim Donovan, President of Kincore Holdings Limited. “The Anna Lane development will significantly contribute to the continued growth of Kingston's vibrant downtown core."

The Sales Centre opens early in 2011, but people can secure their own priority reservation number—and a sneak preview—in advance through www.annalane.ca as well as by phone at 613-544-4026.

About Kingston

Kingston, Ontario, stands apart as a place to live. Kingston is rich in history, culture, attractions and cuisine. It’s a world heritage destination, the gateway to the 1000 Islands and the UNESCO designated Rideau Canal. It’s next door to the Little Cataraqui Creek and Lemoine Point conservation areas, and it has a strong and diversified economy with three premium educational institutions.

A home in the heart of downtown Kingston allows residents to appreciate the best the city has to offer and to enjoy a vibrant quality of life.

About Options for Homes

Options for Homes builds high-quality condominiums that fit the lifestyle and the budget of prospective homeowners. It offers choice. Options for Homes understands that buying a new home is one of the most exciting milestones in a person’s life. So buyers can upgrade and customize the features of their new home, those that fit their needs and their budgets.

Options for Homes passes on its savings to the buyer—savings garnered from its low operating costs and its unique approach to marketing. The cost of an Options for Homes condominium reflects those savings. Many people can now realize their dream of a new home, far sooner perhaps than they thought possible.

Options for Homes has built an impressive inventory of successfully completed developments. Since the mid-1990s, Options for Homes has built thousands of homes in the Greater Toronto Area and Southwestern Ontario.

Options for Homes has the distinction of being the first to build in the 13-acre post-industrial area now known as the Distillery District. Today, the Distillery District is one of the most exclusive neighborhoods in Toronto’s downtown core, comprising more than 40 heritage buildings. People who bought an Options for Homes condominium in the Distillery District in the mid-1990s have seen their home equity triple in value.

Options for Homes doesn’t just build homes, it builds communities. It takes vacant or abandoned spaces and transforms them into vibrant and thriving communities. Options for Homes offers thoughtfully designed homes, a commitment to quality and unparalleled customer service.

For more information please contact:

Alex Heath

Regional Manager

Options for Homes Eastern Ontario

613-341-6795

alex@optionsforhomeseo.ca

www.optionsforhomeseo.ca