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.
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