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.