New infill condos going up
Group of developers building in Wolseley and the Maples
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Hey there, time traveller!
This article was published 26/01/2015 (2866 days ago), so information in it may no longer be current.
A group of local developers is about to launch two new infill condominium projects in the city, one in the Wolseley area and the other in the Maples.
One of their projects is a three-storey, nine-unit condo complex, called Urban Glo, which will be built on two infill lots on Picardy Place, just south of the intersection of Portage Avenue and Broadway.
The other, called Pointe North Station, is a four-storey, mixed-use complex that will be built on the corner of Leila Avenue and Mandalay Drive, across from the Amber Trails housing development in northwest Winnipeg. It will include six to eight commercial condos on the main floor and 47 residential units on the top three floors.
Realtor/developer Matthew Nicolas is the spokesman for the group, which also includes another local developer and a private investor. He said both projects are scheduled to get underway this spring.
They hope to complete the Wolseley complex by October or November of this year and the Maples project by the spring of 2016.
Although all three members of the group have been involved in other projects in the past, these will be the first they’ll be doing as a group. And according to Nicolas, they won’t be the last.
“We’re always looking for opportunities that make sense… so we’ll definitely be continuing on,” he said in an interview.
It’s no accident both projects are infill developments.
“I believe in infill, heavily,” Nicolas explained. “I think the only way forward for our city is to continue developing parcels that are already inside our belt. I truly believe it’s the only way we’re going to build a more sustainable, exciting city for the long term.”
He said the two Wolseley lots had been vacant for about 20 years, while the .06-hectare parcel in the Maples had been vacant for about five years.
He said the Wolseley site appealed to them because it’s close to both the downtown and to the West Broadway area.
“Over the last five years it’s been amazing to watch the transformation of Sherbrook and Broadway, and we feel that’s not going to stop,” Nicolas said.
He also noted there haven’t been any other new condos built in that particular part of Wolseley.
“There’s been a fair bit of renovation work, with a couple of buildings that had substantial work done to them and were then sold as condos. But nothing new. It’s very rare that you see new stuff there.”
He and his partners liked the Leila Avenue property because they believe the northwest quadrant is already seeing substantial growth. They expect to see continued growth over the next 10 years as the Chief Peguis Trail is extended farther west and the CentrePort Canada inland port continues to develop.
Nicolas said a lot of new immigrants are moving into that part of the city.
“That’s what we look for. We look for infill opportunities where the growth is going to be in up-and-coming areas.”
The Pointe North Station and the Urban Glo complexes were both designed by Winnipeg architect Hijab Mitra, of Mistecture Architecture + Interiors Inc.
Nicolas said four of the commercial condos have already been sold. They’ll be home to a law office, an accounting firm, a medical clinic/pharmacy and a small retail store.
“We’re ecstatic about the level of interest there, because some mixed-use buildings have not done well,” he said.
A total of 22 of the 47 residential condos also have been sold. The one- to three-bedroom units range in size from 525 to 1,100 square feet and are priced between $159,900 and $299,900.
“We’ve had every type of purchaser buying in that building,” Nicolas said, including first-time buyers, young families, empty-nest buyers and investors who plan to rent out their units.
“That’s reflective of the range in suite sizes we have,” he said.
The Wolseley complex consists of three townhouse-style, wheelchair-accessible units on the main floor and three apartment-style units on each of the top two floors. All nine condos have two bedrooms and one bathroom. The units range in size from 830 to 1,090 square feet and are priced from $210,000 to $303,000.
Nicolas said two of the apartment-style units and one of the townhouse units have been sold. The buyers include young professionals and a physically handicapped person who bought one of the ground-floor units.
They’ve also had a lot of interest from investors who are thinking of buying a unit and renting it out to University of Winnipeg employees or students, he said.
Know of any newsworthy or interesting trends or developments in the local office, retail or industrial real estate sectors? Let real estate reporter Murray McNeill know at the email address below, or at 204-697-7254.