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This article was published 29/2/2016 (1329 days ago), so information in it may no longer be current.
Buoyed by the success of its first condominium project in the Osborne Village-Cresentwood area, a local developer is moving ahead with at least two more over the next couple of years.
Next up for Winnipeg-based Ventura Developments Ltd. is a four-storey, 48-unit development at the corner of River Avenue and Mayfair Place, west of the Donald Street bridge.
Construction of that complex, to be called the 24Seven Condos after the address (247 River Ave.), is expected to get underway this summer, with occupancy slated for the fall of next year, said Tim Comack, Venturas vice-president of development.
Later this year, the company also hopes to begin marketing a new 12-unit condo development to be built on an infill lot at the corner of McMillan Avenue and Harrow Street. (Comack said construction on the site should get underway in the spring of next year.)
Ventura also owns another riverside property in Osborne Village that would be suitable for a fourth condo development. But Comack said its too soon to comment on any such project.
Although Ventura has had a sign posted on its River Avenue property for some time, Comack said its only recently that company officials decided to proceed with the project.
We waited out the winter to see what the market would do, and were pretty confident that the market is strong, he said.
He played down concerns expressed earlier this winter by Canada Mortgage and Housing Corporation about evidence of a moderate oversupply of unsold or unoccupied condos in the Winnipeg area.
Comack said some small, first-time developers in the city have recently scrapped their projects, and a number of new condo developments have been converted to rental-apartment complexes. So this glut that everyone was worried about for condos does not exist, he said. (The market) has balanced itself out.
Comack also noted there are now two demographic groups buying condos in Winnipeg: millennials, many of whom are first-time buyers; and baby boomers who own houses and want a lifestyle change. So theres been a shift in the market demand.
Garry Hirsch, listing agent for the 24Seven Condo development, said he expects the project to appeal to same types of buyers as Venturas Village Junction Condos development on Stradbrook Avenue. Those 36 units (which were similar in size and price to the 24Seven units) sold out within 10 weeks of hitting the market in 2014.
Hirsch, of Cornerstone Real Estate Inc., said the buyers there were mainly young professionals with a smattering of baby boomers and a few investors.
(Investors) bought and leased them out, and they managed to get really good rents. With really good rents come top-quality tenants, so everyone seems happy.
The 24Seven units will include one-bedroom-plus-den and two-bedroom suites. Sizes will range from 775 square feet to 1,000 square feet, and prices will likely range from $219,900 to $319,900, Comack said.
Hirsch said while the usual practice is to pre-sell about half of the units before proceeding with the project, if these units sell as quickly as the Village Junction units, the company may proceed before the 50 per cent target is reached.
Comack noted the 24Seven complex will also feature a main-floor common room with seating for up to 16 people, a large-screen TV, workspaces, lounging chairs and a bar top for working.
Its a good space if you have more than 10 people coming over, he said, or for socializing with other residents.
The open-concept suites will feature nine-foot ceiling heights, oversized windows, island and balcony, stainless-steel appliances and large storage and laundry rooms.
Comack noted the companys McMillan Avenue project will be different from its 24Seven or Village Junction developments.
The condos will be bigger — probably 1,100 square feet to 1,500 square feet — and pricier — ranging from $350,000 to about $600,000. Theyll be targeted at baby boomers who own homes in the area and want to switch to a condo without having to leave the neighbourhood.
In addition to its condo projects in Winnipeg, Ventura also has an 82-unit condo development underway in LaSalle. It features two-storey, house-style condos, rather than apartment-style ones.
Comack said more than 50 per cent of those units have already been sold.
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.