The City Centre condo development in the heart of Kitchener may be one of the biggest pushes towards revitalization of the downtown yet. It features dead-centre location next to City Hall, and more importantly, tied to the development is renovation and conversion of the aged Mayfair hotel into a refined boutique hotel and restaurant. This could potentially have a dramatic impact on value at this end of King, it turns one of the remaining underfunded parts of the downtown into a commercial hub and significantly improves curb appeal.
Downtown condo developments are creating interesting investment potential, harnessing the desire for more modern and sustainable design while bringing a more urban and youthful feel to the downtown. In talking with Nancy Badria the Sales Representative at the sales centre on King Street, this new approach is attracting young professionals and the forward thinking Boomer generation who are tired of mowing the lawn. These families and individuals aren’t just coming from the Kitchener Waterloo region either, the developments are attracting Torontonians who are tired of an overheated condo market and see value in halving their price per square foot costs.
The City Centre condos offer some exciting 21st century building features with such innovations as options for electrical plugs in parking spaces to service the ever expanding electric car movement, all-off light switches, and grey water collection for landscaping use. The interior design of the building is decidedly modern, suites have 9’ floor to ceiling windows, laminate Euro-urban style cabinets in the kitchen with clean stainless steel hardware. Like other developments in the area the amenities will offer a gym, outdoor terrace lounge, and perhaps more uniquely a lobby concierge and secure indoor bike storage.
Pricing remains competitive but more so in purchasing cost while condo fees estimated at .46 cents per square foot are about 22% higher than some of the other developments in the city. Pricing varies per unit, want a SW exposure? Prepare to pay more. The higher floors are being snapped up early and quickly. I think the view of Victoria park will make those units facing SW worthwhile.