Zehr group in partnership with Momentum Developments is planning the largest to-date residential mixed-use development project set on the cornerstone of downtown Kitchener.
The project is projected to cost somewhere in the neighbourhood of $500,000,000+ and will feature three condo towers up to 30 stories tall (making them the tallest towers in Kitchener) plus a commercial office mid-rise tower and a mid-rise rental tower. Also included, will be a significant outdoor venue with through access for pedestrians use. The pedestrian access is an essential component, the scale of the development should not create a segmented feel to the downtown core or cut off critical access to the future transit hub.
Planning is underway and construction is expected to begin in the summer of 2018.
Large-scale condominium developments can present excellent opportunities for investors to get in on the ground floor. Often developers will offer pre-construction incentives for those who buy early in the process; these can include waiving floor premiums, smaller or extended deposit structures, and free parking. Buying a condo unit pre-construction also offers the advantage of possible value growth over the construction term while the investor does not have to carry the full value of the unit. Furthermore, developers will often offer occupancy of the unit prior to possession or full legal title. Possession is available for an occupancy fee which can be lower than the carrying cost of a mortgage on the unit. Investors have the advantage of renting the unit out with reduced carrying costs during the occupancy period while the tenant pays full market rent value.
Have questions? Benjamins Realty is registered for the reconstruction VIP offerings at SIXO. Contact us to find out we can secure a unit for you upon release.