Turns out, the hit just took longer to happen than initially anticipated.
When one land development company's proposal failed -- they wanted to put a high-rise apartment complex on a choice piece of land at the corner of Templeton Avenue and McGregor Street -- it ultimately paved the way for another's success.
Needless to say, when Preet Sandhu was told his company had won the right (from the city) to build a more resident-friendly condominium complex on the coveted parcel of land, he was elated.
"We were very excited when we got the news," recalls Sandhu, who with partners Jas Kelar and George Argyriou of 3Y Group Real Estate Development will be overseeing the development of the 38-unit townhome-style condominium complex. "This piece of land is just the right size for a development that fits in with the surrounding community."
As it turned out, the previous proposal was turned down for being too intrusive.
"Area residents said they didn't want something that big. So we worked closely with city planners to come up with a concept that would work. Everyone loved the idea of townhome condominiums," he says. "Now that we have full approval, we'll start to prepare the area. Servicing should begin this September after the city re-zones the land."
Not only will the condominiums not block out residents' views of the local scenery, but with only 38 units being built, complex residents will have plenty of room to move. There will also be greenspace aplenty, with a community area out back that features mature trees, walkways that connect to the community, and a parkade. There will even be a gazebo for residents to relax in.
"It's just a gorgeous site," says Royal LePage's Erin Armstrong, who is marketing the development in tandem with Wayne Penner. "Because the number of units will be limited to 38, they won't be jammed in. That leaves more natural terrain and room to work with."
Penner says he's pleased that the project is ready to proceed with a full head of steam.
"There's really not a lot of new projects in this part of town, especially of this quality," he says, adding that buyers are expected to be able to take possession of units in late spring 2009. "So we're extremely excited to kick it off. Units will start at $229,000 -- all will have a full basement and two car garage -- so they're affordably priced. That kind of value -- and location -- is hard to beat."
Kelar concurs.
"We are going to be offering quality townhome condominiums that give you the best of both worlds -- what you want in a home, but with a setting and lifestyle that is very low maintenance," he says. "It's a great neighbourhood, and we've done our best to design a complex that will fit the land and complement the neighbourhood."
Prospective home owners will be able to choose between either two or three-bedroom units that range in size from 1,377 sq. ft. to 1,459 sq. ft, adds Sandhu. Interiors will be open-concept in design, and can be finished with entry-level to high-end materials, depending on preference. Common element fees are expected to be set at a reasonable $125 per month.
"We will work with clients to customize units to any finish level they want," he says. "Our objective is to provide them with something functional, modern and that suits them in every way."
Penner says to hurry if you're interested in reserving a unit in the project's first phase.
"Nine of the initial 15 units offered in phase one have already had a hold put on them. The reception's been better than expected; now that the news is out, we expect the remaining units to go quickly. It's a great location, setting and the quality is going to be excellent," he says.
For information on Templeton Pointe Condominiums, see www.templetonpointe.com or call 997-4288.
