HomeHigh-end Condos for Charlottetown

High-end Condos for Charlottetown

Aug 2 2005

By: Jim Day

Five-storey complex on Pownal Street will have 48 units

Charlottetown – Downtown Charlottetown will be moving on up with an upscale condominium building on Pownal Street.

Tim Banks said his APM company will start construction on the 48 unit condominium by the end of September. The proposed building, however, has been sold to a third party that will be named later, he added. Banks said the building should be ready for occupation in September 2006.

He said several groups are showing interest in purchasing units which will run between $180,000 and $280,000 each. They include young professionals working in Charlottetown, people moving here who are accustomed to condominium life, and others that are looking to sell their home and leave a host pf property maintenance and upkeep behind.

“The building will be very compatible with some of the nice condominiums you would see in Halifax today” said Banks.
He said the building, which stands 5 storeys, could have held as many as 60 units.

Developers in Charlottetown have been pushing for high-density development for some time and have been calling on the city to come up with a plan to allow them to meet the demand for downtown living space while at the same time allowing such development to make economic sense.

The capital city went through a public consultation process earlier this year to discuss the downtown residential density project.
The municipality has identified a large section of the downtown core which it wants to expand to allow for larger office towers, bigger buildings and more residential and commercial growth.
The area includes most of the existing downtown core from Euston Street to the south, to Weymouth street in the east, down to the base of Queen street in the south and over to Pownal street in the west.

Charlottetown councillor Kim Devine, chair of the downtown revitalization committee, said the condominiums planned for Pownal Street will be a welcome addition and a good first step towards future development.

“There’s no question that people have been waiting for this development for a long time”, she said. “I think it will meet a demand…We need to make the downtown a really attractive place to live.”

Charlottetown councillor Phillip Brown, chair of the planning board, praised APM for pushing for high-density development.

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