More Condo Sales In Downtown P.G.

Friday, June 23, 2006 04:00 AM

Stand back Metropolis, there is another condo project being finalized for downtown Prince George.

Coldwell - Banker realtor, Harry Backlin says the plan for a condo/retail complex on Victoria near 8^th Avenue is being revised “We have had so much interest in this project the architects are revising the plan to add another floor or two so we can increase the number of condos.” Initially, the project called for retail space on the main floor, some offices, with 12 condos on the upper floors. Backlin says the project is being revised so there may be as many as 22 condos along with some recreational facilities. “We are trying to develop a project based on what the market wants” says Backlin.

According to Backlin, the Victoria street project is not contingent in financing as the project is being supported by local investors.

Several studies on the revitalization of downtown have all said that in order to revive the core, there needed to be more residences within the core.

The Metropolis project at 5^th and Quebec was designed with that in mind. ReMax plans to start pre-selling that project within the next couple of weeks.

“We have had a great deal of interest in the project” says ReMax’s Shannon Thomas. She says they also have a list of interested parties waiting for the pre-sales to start. Developer Yves Ghiai has made it clear construction on Metropolis cannot start until 70% of the units have been sold.

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Posted on Friday, June 23, 2006 04:00 AM in News by 250 News

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Comments

Posted by: owl on June 23 2006 12:21 PM

This is great news from my point of view. I assume it is the project on the north west corner of Vitoria and 7th which has had a sign up for about a year without any apparent activity.

It looks like a nice development in a good location close to other residential and on a key business street. Adding another floor or two makes sense since it will make the unit cost of the development more economical.

Hope this one goes!!!

Posted by: Palopu on June 23 2006 4:51 PM

Time flys owl. I am sure the sign has been up for the last 2 or 3 years.

There is still ample apartment space available in Prince George, so with the new houses, new condos, new apartment buildings, etc., someone will be going out of business, however that is the name of the game.

Posted by: weezerfan on June 23 2006 8:46 PM

The apartments that are available in this town are well.... pretty scuzzy, some have some updades but very few have been made over in the last 10 years due to low rental rates and a depressed economy. A person who is willing to pay $150-$200 000 for a condo in this building would most likely either be moving up from a apartment, out of their parents homes or downsizing from a house. This project would be very appealing to the seniors in this town who want to be close to downtown. Also, the fact that it is local investors and the design looks reasonable and practical, I feel this one has a chance. This may just be a reassessment of some ideas but in reality, there is a lot of money in this town left over from the past boom eras and I feel like some people would like to contribute to the local economy, they were just never given the chance.