New condo project planned for Downtown Kitchener
Posted Jan 17, 2014 02:00:00 PM.
This article is more than 5 years old.
A second condo project may be coming to Downtown Kitchener.
Momentum Developments is planning a 15-18 story condominium that will span from 98-110 Victoria Street South.
The tower will include two levels of underground parking, retail and office space and about 250 residential units.
Brian Prudham is a partner at Momentum and tells 570 News the success of One Victoria condominiums inspired the new project.
“We knew right away that we had to get on another site because the demand in the innovation district of Downtown Kitchener is there…we simply needed to come up with more product to meet the demand.”
Prudham adds there is nothing available in One Victoria for less than $375,000 with the one bedroom and one-bedroom-plus-den units sold out.
On top of their success with One Victoria, Prudham says this is the ideal location for the new condominiums.
“This just seemed perfect to us because of proximity to the park and existing employment with the Tannery etcetera and of course the LRT. The LRT stop at the corner of Charles and Victoria is an important piece to the site selection here.”
The budget for the new building is roughly $60-$70 million, something Prudham says is in the early stages.
If the pre-sales of the residential units go well, construction could begin in 2015 with residents able to move in as early as late 2016.
AUDIO: Full interview with Brian Prudham.
