Tricar has magic touch in Downtown London

Woodstock seeks builder to develop condo apartment building

I have a double interest in this story.

Firstly, as a Realtor with the designation Seniors Real Estate Specialist (SRES), I firmly believe Woodstock needs more condo apartments. I’ve certainly written on this subject before. If someone wants to live in an apartment from (perhaps) 70 – 85 years of age, they must also be able to maintain their life savings and therefore a 'real' real estate equity, which they may require for retirement home living in later years. In other words, I’m not sure I understand why someone would pay rent of any form before their 85^th birthday.

Anyway, Tricar should build a condo apartment in Woodstock next door to its rental building at 505 Finkle.

Secondly, as someone who continues to spend some time at the John Labatt Centre (soon to be Budweiser Gardens) for Knights hockey broadcasts, these simply stunning Renaissance buildings as built by Tricar are certainly a highlight of London’s Downtown skyline. It represents the convenience and luxury of living in the ‘centre’ of London with a short walk to watch a concert or hockey (world figure skating championships, Broadway musicals or even Monster trucks), Centennial Hall, Grand Theatre, or shopping along Richmond or Dundas streets, or the Covent Garden Market.  

Tricar has the magic touch.

With a price tag as low as $215,000, this could and would work in Woodstock, in my opinion. 

Here's a Tricar update from the London Free Press:

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Towering demand for units as project nears completion

DOWNTOWN DWELLING

By HANK DANISZEWSKI, The London Free Press

Last Updated: July 31, 2012

LONDON -- London’s newest downtown condo tower may be sold out before the first owner moves in.

The Tricar Group poured the final bucket of concrete Tuesday to finish the roof of Renaissance II, the 28-storey luxury condominium building that’s twinned with the rental Renaissance tower completed in 2009.

Tricar president Joe Carapella said 110 of the 199 units in Renaissance II have already been sold, including two $1-million penthouses that were snapped up almost immediately

Tricar managed to sell the condos even though the model suites will not be ready until September.

The company expects another surge in sales when the model suites open and Carapella said the building at the corner of Ridout and York streets could be almost sold out before the first unit is ready for occupancy in April.

He said the project has reinforced the prestige of a downtown address and helped spur revitalization in the core.

“It has been a catalyst to further redevelopment in the downtown and will be symbolic of the continued success of the core for many years to come.”

Condo buyers tend to be a mix of younger professionals and affluent empty-nesters selling their suburban homes, Carapella said.

“They want to move downtown, but they don’t want any box. They want something nice. They’ve worked hard their whole lives.”

The 278 units in the original Renaissance rented so quickly, Tricar decided to begin construction of the second tower almost two years earlier than originally planned.

The plan to build 188 condo units was bumped up to 199 because of the strong sales.

Most of the units range in price from $215,000 to $450,000.

The Renaissance II amenities include an outdoor terrace with a dining area and fireplace, a fitness centre, a library and a cinema room.

Renaissance II at 28 storeys is about the same size as the first building, but has fewer units, because the condominium suites are larger than the rental units. Carapella said the two buildings total almost 500 units, the equivalent of a good-sized subdivision, and will substantially boost the downtown population.

Many of the new retailers and restaurateurs in the downtown cite the residents in the Renaissance towers as a key part of their target market.

For downtown the Renaissance has dawned more quickly than expected.

“I had no idea we would have this kind of success when we started. I thought this project would take 10-15 years, and it turns out both buildings will be done in about six years,” Carapella said.

hank.daniszewski@sunmedia.ca