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Willowells | 15fl | ?m | Proposed
#1
Zone Change Application

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#2
Just behind the East Side Mario's?
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#3
Not yet built, yet combover retro .....
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#4
No comments on the architecture, but great use of an underutilized Site.
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#5
Currently a private athletic club, if anyone's not familiar.
My Twitter: @KevinLMaps
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#6
Judging by the use of the word apartment, I assume these are rentals?

If they are in fact condos, I wonder why? Units in the adjacent buildings seem to take a long time to sell and don't command a lot of dollars per sqft.
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#7
(01-31-2018, 10:26 AM)Section ThirtyOne Wrote: Judging by the use of the word apartment, I assume these are rentals?

If they are in fact condos, I wonder why? Units in the adjacent buildings seem to take a long time to sell and don't command a lot of dollars per sqft.

The neighbouring buildings are incredibly cheap per SQ even in units which are perfectly renovated.

I would probably have bought one.....if I was willing to buy a car.
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#8
(01-31-2018, 10:41 AM)danbrotherston Wrote:
(01-31-2018, 10:26 AM)Section ThirtyOne Wrote: Judging by the use of the word apartment, I assume these are rentals?

If they are in fact condos, I wonder why? Units in the adjacent buildings seem to take a long time to sell and don't command a lot of dollars per sqft.

The neighbouring buildings are incredibly cheap per SQ even in units which are perfectly renovated.

I would probably have bought one.....if I was willing to buy a car.

The units are large (albeit "traditional" in layout) as well, they definitely seem to be an amazing value for the money. Makes you wonder what keeps the property values so low? Is there something going on there we don't realize? I mean, there is a route 7 stop at the end of Blue Springs and a 202 stop at Manulife, so it's not like the place is a transit desert.
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#9
(01-31-2018, 10:53 AM)Section ThirtyOne Wrote:
(01-31-2018, 10:41 AM)danbrotherston Wrote: The neighbouring buildings are incredibly cheap per SQ even in units which are perfectly renovated.

I would probably have bought one.....if I was willing to buy a car.

The units are large (albeit "traditional" in layout) as well, they definitely seem to be an amazing value for the money. Makes you wonder what keeps the property values so low? Is there something going on there we don't realize? I mean, there is a route 7 stop at the end of Blue Springs and a 202 stop at Manulife, so it's not like the place is a transit desert.

That is true, although for me it was lack of access to the LRT.

It is also a fantastic location for biking, with easy access to Conestoga Mall, and Uptown (although not really campus at the moment).
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#10
(01-31-2018, 10:53 AM)Section ThirtyOne Wrote: I mean, there is a route 7 stop at the end of Blue Springs and a 202 stop at Manulife, so it's not like the place is a transit desert.

That's actually a 201 stop. It turns down Columbia, southbound, and at Ion launch will directly serve the UW station. Very useful.
My Twitter: @KevinLMaps
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#11
(01-31-2018, 10:53 AM)Section ThirtyOne Wrote:
(01-31-2018, 10:41 AM)danbrotherston Wrote: The neighbouring buildings are incredibly cheap per SQ even in units which are perfectly renovated.

I would probably have bought one.....if I was willing to buy a car.

The units are large (albeit "traditional" in layout) as well, they definitely seem to be an amazing value for the money. Makes you wonder what keeps the property values so low? Is there something going on there we don't realize? I mean, there is a route 7 stop at the end of Blue Springs and a 202 stop at Manulife, so it's not like the place is a transit desert.

The condo fees are relatively high at $0.50/sq ft, and if I recall correctly they are on the way up (friends owned a unit there but sold last year). High fees definitely depress condo values.
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#12
(01-31-2018, 11:40 AM)tomh009 Wrote:
(01-31-2018, 10:53 AM)Section ThirtyOne Wrote: The units are large (albeit "traditional" in layout) as well, they definitely seem to be an amazing value for the money. Makes you wonder what keeps the property values so low? Is there something going on there we don't realize? I mean, there is a route 7 stop at the end of Blue Springs and a 202 stop at Manulife, so it's not like the place is a transit desert.

The condo fees are relatively high at $0.50/sq ft, and if I recall correctly they are on the way up (friends owned a unit there but sold last year). High fees definitely depress condo values.

I understand this, but it's worth doing the math, even a 100k extra debt will make a huge difference in monthly interest costs, even at the low interest rates we have now.  And yes, eventually you will pay this off, but having a huge amount of cash sunk into a condo has an opportunity cost as well.

The fact is, condos with higher fees and lower costs, I suspect are a better buy.

Also, I had heard rates were going down, notably, because they used to pay fees to the private health club which is closing for this development.
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#13
(01-31-2018, 12:21 PM)danbrotherston Wrote:
(01-31-2018, 11:40 AM)tomh009 Wrote: The condo fees are relatively high at $0.50/sq ft, and if I recall correctly they are on the way up (friends owned a unit there but sold last year). High fees definitely depress condo values.

I understand this, but it's worth doing the math, even a 100k extra debt will make a huge difference in monthly interest costs, even at the low interest rates we have now.  And yes, eventually you will pay this off, but having a huge amount of cash sunk into a condo has an opportunity cost as well.

The fact is, condos with higher fees and lower costs, I suspect are a better buy.

Also, I had heard rates were going down, notably, because they used to pay fees to the private health club which is closing for this development.

Eaton Lofts and 64 Benton are two other examples of inexpensive condos with high fees. As you say, they may be a good buy, but I would recommend doing some due diligence especially regarding the state of the reserve fund prior to jumping in.

The health club closing may indeed help this particular property.
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#14
The proposal is just a concept for the zoning change and is not indicative of what 'exactly' will be built there.

The anticipation is max 15 storeys, max 189 units. There were suggestions there would be 2 and 3 storey townhouses on the perimeter.

What makes this development interesting is the landowner is getting the zoning change prior to the property being sold to a developer. This isn't usual I am told.

Its will be a lakefront condo. Not a lot of those in KW.
_____________________________________
I used to be the mayor of sim city. I know what I am talking about.
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#15
The same thing I believe is happening at the Ontario Die Company property, zoning change before selling.
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