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+--- Thread: OTIS | 6 fl | U/C (/showthread.php?tid=245)
RE: OTIS | 7 fl | Proposed - taylortbb - 07-07-2020
Looks like Momentum is taking over at least part of this project, https://mailchi.mp/momentumdevelopments/otis-in-the-park-july-2020-project-update?e=0458ac9f0a . So I assume we'll see it sold out and actually starting construction soon.
I also noticed new signage went up on the lot a couple weeks ago.
RE: OTIS | 7 fl | Proposed - tomh009 - 07-07-2020
Not surprising. Condos aren't really Vive's core business.
RE: OTIS | 7 fl | Proposed - Momo26 - 07-08-2020
Where exactly in the park is this building going to be again?
RE: OTIS | 7 fl | Proposed - Acitta - 07-08-2020
(07-08-2020, 12:23 AM)Momo26 Wrote: Where exactly in the park is this building going to be again?51-53 David St.
RE: OTIS | 7 fl | Proposed - Spokes - 07-08-2020
Momentum's involvement automatically gives this one a shot in the arm
RE: OTIS | 7 fl | Proposed - tomh009 - 07-08-2020
I think they were already 60-70% sold. Momentum should not have trouble with this.
RE: OTIS | 7 fl | Proposed - Momo26 - 07-08-2020
They have a couple units in the 900k-1.3M range...
About 8 left total
RE: OTIS | 7 fl | Proposed - tomh009 - 07-08-2020
Sounds about right. I think they have some less expensive units facing in the "wrong" direction and then one or two of the biggest units on the top floor (facing the park).
RE: OTIS | 7 fl | Proposed - Momo26 - 07-09-2020
Top floor is penthouse - 2400 square foot interior (gotta ve vigger than the avg detached house in Kit). Do the 5th and 6th floor even reach well above that tree like to have a full view of the park?
Do you beleive there is a market in that spot for 800k+ condos?
RE: OTIS | 7 fl | Proposed - jeffster - 07-09-2020
(07-09-2020, 02:07 PM)Momo26 Wrote: Top floor is penthouse - 2400 square foot interior (gotta ve vigger than the avg detached house in Kit). Do the 5th and 6th floor even reach well above that tree like to have a full view of the park?
Do you beleive there is a market in that spot for 800k+ condos?
2400 sf is large. That’s a lot of space for a lot of things. As for $800k condos, sure. There are a lot of people with money, and this is a great location.
RE: OTIS | 7 fl | Proposed - tomh009 - 07-09-2020
(07-09-2020, 02:22 PM)jeffster Wrote:(07-09-2020, 02:07 PM)Momo26 Wrote: Top floor is penthouse - 2400 square foot interior (gotta ve vigger than the avg detached house in Kit). Do the 5th and 6th floor even reach well above that tree like to have a full view of the park?
Do you beleive there is a market in that spot for 800k+ condos?
2400 sf is large. That’s a lot of space for a lot of things. As for $800k condos, sure. There are a lot of people with money, and this is a great location.
Correct. And the view would be good.
However, they do have some challenges with selling a $1.3M unit at OTIS:
- Very limited building amenities (as compared to other high-end buildings)
- Building completely surrounded by rental properties ($1.3M buyer might expect otherwise)
- Balcony overlooks the park washroom area (a favoured spot for recreational drug use)
RE: OTIS | 7 fl | Proposed - panamaniac - 07-09-2020
(07-09-2020, 02:07 PM)Momo26 Wrote: Top floor is penthouse - 2400 square foot interior (gotta ve vigger than the avg detached house in Kit). Do the 5th and 6th floor even reach well above that tree like to have a full view of the park?
Do you beleive there is a market in that spot for 800k+ condos?
4th as well, I should think.
RE: OTIS | 7 fl | Proposed - dtkmelissa - 07-09-2020
(07-07-2020, 02:39 PM)tomh009 Wrote: Not surprising. Condos aren't really Vive's core business.
If I recall correctly, when Vive first proposed this, it was much more in line with their mid-market, attainable housing approach. However, after a few visits to Kitchener Council, a number of changes needed to be done in order to gain council approval (I think around materials used, height, parking, etc) and Vive said in order to do that, it would need to be a higher-end development than their target market. So I wasn't too surprised to see the news about Momentum.
RE: OTIS | 7 fl | Proposed - panamaniac - 07-09-2020
(07-09-2020, 03:20 PM)tomh009 Wrote:Expect that last one to attract official attention if wealthy condo owners move in across the street.(07-09-2020, 02:22 PM)jeffster Wrote: 2400 sf is large. That’s a lot of space for a lot of things. As for $800k condos, sure. There are a lot of people with money, and this is a great location.
Correct. And the view would be good.
However, they do have some challenges with selling a $1.3M unit at OTIS:
- Very limited building amenities (as compared to other high-end buildings)
- Building completely surrounded by rental properties ($1.3M buyer might expect otherwise)
- Balcony overlooks the park washroom area (a favoured spot for recreational drug use)
RE: OTIS | 7 fl | Proposed - tomh009 - 07-09-2020
(07-09-2020, 04:30 PM)dtkmelissa Wrote:(07-07-2020, 02:39 PM)tomh009 Wrote: Not surprising. Condos aren't really Vive's core business.
If I recall correctly, when Vive first proposed this, it was much more in line with their mid-market, attainable housing approach. However, after a few visits to Kitchener Council, a number of changes needed to be done in order to gain council approval (I think around materials used, height, parking, etc) and Vive said in order to do that, it would need to be a higher-end development than their target market. So I wasn't too surprised to see the news about Momentum.
That's a great summary of how we ended up here!