Condo project at Prince and Grafton falls through

Dave Stewart
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The proposed condo development at the corner of Grafton and Prince streets has fallen through.

A proposed four-storey condominium project for the corner of Prince and Grafton streets has fallen through.

The City of Charlottetown has just issued a permit to fill in the excavated property.

“Unfortunately, it looks like that project is not going ahead,’’ said Coun. Rob Lantz, chair of planning.

“Even with bonuses provided for underground parking, some developers just cannot make the numbers work without increased density and we’ve seen a few great projects either drastically changed or abandoned all together.’’

Lantz also noted that condominium projects don’t seem to be as feasible, opting for rentals instead.

The Guardian wasn’t able to reach the developer for comment Wednesday.

The property used to be home to a gas station. Two environmental assessments were carried out on the land.

Geographic location: Charlottetown

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  • ELECTRICALENGINEER
    November 23, 2012 - 12:27

    @We need More Explanation- ..You make good points, except what explains Stratford? There are literally hundreds of homes in the $400 000 - $1 000 000 range. I bought for $129 000, 20 years ago. And now, without exaggeration, I look out my window and the homes range from $350 000 on the low end to more than $200 000 000 (that's million)..... WOW-- Really? Homes in Stratford are worth $ 200 Million Dollars? You and Mr. Magoo both need to change your glasses. ALL the homes in Stratford aren't worth 200 Million Dollars.

  • A Voice
    November 23, 2012 - 08:04

    We have a generation of young people leaving the province for work, and those who are fortunate to find work, are not in a position, to purchase a home, albeit a condo. The prices are out of their league, and if some of the " rentals " around town, were better looked after, that would be a start. I don't know how some of these so called landlords, can sleep at night, knowing that they are fleecing their tenants. It's not only the mice and other rodents to worry about, but mostly the two legged " rats " of our society who prey on the vulnerable and marginalized. Put up some affordable housing and give people a chance to get their footing who are left out in the cold!

  • good riddance
    November 22, 2012 - 22:44

    It was probably going to be yet another minimum code structure of the types that Charlottetown is so fond of. You know what I mean - wood frame and cheap construction. No concrete and steel frame. It'd be a mouse and roach motel within a decade or two, just like that one down on the waterfront beside Founders Hall and all the other apartment buildings and condos around this city. Charlottetown should mandate concrete and steel and brick for anything 4 units and up.

  • jameson
    November 22, 2012 - 16:30

    How about build a new school there. Call it Prince Street School.

  • Condo plus HST is kiss of death . . .
    November 22, 2012 - 14:41

    We're probably your typical potential condo buyer . . . lower middle class retired professionals, willing to pay $250 000 to $350 000. However, do a little elementary math, and it's not going to happen. First, there's offically regulated rent controls, but no controls for condo fees. The more people look at this feature, the less desirable condos become. Nobody can assure you that if a condo fee is $400 a month in 2013, that it won't be $600 a month in 2014. Also, take a look at the quality of some (not all) condos on PEI - they're an embarrassment. Add to that many condos are, or were, heading for electric heating (HST hit) and the rising cost because of the looming HST (forces rising fees) and it's pretty much the kiss of death for condos. Too bad, Charlottetown is one of the best cities for retired people in Canada, but Mexico, Costa Rica or Florida becomes the best, if not the only rational economic choice for us would be condo owners. PEI, with it's Plan B values, is quickly becoming a decent place to visit, but a very, very, unappealing place to live.

  • Erin A
    November 22, 2012 - 13:05

    Community garden or green space perhaps?

  • John
    November 22, 2012 - 13:05

    I guess it's time for the city to start changing some rules on density and allowing taller buildings to be built. If I'm not mistaken the height limit in the city is only 39ft. Anything above this needs special consideration. It's time to review this limit to increase downtown density, otherwise we just continue with suburban sprawl.

    • intobed
      November 22, 2012 - 14:41

      John, take a tape measure and go to a big city with lots of tall buildings. Measure the distance from one building to the opposite building across the street. Now come to Charlottetown, and do the same thing. You will discover that the streets of Charlottetown are far too narrow to have really tall buildings, and still be a living city that people will want to live in. Also, do you want more buildings like the horrid Holman Grand Hotel? I sure don't.

    • John
      November 22, 2012 - 17:08

      IntoBed I never said we need "really tall buildings". This building might have been possible if they were allowed to build 6-7 stories. We need to increase density to allow for a return on investment. And I don't view the Holman Grand as "Horrid"

  • dan
    November 22, 2012 - 12:35

    Hey, what bonuses for underground parking??? Who gives them out and with what money, mine???? Maybe the time has come that Cty Hall publish all the 'benefits available to develoeprs in this town, ---- I am so sick of being fleeced- and not knowing where 'the fleece' it going -----

  • Nestor
    November 22, 2012 - 12:28

    I am actually surprised that more of these play money maneuvers are not collapsing around here. The Chtown real estate ' market' esp. for condos has seemed to be the most delusionl in the country for years. You can buy one of these cramped dumps or a 19th century mansion on the edge of the city for the same price. Give me a break. Any PNPing or Homburging with this flopped development?

  • boondoggle
    November 22, 2012 - 12:14

    Why not decent yet affordable rental housing instead?

  • Sharyn
    November 22, 2012 - 12:11

    Sad to hear that yet another project to bring Ch'town up to date has fallen through... I remember the days of renting 20 years ago and some new condos sure would bring an uplifting option to what is available. :) More potential jobs lost......

  • To Bad
    November 22, 2012 - 12:04

    To Bad . . . this was a serious consideration for us to buy. However, better to bail out than "pull a Holman" - looks good on paper and looks horrible in fact.

  • James McGoo Lakeside
    November 22, 2012 - 11:27

    Reality time folks. It is time for island leadership to wake up. Major investments for hotels and residences for mid to high end buyers are not needed or feasible given island economics and related needs. Typically these deals are structured so the only people profiting from these activities, even if they fail, are the developers or initial investors. The developers and investors get their investment back as soon as the government provides funds or tax credits for the activity. Government should be creating and finding projects and activities that meet the current and long term economic requirements of the majority of their citizens. There appears to be no long range view or plan associated with growing the island economy. If there is one, I would like to see it published and rigorously discussed. Having federal or local government funds available to spend for projects is not an economic plan. If projects can not result in sustainable good economic benefits for our citizens, better to not spend the funds. To continue enriching a few at the expense of many is no way to run this islands economy.

    • We need more explanation
      November 22, 2012 - 14:25

      You make good points, except what explains Stratford? There are literally hundreds of homes in the $400 000 - $1 000 000 range. I bought for $129 000, 20 years ago. And now, without exaggeration, I look out my window and the homes range from $350 000 on the low end to more than $200 000 000 (that's million). Of course, it's hard for the likes of us to afford the taxes / fees now, and we'll probably have to sell soon. But what explains all this craziness? How can so many people afford a home for half a million, and who the hell really needs one?