Jason Pitre of MRE Group of Charlottetown has announced a significant investment in Parkdale, a new condominium development that will see an investment of approximately $16 million.
The proposed development, called Parkdale Place, is to be built on Gower Street, with access to St. Peter's Road.
Pitra says while the condo market in Charlottetown has been growing over the past five years, he has noticed there is a section of the market that is not being catered to — condos that are spacious with higher end finishes, yet still affordable.
"Not everyone can afford to spend $500,000 on a condo so we have been hearing over and over that the public is looking for something more mid range and affordable.”
The condo development will feature a number of suite styles in the $200,000 to $260,000 range with features such as underground parking, air conditioning, a gym and common area, private decks, granite counter tops, en suites with in-floor heat and appliance packages.
All condo units in the building have two bedrooms and two full bathrooms and prices are fully inclusive of all amenities including HST.
MRE Group has partnered with Century 21 Colonial Realty to sell the condo's.
“Our office and agents have extensive experience in the condo market here in Charlottetown and we feel that these condos have great appeal to many residents of P.E.I. that wish to own their living space while they also enjoy the smart condo lifestyle,” says Century 21 owner Joel Ives.
The average ‘days on market’ for condos in Charlottetown is high, at 296 days, but Pitre believes that these prices and details will appeal to a large segment of the population here.
There have been over 100 condo units sold in a variety of developments around Charlottetown over the past few years, so the 'condo lifestyle' while new to P.E.I. is certainly catching on, said Pitre.
Century 21 will begin pre-sales of the condos this month, and construction is scheduled to begin in 2013 with occupancy ready for 2014. For more information visit www.ParkdalePlacePEI.com.
George makes an excellent point, Our water system needs further consideration and everyone needs to take responsibility. It is true that Phase 1 of Parkdale Place will add 32 new units/homes not currently possing a demand on the water system. The reality is that Parkdale Place will not add to Charlottetown's population (which means the same number of people will be using the water system, not an increase). Parkdale Place will employ comfort height low flow toilets (compared to typical toilets that use 12 litres of water per flush, these toilets utilize 3-6litres per flush). Spa style low flow shower heads use approximately 4 - 6 litres per minute (compared to old style shower heads that use 10-12 litres per minute). Energy efficient washing machines and dishwashers also consume a lot less water than the average. These water conserving products will contribute sensible solutions to the water issue the City of Charlottetown is facing. If everyone in Charlottetown consumedeven 25% less water in 2013 by implementing the simple products that will be employed at Parkdale Place, the winter River watershed issue would be much less significant.