Developer looking to repeat
Metlege buys land, eventually wants to build another complex in north-end Halifax
By CHRIS LAMBIE
Business Editor
Halifax developer Tony Metlege has bought a property just west of the Hydrostone Market where he plans to build a residential and commercial complex.
The 13,760-square-foot property at 5651 Kaye St. is leased longterm to ICI Paints , a national paint supply company. But Metlege, who completed his sevenstorey Garden Stone Place across the street last year, hopes to build something similar on the newly acquired property.
“The tenants there currently have a lease for another five years, so unless they move earlier or we try to move them, there are no plans to start on it right away," Metlege said Monday.
Eventually, Metlege wants to build a project similar to his $9-million, 30-unit apartment Garden Stone complex at 5552 Kaye St., which also has 20,000 square feet of commercial space over the two bottom floors. The commercial floors have tenants including Starbucks , Assante Wealth Management , Lang Optometry & Eyewear and The Adventure Travel Co.
“A lot of things can change in four or five years, but you’re probably talking a $9-million or $10-million development," said Metlege, who partnered with his cousin Steven on the recent purchase.
He wouldn’t say what they paid for the property. But a numbered company controlled by the two cousins financed the purchase with a mortgage from the Bank of Montreal for $927,000.
They bought the land, which once housed a Shell service station, from Teaticket Holdings Inc.
“Land’s getting expensive everywhere," Tony Metlege said.
The building will likely be rentals, he said.
“It’s probably going to be (the city’s) biggest growing neighbourhood for the next few years," Metlege said.
“I’ve got another site down the street on the corner of Almon and Isleville."
Metlege said he and his cousin bought that land last year and they hope to get approval by the end of this year from Halifax Regional Municipality to start building there in the spring of 2012.
They’re hoping to build a seven-storey building on that vacant property that would have a layer of commercial space on the bottom and apartments above.
“Architects are just working on different designs now," Metlege said. “Nothing’s going to be under $8-million to $10-million." Larry Swinamer, whose company,
Larex Properties , owns the Hydrostone Market, is keen to see more development nearby.
“Anything new in the area is good," Swinamer said Monday.
“It’s putting some increased density in here and changing the population mix to some degree."
Larex has owned the Hydrostone Market for about 15 years.
“It’s a great property," Swinamer said. “It’s one of the few commercial properties I’ve ever owned that I actually have an ongoing waiting list for."
Meanwhile, Sobeys- owned
ECL Properties Ltd. could be downsizing its plan to build an 11-storey condominium project nearby on a property bounded by Kaye, Russell and Gottingen streets, said Coun. Jerry Blumenthal (Halifax North End).
“I think it’s down to eight storeys, plus a penthouse," Blumenthal said, noting that ECL’s initial proposal was to build 14 storeys on the site.
The project would be surrounded by two-storey townhouses and commercial space on the site of the former St. Joseph’s Church, which was torn down in the summer of 2009.
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