360-unit apartment project planned for Clayton Park
By CHRIS LAMBIE Business Editor
A large new four-building rental project is being proposed for Clayton Park West.
Clayton Developments Ltd. , which now owns the 7.7-hectare plot of land on Washmill Lake Drive, is in the process of selling it to veteran developer Peter Giannoulis, who plans to build four 12-storey buildings that will hold a total of 360 two-bedroom rental units, said Peter Greenwood, the company’s vice-president of real estate sales.
“Peter’s a condo and apartment developer who we’ve done a lot of business with," Greenwood said Tuesday.
“He has a very interesting project planned, with four large buildings and . . . a clubhouse (in the centre) designed for the baby boomers who want to rent, as opposed to buying condos. . . . It will be a real marquee project, in my opinion."
Greenwood couldn’t put an exact price tag on the entire development.
“I’d be surprised if it’s less than a $50-million project."
The agreement to sell the property to Giannoulis is slated to close in the next few weeks, Greenwood said. Chebucto community council has already approved the general lot layout and intent for the development, but Giannoulis also has to present his four-building project this month to the Halifax watershed advisory board. Once a development agreement is negotiated with Halifax Regional Municipality, municipal staffers will have to prepare a report on the project to be presented at community council.
“He has to get this approval (from the city) before he starts construction," said Greenwood, who wouldn’t say what Giannoulis is paying for the land.
“Most of the multiple sites in Clayton Park and Bedford now are selling in the range of $20,000 per unit," he said. “In this part of Halifax, that would be the normal number."
But Greenwood wouldn’t say if Giannoulis, who couldn’t be reached for comment Tuesday, paid about $7 million for the property.
Clayton Developments hasn’t built its own projects for years, Greenwood said.
“The last project we built probably was Park West Centre, the shopping centre out here at Lacewood and Dunbrack. We used to build apartment buildings and condo buildings and single-family homes and office buildings and shopping centres. But we haven’t built for many years. We’re just doing the land development now."
The development in question is the largest site on a swathe of land that will eventually hold five projects, Greenwood said.
“There’s one block for 35 townhouse units that’s being sold to another developer," he said.
“There’s another site that has 193 units, plus 15,000 square feet of retail."
Two other blocks will each hold another 100 units, Greenwood said.
“Right now, they’re all going to be rental," he said.
Other than the townhouses, “these are high-end, large concrete apartment buildings."
Giannoulis, who has built and owns several large projects around the city, opened Canadiana restaurant in 1995 on Lakelands Boulevard at the edge of the Bayers Lake Business Park.
“He just finished building the new Comfort Hotel, which has just opened (next door to the restaurant)," Greenwood said.
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