Condos help rejuvenate Caswell Hill
Daring project rewarding for developers
Kenyon Wallace, The StarPhoenix
Published: Monday, July 09, 2007
A condo project in the heart of Caswell Hill -- originally viewed by many as a risky venture -- has sold out.
Even the developers, Mike Monachino and Barbara Foster, viewed the conversion of the old T. Eaton warehouse on Avenue D North to loft-style condos as a daring project, especially because of the surrounding derelict houses, industrial lands and the city's bus barn right across the street.
But they found buyers, and the transformed former home of Canada's once-largest department store retailer will be ready to welcome many of its new owners in August, according to Realtor Gary Emde, president of Prudential Sask Realty.
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The Eaton Warehouse condo project has sold out
Gord Waldner, The StarPhoenix
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Font: ****"The location isn't the most appealing right now, but this is Saskatoon's first warehouse condo project," said Emde. "It's the true definition of loft living."
The 25 lofts in the five-storey historic warehouse varied in price between $250,000 and $350,000, Emde said, with sizes ranging from 1,000 to 3,000 square feet. However, the value of some of the lofts has already surpassed the $750,000 mark due to custom appliances and cabinets and extra features like fireplaces, chandeliers and Jacuzzis, according to construction manager Al Giesbrecht. The fact that the building sold out with only blueprints for buyers to see -- there were no show suites, flyers or brochures -- is undeniable proof that Caswell Hill is becoming a hot spot for revitalization in Saskatoon, Emde said.
Cindy Haftner was driving by the development last year and immediately fell in love with the style of the lofts. She said her family had never considered living in a condo before, but the sheer size of the units as well as the accessibility of the building -- two members of her family use wheelchairs -- are what sold it to her. Haftner also said she thinks a major development of this kind symbolizes a vision for the neighbourhood.
"Even though Caswell Hill might not be the most appealing view at the moment, this development is a sign of how that's going to change down the road," she said. "Caswell Hill has its own charm as an older neighbourhood and the warehouse is reflective of that."
There's no denying that some incentives from city council might have also tipped the balance in favour of purchasing for some potential buyers. In November 2005, city council approved a 100 per cent tax abatement so that loft owners don't have to pay city taxes for their first five years of occupancy. In addition, Monachino and Foster's company, MFD Warehouse Restorations, won approval from council for a property tax exemption for two years during construction.
"When we approached city council with this project, they were very receptive and we basically made commitments to each other," Monachino said in a telephone interview from his summer cottage in New Jersey. "We said, 'If you help us out with the taxes on this project, we'll not only convert the Eaton warehouse to beautiful lofts but also build townhouses next door.' "
And that's just what Monachino and Foster are about to do on a patch of industrial land directly south of the Eaton warehouse. Monachino says he plans to build five two-storey loft-style townhouse units -- ranging in size from 1,700 to 1,900 square feet -- with high ceilings and exposed piping once the city changes the land zoning. Monachino is aiming to get the foundation started later this summer so that buyers could move in by next winter.
With the Eaton warehouse lofts, Monachino said he was aiming to give the impression that the owners were in New York City. It's that kind of progressive development that's going to change the face of Caswell Hill, said Coun. Darren Hill.
"Caswell Hill is going through a revitalization similar to what City Park experienced 10 years ago," he said.
There are no immediate plans to remove the noisy bus barn across the street from the Eaton warehouse, Hill said, but it is an eight- to 10-year plan the city is working on. Residents of Caswell Hill will be consulted as to what should happen to the area the bus barn currently occupies once it's moved, he added.
"I'm so glad these old buildings are being renovated and turned into something positive instead of just tearing them down," said Caswell Hill resident Bobbi Taylor, who lives just eight blocks from the Eaton warehouse. Since moving to the neighbourhood five years ago, Taylor says she has seen a real transformation with people renovating their homes.
"Caswell Hill is a friendly place and looks more beautiful all the time," she said. "You couldn't pay me to live in one of the new neighbourhoods."
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OTHER LOFT PROJECTS IN SASKATOON
Rumely Building: Owned by Paradigm Developments, at units ranging between $500,000 and $800,000, this project is fetching some of the highest prices for lofts in the city.
Fairbanks-Morse Building: Redeveloped by Olstar Developments in the summer of 2006 into 12 trendy downtown apartment condos.
Second Avenue Lofts: In the heart of the downtown core in the old Bay building, this trendy loft development has already taken deposits for more than half of the planned 130 units.
King George Hotel: Recently purchased by Meridian Developments, this historic building is slated to be converted into luxury residential condominiums.
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This is excellent. Now how about some brand new condo towers downtown? If something on Ave D is worth 750k, something on the river would be worth....?
In (possibly) related news, the parcel of land adjacent to Clinkskill Manor in River Landing is SOLD. I saw no indication before that it was for sale. On the site plan for River Landing, this parcel is listed only as "Private Property". It is a surface parking lot. Perhaps it is just changing hands and will remain a lovely gravel oasis, but perhaps it will be something more.