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Calgary Herald - Calgary Herald New Condos - - Front Page - KATHY MCCORMICK

It’s a sign of the times — for the sec­ond time. One of the ear­li­est vic­tims of the eco­nomic down­turn is now one of the first in­ner-city de­vel­op­ments that is back on track and sell­ing briskly, says its new owner.

The 650-unit Mid­town condo com­plex in the in­ner city was plagued by fore­clo­sure and sink­hole prob­lems when constructi­on was shut down in 2008.

But the first of two tow­ers at 4th Street be­tween 10th and 11th Av­enues S.W. is now un­der constructi­on and sales of units have started by Pointe of View De­vel­op­ments.

The com­pany bought the site af­ter for­mer owner Re­siance Corp. was caught in the eco­nomic down­turn.

“It’s a fresh start,” says Pointe of View pres­i­dent Randy Klap­stein.

“The strong­est point is the lo­ca­tion and price points. Some in­vestors are see­ing the value in the project.”

Prices start at $213,000 plus GST, mainly at­tract­ing 20-to 30-year-olds who want to get into home own­er­ship, says Klap­stein.

stack­ing washer and dryer, and an op­por­tu­nity to choose up­grades to cus­tom­ize to make it your own.

The build­ing, it­self, has heated and se­cured un­der­ground park­ing with se­cure bike stor­age and a key­less en­try, as well as an ex­er­cise room.

“Re­siance had the right plan, but was hit by the eco­nomics,” says Klap­stein.

“They de­signed a very ef­fi­cient build­ing that is well lo­cated and we ex­pect to do well here. At the time they were try­ing to build, costs were out of con­trol.

“The good news is that the costs are now go­ing the other way and we are able to lower our costs to build — and, in turn, pass those cost sav­ings on to our cus­tomers.”

A show suite is un­der constructi­on and the pre­sen­ta­tion cen­tre is now open for view­ing noon to 7 p.m. Mon­days to Thurs­days, and noon to 5 p.m. week­ends.

It is lo­cated just south of the constructi­on site at 4th Street S.W. in a build­ing across the al­ley.

As for the fu­ture, says Klap­stein, his com­pany is re­trench­ing and shift­ing its fo­cus.

“We were try­ing to di­ver­sify ge­o­graph­i­cally, but now we will con­cen­trate more at home and do our busi­ness in our own back­yard,” he says. “We will be in­volved not only in condo de­vel­op­ment, but dif­fer­ent types of constructi­on. such as rental and com­mer­cial.”

Mean­while, Pointe of View is fin­ish­ing up its Van­tage Pointe

“It’s a ‘cen­tre-ice’ lo­ca­tion that’s down­town, but it’s not down­town — and we’ve had ap­prox­i­mately 90 to 100 sales al­ready since we opened the sales cen­tre late last month,” he says. “We bought some of the orig­i­nal units.”

Re­siance had pre-sold as many as 500 units be­fore fil­ing for bank­ruptcy.

Constructi­on is pro­gress­ing, says Klap­stein, adding that the first tower is up to grade and the un­der­ground parkade is fin­ished.

“Based on the re­sponse we’ve had so far with the price point, I think we are on the right track,” says Klap­stein. “We think we will hit the right num­ber in the sales test by the new year and we hope to go vertical in the spring of 2010.”

The de­vel­op­ment will have the same tem­plate as that de­signed by Re­siance, in­clud­ing ev­ery­thing from one-bed­room units start­ing at 507 square feet to twobed­room, two-bath­room suites of up to 1,004 square feet.

“Our goal is to have the sec­ond and third floors as live-work units that we will launch shortly,” says Klap­stein.

The west tower, which is now sell­ing, will have 250 units of tra­di­tional apart­ment suites and 70 live-work units of 1,199 and 1,225 square feet.

Some of the fea­tures in the suites in­clude glass tile back­splashes in kitchens, gran­ite coun­ter­tops, a five-foot soaker tub in the main bath­room, a full-sized de­vel­op­ment in San Diego, where the constructi­on is com­plete and it is both rent­ing and sell­ing units.

The project also ran into tough times, too, ear­lier this year when Pointe of View was forced to re­turn de­posits and re­sell the 40-storey build­ing.

It has re­sort prop­er­ties as well in Cana­dian lo­ca­tions — the most no­table the de­vel­op­ment of Win­der­mere Pointe in the Columbia Val­ley, B.C., where Kennedy Wil­son Auc­tion Group auc­tioned off 40 units this fall. In Cal­gary, other than the new Mid­town, Pointe of View is work­ing on the fol­low­ing condo com­plexes:

Bri­dle­crest Pointe, which is in its fi­nal phase with 77 units;

Panorama Pointe, which just has a hand­ful of units left;

Var­sity Land­ing, where about half of its 39 units have al­ready sold;

River­front, where four build­ings were orig­i­nally planned. The first and sec­ond build­ings just have a few units left to sell. The third tower of 220 units will be­gin mar­ket­ing this spring;

A new project in Air­drie at 8th Street and Rail­way Av­enue will have 300 to 400 units. Mar­ket­ing of the first phase is just about to start, says Klap­stein;

An­other 200-unit build­ing in down­town Cochrane will be­gin mar­ket­ing this spring.

Cal­gary Her­ald Ar­chive

An artist’s ren­der­ing of the Mid­town pro­ject, which is to in­clude 650 condo units.

Stu­art Gradon, Cal­gary Her­ald

Pointe of View pres­i­dent Randy Klap­stein says the re­vived Mid­town pro­ject ‘is on the right track.’

Cal­gary Her­ald Ar­chive

Con­struc­tion work has restarted on the site of the de­vel­op­ment.

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