People think nothing about shelling out big bucks for luxury condominium living in the core.
This might be just the beginning of the million-dollar condominium in London.
Within 24 hours of unveiling them, Tricar Group sold two million-dollar condominiums that will sit atop the second downtown Renaissance tower. The developer is now looking at sites for yet another tower in the downtown.
"We were shocked," Joe Carapella, president of Tricar Group, said of the quick sale. "We wondered whether London was ready but these are firm deals and we could have sold others if we had them."
Tricar has pre-sold 30 condominiums in its new, 188-unit building and 16 of those are penthouses. There are 21 penthouses in the building that won't open until mid-2013.
"When people are prepared to spend that kind of money in housing, they could live anywhere, but that tells you downtown is very happening," Carapella said.
The two $1-million condo buyers were London and area residents, a professional and entrepreneur who preferred not to be named.
"We are absolutely looking for a place to build another tower. We think this is in its infancy - it is the early days of the rebirth of downtown London," Carapella said.
Jim Kennedy, president of the London Development Institute, agreed, saying "there is a lot of interest" among developers and builders considering the core, especially in light of the city and Fanshawe College planning to build a $20-million education campus in the core. And that's on the heels of the city spending $100 million on downtown development in recent years.
"People are looking downtown, they are waiting and seeing what is happening with the economy and the new city hall," and other development proposals, Kennedy said.
But London is part of a trend across Canada. More cities are seeing people return to their downtown, with empty nesters tiring of mowing the lawn, driving everywhere and the blandness of suburban life, said Jason Gilliland, director of the urban development program at the University of Western Ontario.
"This is happening not just in London, condos are going up like crazy everywhere. It is about a real demographic shift" as baby boomers age, he said.
--- --- ---
Downtown living
Tricar Group has buildings at 22 Picton St., 125 units; a condominium at Wellington and Pall Mall, 80 units; the first Renaissance tower has 277 units and the second will be 188 units. That's a total of 670 units with about two people living in each unit.
In addition, Drewlo, Auburn and Old Oak have all built new residences in the core.
More than 5,000 people live downtown and 16,000 in central London.
__________________
Prev
Linear Mode
