http://www.lfpress.com/2016/04/21/gr...spouts-in-core
“People don’t have to wait for downtown to be revitalized.”
With that emphatic statement, Tricar Group executive Adam Carapella confirmed Thursday that Azure, the company’s downtown tower-to-be that will become London’s tallest residential structure, is already 25 per cent sold.
Those sales for the 180-unit condominium tower at 505 Talbot St. came in a single day, last Saturday.
It’s another sign that downtown has become a residential area of choice.
“For London, it’s kind of unprecedented,” Carapella noted of the advance sales at a downtown gathering at Tricar’s showroom.
The units sold range in the low $300,000s to million-dollar-plus penthouses. Work has begun on the tower’s foundation. Once finished, the residential tower will be the city’s tallest at 29 storeys.
“Empty nesters are a big part of the market for us,” Carapella said, adding demand for downtown living is coming from all over the Forest City. “We’re able to draw from all points in the city.”
Downtown London General Manager Janette MacDonald and some city politicians were on hand for Thursday’s announcement, with company president Joe Carapella cutting the project ribbon with a pair of giant novelty scissors. Tricar also built the twin Renaissance towers in the core.
Mayor Matt Brown said the project is an example in action of the London Plan, the city’s growth blueprint that foresees more compact core development.
“We want our community to grow more inward and upward, like this building,” he said.
Part of the appeal of the Azure is its environmental features, the younger Carapella stated.
It will be LEED-certified, meaning its meets certain green requirements.
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