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unique, and is meant to be stronger than similar sized conventional structures.
At 32 stories, the Renaissance project would be twice as tall as the city's current height champion, a 16 storey apartment building at the corner of Bay and East Streets.
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The $80 million building will stand at least 32 stories high on the former Northern Breweries site on Bay Street, with 200 condominium and commercial units largely targeted at overseas investors, the developer told local media at a press conference Thursday.
The project, which would dwarf even the tallest existing buildings in the city, drew skepticism when developers announced early details after purchasing the former brewery property from the city in April for $380,000.
Only about 35% of the building's units are expected to be sold to local buyers. The rest would be snapped up by overseas investors looking for secondary residences or investment properties.
Some work at the site has already been done. The group says bedrock tests have been positive, as has an environmental assessment. Next up are wind tests.
One bedroom units would be about 1,000 square feet, while three bedroom units would be 1,500 square feet but the group declined to reveal what individual condo units Velvet Pumas Release Date will sell for. Feifel said that depends on how many floors are built, though he said list prices will be, "competitive with condos that have recently been put on the market," in the Sault.
"Our interest is to stay in the Sault," she said.
He said the concept of the structure will be "vitality," and he intends the ground floor to be a "water scape," with large amounts of glass allowing passers by to see through the building to the river.
gone forward, they've purchased the site, they are paying taxes on that site, whereas the Gateway site was a city owned piece of land with a $15 million Northern Ontario Heritage Fund Corp. carrot that everyone was trying to grab," said Sheehan, who met with the group Wednesday as acting mayor because Mayor Debbie Amaroso is away on vacation.
Construction is expected to take 14 or 15 months to complete.
We want to get away to Florida to get away from the cold," said Feifel. "They want to get away from the heat."
The community may be gun shy after the recent failure of a waterfront development project on 14 acres of city owned property next to the casino, but this development is different, said Ward 2 Coun. Terry Sheehan.
Nirmala Singh, of Sun Avalone Health Care Partners, one of the companies that makes up the development group, said current plans are to have 32 "liveable floors," though she said that could change.
Feifel said he expects interest from clients in India and China who are looking for a getaway.
Singh was accompanied by the project's engineer, Carlton Smith, Toronto based design consultant and architect Samar Chandra, investor Renzie Ali, and local real estate agent Tom Feifel, of Castle Realty.
"I want to put a beautiful lady here, with a twist," said Chandra, who is based in Toronto but operates a design consulting studio in India.
million condo project to start next year
He said the group has not yet determined whether the building would be cooled using water from the St. Mary's River.
Joe Fratesi, the city's chief administrative officer, who met with the group along with other members of city staff on Thursday, said he is no longer among skeptics of the project. He said the building's backers appear to be legitimate and the development group seems capable of pulling it off.
Smith could not give a date when demolition will begin on the old brewery.
"We have a lot stuff in there to clean out, before we start knocking it down," he said.
Feifel is expected to sell the units once the property is developed.
Fratesi said the city has no height restrictions for downtown buildings. He said the city is in the process of checking whether aeronautical restrictions will limit the building's height. No permits have been issued, but he said it is early for that.
Developers say they will be ready to begin construction next year on a massive condominium project that would tower over the city's downtown.
Singh said the group has acquired, "a variety," of other properties in the Sault, but declined to say what the group owns.
Singh said the Renaissance development company is debt free and will not be looking for funding from government.
"It can go higher, but I don't think it will go lower," said Singh.
"It has the makings of a Harbor Springs/Petoskey flavour and I think all of us, probably are just recognizing that potential that we have here similar to the potential that is being realized just an hour or an hour and a half south of us in the Michigan area," said Fratesi.
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The building will be called Renaissance Place Condo Tower and reporters were told designs are being finalized with engineering work still to be done as well. Conceptual drawings were shown to reporters on Thursday.
Chandra said the corkscrew design of the building is Puma Suede Classic V2 Fade Future
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