By Michael Lynch
Following three failed attempts in the past, the town of Fort Frances appears to have found the answer to condominium housing construction.
Construction is scheduled to begin in the spring on a $4.5-million, four-storey, 32-unit condominium on prime riverfront property. The estimated cost includes land acquisition, architect and consulting fees. Twenty-two of the 32 units have been pre-sold.
Two of the projects that failed in the past were by the private sector, and the other was a lease-for-life condominium sponsored by a public-sector non-profit housing group.
Bill Naturkach, town administrator, says an "innovative approach" to condominium housing is the reason the current project will be a success.
Naturkach says the town's involvement with the project is shortterm. "There's no town or senior government money involved, other than administrative support and financial guarantees from the town," he says.
The project is currently being administered through a reconstituted organization known as the Fort Frances Non-Profit Innovative Homes Inc. which handled housing projects in the past before becoming dormant. The revitalized board is comprised of those who have purchased apartments in the new building. The town's mayor and administrator are also members of the board.
"It's stakeholder driven; it's their money," Naturkach emphasizes.
"Once the development is completed on Oct. 1, 2002, the non-profit innovative board will dissolve, and the building will be turned over to a condominium board comprised of residents," he says.
There are no income or age restrictions for buyers of the units. All of the units have two bedrooms and they sell for approximately $145,000.
"In that sense it's similar to any other real estate transaction," Naturkach explains.
The project started as part of an attempt by the town to redevelop its waterfront. It was included in a funding proposal to the Northern Ontario Heritage Funding Corp.
"The proposal failed because it didn’t have a significant private-sector commercial component. It also did not have a tourism development element," Naturkach says.
ARCCADD.COM of Winnipeg is the architectural firm for the condominium.
Five firms bid on the project, including a local firm, a Thunder Bay contractor, and three companies from Manitoba. The tender bidding process closed Jan. 29.
Naturkach says the town has submitted a new application to the heritage fund for $2.3 million to complete waterfront redevelopment along the Rainy River.
"Our new application does meet the NOHFC's new criteria," he says.
This new application will complete the LaVerndrye Parkway. Naturkach says geographically it will connect the marina to the downtown-hospital core.
Over the past decade the town has spent $7 million on revitalizing three miles of waterfront, including shoreline restoration, walking paths, a marina, bicycle paths and a boat launch.
"The new proposal will add another half-mile to our waterfront redevelopment," Naturkach says.
