March 20, 2018 - 4:50PM
A developer looking to breathe new life into a long-time vacant piece of property in Belleville also has plans to build a housing complex for seniors in Madoc.
Realtors got a first-hand look at 'The Pinnacle' showroom on Tuesday complete with floorplans of the $50 million, six-story building. The 110 unit condo will stand where the former Quinte Hotel in Belleville used to sit. The lot, located on the northeast corner of Bridge and Pinnacle has been vacant since Dec. 2012 when the Quinte Hotel burned.
Jim Perkins, president and CEO of FairTradeWorks, told the crowd at the Empire Theatre his team hopes to get shovels in the ground this summer because there is a need for inventory in the local housing market.
“This kind of inventory is not available right now so just the quality that we are going to bring and the amenities, it is exciting in general,” he said. “It is really bringing a new twist and flare and rejuvenation downtown Belleville needs.”
Mark Rashotte with Royal LePage said with the Century Place condos recently sold this boost in residential units ‘is going to make a huge difference’ in the core.
The Pinnacle units range in price from $205,000 to $507,000. The Pinnacle includes 5565 feet of courtyard and outdoor kitchen space, a meeting/party room, two lobbies, three elevators, underground parking, a car wash, an electric car charging station and a dog washing station.
Perkins, who is originally from Vancouver, admitted at first he wasn’t aware of the rich history that was encased within the former halls of the Quinte Hotel. From the music and the cast of characters who once called the favoured watering hole home, Perkins said he learned about it after the sale. Then he made a point of hiring an architect with a heritage background to develop the site plans. They have applied for site plan approvals through the City.
“We can’t duplicate that (Quinte Hotel) but we put time and effort in it that will fit with the local landscape,” he said.
The Pinnacle isn’t the only development Perkins has on the go in the Quinte Region. He has invested tens of millions of dollars and said that is just part of their business plan.
“This is just the infant stage of what we are proposing for this region and surrounding region,” he said. Currently a seniors living development is under construction in Marmora. An $80 million luxury living and resort development is planned for Marmora along with a $30 million multi-use development.
Perkins also announced they purchased a property at 56 and 64 Durham Street in downtown Madoc where they will build a seniors housing complex next year with 20-22 residential units. He called the decision to get into Madoc a ‘no-brainer’ because the need for housing is there. His company has been working with Centre Hastings Mayor Tom Deline for quite some time.
“He understands what is needed for his town to help drive it forward and help us jump hurdles that developers get scared of in this region,” he said.
“This is a great thing for us,” said Deline. “Putting retirees or families right in the corridor and a couple of nice little commercial spots within walking distance of everything.”
He pointed to the new medical centre coming to the core stating this adds to the appeal for early retirees looking to sell their home and move to Madoc.
“We want everybody to know we are open for business,” said Deline.
Perkins said they hope to start construction next year. The plans still have to come before Hastings County council.
A public viewing of the showroom on Pinnacle Street is happening Thursday at 7 p.m.
To register visit https://liveinontario.biz/rsvp-realtor/