Condominium development pushes ahead.Following three failed attempts in the past, the town of Fort Frances Fort Frances, town (1991 pop. 8,891), SW Ont., Canada, on Rainy River, opposite International Falls, Minn. It is chiefly a lumbering center with sawmills and a pulp and paper factory. Tourism is also an important industry, with abundant fishing and hunting nearby. 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 Non-profit housing is owned and managed by private non-profit groups such as churches, ethnocultural communities or by governments. Non-profit housing uses private funding and government subsidies to support a rent-geared-to-income program for low-income tenants. 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 stakeholder n. a person having in his/her possession (holding) money or property in which he/she has no interest, right or title, awaiting the outcome of a dispute between two or more claimants to the money or property. driven; it's their money," Naturkach emphasizes. "Once the development is completed on Oct. 1, 2Q02, 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 re·de·vel·op v. re·de·vel·oped, re·de·vel·op·ing, re·de·vel·ops v.tr. 1. To develop (something) again. 2. its waterfront. It was included in a funding proposal to the Northern Ontario Heritage Funding The Northern Ontario Heritage Fund is a division of the Ministry of Northern Development and Mines in the Canadian province of Ontario, whose purpose is to provide funding and program support to foster economic development in the economically disadvantaged Northern Ontario region. 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 (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. of Winnipeg is the architectural firm An architectural firm is a company which employs one or more licensed architects and practices the profession of architecture. History Architects (master builders) have existed since early in recorded history. The earliest recorded architects include Imhotep (c. for the condominium. Five firms bid on the project, including a local firm, a Thunder Bay Thunder Bay, city (1991 pop. 113,946), SW Ont., Canada, on Thunder Bay inlet of Lake Superior. The city was created in 1970 by the amalgamation of the twin cities of Fort William and Port Arthur and two adjoining townships. 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 Rainy River can refer to:
"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 boat launch. "The new proposal will add another half-mile to our waterfront redevelopment," Naturkach says. |
|
||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion