All 195 suites that make up the North Tower at University Suites have been snatched up by eager condo buyers in less than a month. Located at 495 Princess Street, the aptly named project is just steps from Queen’s University in Kingston.
The runaway success means that the release of the South Tower, the second part of the project, will be moved up to December 2014. It’s no wonder it struck such a chord with buyers, given its proximity to the university as well as the downtown.
“The $188,900 starting price made it easy to own for less and rent for more, and a realization of continuing positive cash-flow makes this a safe and secure income-driven investment,” said Hunter Milborne, CEO of Milborne Real Estate of Toronto.
“Investors have been very impressed with the 3-year turn-key lease back option available to generate income; while end users are equally impressed with the well-designed amenities, including a two level atrium fitness area and a roof top BBQ lounge overlooking Kingston.”
From the get-go, the project has stood out. Not only is it the first development of its kind in Kingston, but it has quite the team behind it.
The condo project will be delivered by Brookfield Multiplex and PRK Developments. PRK Developments is a partnership between Reichmann International, which has worked on highly regarded projects such as First Canadian Place in Toronto, Canary Wharf in London and the World Financial Centre in New York City, and Podium Developments. Podium is an expert in urban infill, and its partners, Bernard Luttmer and Oskar Johansson, are both former Olympic athletes as well as Queen’s University alumni.
What’s more, University Suites is designed by Teeple Architects, an award-winning firm that’s worked on a number of prominent buildings that run the gamut from condos to libraries to college buildings.
Given the rapid sell-out of the first tower, we’ll keep you updated about the launch of the South Tower as soon as more details become available.
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