Newmarket’s next big highrise development is preparing to open up its second tower for sale after nearly selling out the first in four months.
Briarwood Development Group is opening for sale the next section of its 344-unit Kingsley Square condominium project at 693 and 713 Davis Dr. for sale this week. The developers said they have sold more than 90 per cent of the units in the first tower after opening up sales in September and will now let the community get the first opportunity for the second structure, with 25 per cent of the total units mandated to be affordable.
Vice-president project development and principal Fausto Saponara said the process has gone very well.
“Frankly, beyond expectation,” he said. “We’re in a great position to open up the second tower and fill up some of the pent-up demand.”
Construction is due to begin in September 2022, with the closing date for the first tower in September 2024. Saponara said the second tower would start building within six months of the first.
The sales have included both users intending to live in condos themselves and those renting out or investing. Saponara said it is difficult to gauge as not every purchaser will disclose it, but he estimated approximately 40 per cent of purchasers thus far will be using the units themselves. He spoke positively of the breakdown and said that figure might be higher than typical because they have opened sales directly to the community before working with realtors.
“It’s something we were banking on,” he said, adding many are looking to move and make a change. “A new lifestyle, which is also a condominium community where you have all the facilities at your disposal."
The affordable units are in the “low $500s” to rent, though the prices to purchase condos ranged from $490,000 to $1.1 million for the first tower. However, Saponara said those prices would rise between 2.5 to seven per cent for the second tower due to increased construction costs.
“The whole industry is under tremendous cost pressure. Material costs are changing from week to week, and a general shortage of labour is making it a supply-demand imbalance,” he said.
The development faced pushback and a years-long approvals process over concerns about traffic and green space loss. The developer had to agree to expand neighbouring Patterson Street and contribute $500,000 toward a park on the former Hollingsworth Arena lands.
Town council members attended the development’s sales centre Jan. 25 to get a look at what the apartments will be like. Ward 3 Councillor Jane Twinney said it was not an easy approval process, but it is great to see the development making progress with the arena lands having some protection.
“It’s going to complement the community well,” she said, adding it will be an attractive feature to those entering her ward. “It will be great to see it when the product is finished as well. It’s a great entranceway to that community.”
More information on sales is available on the development website.
Saponara said they are pleased by the community support so far.
“It’s going to be an iconic development for Newmarket, and we hope to meet everyone’s expectations.”
