More proof the London-area housing market is on a roll.
The Tricar Group is already gearing up to build a new luxury condo building in Byron, in west-end London, while the company’s downtown condo project is still under construction.
Tricar has submitted a plan to the city’s urban design peer review committee for a seven-storey, 130-unit condo building on Commissioners Road.
That development is just down the road from another Byron project in the works: a 54 unit apartment building by Treadstone Developments.
Adam Carapella, vice-president of operations at the Tricar Group, said the new the condo development in Byron, as yet unnamed, will be a luxury building in a prime location across from Springbank Park and just east of the commercial hub at Commissioners and Boler Roads.
Carapella expects the condo will appeal to empty nesters with prices from $280,000 to $600,000.
“This is one of the prime spots left in Byron. We thought this would be an ideal site,” he said.
Tricar’s Azure condo on Talbot Street in downtown London is about one-third completed and set to open on schedule in late 2018.
Tricar also is working on a second 14-storey condo on Sunningdale Road near Richmond Street and has almost finished construction of a third apartment building at Southdale and Wonderland roads.
Tricar has residential buildings under construction or just completed in Woodstock, Guelph and Stratford.
Tricar is one of the developers benefiting from a strong year in London’s housing market. Resale homes are expected to top a record 10,000 sales in 2016, new home starts will exceed 3,000 for the first time in a decade and the apartment vacancy rate is down to 2.1 per cent, the lowest since 2003.
“To move into our properties, people have to be able sell their house so a strong resale market helps us,” says Carapella.
Tricar’s new Byron condo building will be constructed on a one-hectare parcel of land, assembled from four single-family residential lots on the south side of Commissioners Road.
The project will require the demolition of four homes, two have already been taken down, but will not require a rezoning, because the area is already designated as high-density under the Official Plan.
Carapella said interest in buying the condos is high.
On Monday, Tricar held an open house to inform the community about the project.
“About 60 people were there and more than 50 of them appeared to be potential buyers,” Carapella said.
He said construction of the new condos in Byron will likely begin in May and take 18-24 months.
Carapella believes the London-area housing industry is in good shape for 2017. “It’s a good reasonable pace. There’s nothing too crazy like it in the GTA (Greater Toronto Area). It’s a good, steady pace. ”