The well-known medical arts building on Cook Street, between Johnson Street and Pandora Avenue, is about to undergo a transformation that will see it converted into a European-style, 102-unit condominium complex, but for Max Tomaszewski, president of the Amadon Group–Westwater Projects, the project is far more than another condo development.
Tomaszewski wants to make home ownership possible for people who are finding it hard to reach that down payment threshold.
“I remember what it was like,” said Tomaszewski. “I had a good job and a family and I wanted to buy my first house, but there was no way I could get together a down payment for the longest time. I want to help people in that situation.”
His solution is a competitive pre-sale purchase incentive that will allow buyers to enter the market with no down payment.
Potential buyers will be able to secure a unit with no money down by making interest free monthly payments now which will add up to five per cent of the value of their selected unit. When the project is completed at about Christmas of 2018, buyers will be able to apply those funds to the purchase price and enter into a regular mortgage situation on their unit.
“It can be frustrating to people who just can't seem to get into their first home when, despite a good job, they just can't get that down payment,” he said.
It's an opportunity that caught the attention of Jeremy Evans. He's been looking for a place of his own for just over a year and, despite being employed and saving some money by presently living with his parents, the challenge of raising the lump sum down payment required for a home purchase has been daunting.
“I heard about this offer and it sounds really amazing,” said Evans, adding he hasn't yet decided to take the plunge into purchasing a unit, but he's very interested.
“I love the location and the quality of life this development seems to be offering.”
Beyond offering the financing opportunity, Tomaszewski said he's proud of the livability of his projected complex.
The Wade project, named for the original architect of the medical arts building John Howard Wade, will offer units ranging from 366 to 1,220 square feet. The four storey building will have a central courtyard, complete with its own orchard. Each unit will also be assigned a rooftop garden space where wildflowers, herbs or vegetables will be grown by virtue of a specialized water system for irrigation.
To complete the picture, Tomaszewski has included a rooftop sauna and an apiary to house bees to help pollinate the orchard and gardens.
“It's a low-rise, European-style community that emphasizes health and wellness in every aspect of the plan,” explained Tomaszewski, adding he could easily have gone to a 10 or 12 storey complex, but doesn't believe that quality of life should suffer in the interests of maximizing size.
“We've had our neighbours come in to thank us for keeping our project at the four story level. They were afraid we'd be blocking their sunlight and their view, and are very pleased with our plans.”
For more information on the project visit thewade.ca.