September 30, 2010
Killam Properties has announced that
phase one of construction in the redevelopment of Charlotte Court on
North River Road in Charlottetown has begun.
The project, which was awarded to the property rental company with APM
Construction Services acting as project manager in June after a tender
process by the provincial government, will cost approximately $11
million and will see the 48-unit senior citizens complex at 300 North
River Rd. redeveloped into a modern and energy-efficient complex with 98
units in two phases.
consists of 49 units expected to be ready for occupancy next July in a
three-storey building that will include an elevator, social room,
laundry facilities on each floor and a fitness room.
The unit mix will feature one and
two-bedroom units, including 12 barrier-free units designed for seniors
The units will be offered at an
affordable rate and will be subsidized and leased by PEI's Department of
Community Services, Seniors and Labour, which is consistent with the
current program with the property. In return for the subsidized rates,
Killam Properties will receive a $1.5 million capital contribution, paid
for equally, by the federal and provincial governments, which will be
forgivable over 10 years
two, expected to be ready for occupancy in June 2012, consists of a
49-unit luxury building with units up to 1,200 square feet having five
appliances and upgraded kitchens with granite countertops and other
modern features. Amenities include underground parking, a fitness room
and a social room.
The project is being led by APM CEO
Tim Banks, who is also a director of Killam Properties.
Banks said the finished project will
be a quality complex that will alleviate any concerns over standards
current tenants may have had about the property.
"I think what you'll find a the end of
the day after the two phases are complete , it's certainly going to be a
quality project for the neighbourhood and it's quite exciting."
Killam Properties will benefit from the
promotion of the company with the project as well as gain a solid
tenancy but with a less than seven per cent return of investment, it's
good for the province as well.
"In this case, it's an extremely good deal for government"