February 08, 2011

Late summer new condo move-in date

April Cunningham
Telegraph-Journal

SAINT JOHN - After more than a year of technical and economic delays, the first 83 families to buy condominiums at the Harbourfront Residences should be moved in by the end of this summer, says developer John Rocca.

Photo: Peter Walsh/Telegraph-Journal

Developer John Rocca on the second floor of the Harbourfront Residences condo development with the harbour behind him.

Drawing courtesy of The Rocca Group of Companies

This conceptual drawing offers a view of the residences from the Three

The first phase of the project, worth about $20 million, is well underway despite challenges with the weather and other setbacks, Rocca said Monday during a tour of the work site along Water Street, near the Marco Polo Cruise Terminal. Since construction started in September, about 45 per cent of working days have been lost because of the poor weather - primarily the rain, he said.

"It's been a struggle to maintain a schedule," he said, amid the buzz of saws and power tools. "So instead of the early part of summer as we hoped, now it's going to be the later part of summer."

The economic downturn and technical legalities with the city also contributed to the delay, he said. The first condo was sold in 2008.

Now, about 80 per cent of the condos have been sold, and Rocca said people are anxious to move in - including himself. Rocca and his wife, who now live in Rothesay, will reside in the penthouse suite.

But he encourages anyone thinking of buying one of the remaining units to act soon. Selection is dwindling and he plans to increase the price again in the spring.

For now, the units start at $159,900. The one-bedroom units with a den are sold out, as are the two bedroom-plus-den condos, though some two-bedroom units could be converted, he said. There are also one-bedroom units.

Townhouses - one- or two-storey - will line Water Street, hiding two levels of indoor parking. More units will line Prince William Street behind the complex.

"The unique thing about this project is even the smallest condo has a great view," Rocca said, standing on the second storey, overlooking the Saint John Harbour on a bright, sunny day. Those without a window view will have access to a balcony.

The shape of the one-acre parcel of land has a lot to do with it, he said.

The land - where grain elevators stood years ago - is long and narrow, with more waterfront space than any typical urban lot, he said.

Buyers may also get a better deal here because Rocca bought the land from the city at a reasonable rate - $450,000 last fall, he said.

The city just paid $2.8 million for another waterfront site - the six-acre Coast Guard property up the street - where the Hardman Group plans to build condos, a hotel, office space and shops.

"Anything that happens uptown is good for everybody, including us," Rocca said, referring to the Coast Guard deal, which was announced last week. "The more there is, the better it is for everybody. You need a certain critical mass for the industry to take off."

If all goes well, Rocca hopes to start the second phase - worth another $12 million and situated next door to the current development - not long after the first one is finished.

He says 50 per cent of the units must be sold to get financing, so he'll know better by the summer when construction might start. But this year's grand opening will be big, he said.

The value of the homes in phase one is worth more than the value of all the homes built in Saint John in 2010, he said.

"It's probably the most important housing form to attract more people to live uptown."

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* The condos start at $159,900, which developer John Rocca says works out to $1,200 a month, including taxes and utilities
* Phase one, including 83 units, is 80 per cent sold
* Occupancy by August 2011
* Young professionals and empty-nesters are the target market
* There are now 28 workers on-site and at peak construction from March to July, there will be 85 to 95 workers
* The building will include a gym, theatre room, balcony, private plaza and car and dog wash facility
* Suites have 2.7-metre ceilings, granite countertops, hardwood floors and floor-to-ceiling windows in most units