Tender negotiations for the River Walk Condominium project on Front Street finally have been completed but officials can’t sign off on the bid until five more units are sold.
After a month of negotiations, the Fort Frances Non-profit Housing Committee announced Monday it has finalized a deal with Winnipeg developer Penn-Co. Construction for construction of the condo project.
Project manager and architects were able to cut Penn-Co.’s original bid of $4.4 million down to $3.9 million in an effort to bring the project in on budget.
But they can’t sign on the dotted line until the commitment of 75 percent of units have been sold.
“Sales, at this moment, are at a level that needs to be higher,” Fort Frances CAO Bill Naturkach admitted Monday morning.
Currently, 19 of the 32 units have been reserved for buyers, but the committee must have 24 units pre-sold before moving ahead with construction.
They also must receive the $10,000 deposit—not just the $3,000 reservation fee—from those who already have said they would purchase a unit.
A deadline of Friday, March 15 at 4:30 p.m. has been set for people to come forward and provide the $10,000 deposit. Those who make the deadline won’t have to pay realty fees on their unit, which are estimated at $4,212-$4,703.
But Naturkach said he’s still optimistic sales will go up and that the project will move to the construction phase soon.
“There are 13 buyers out there, we just don’t know their names yet,” he said.
A public meeting is slated this Wednesday (March 6) at 4 p.m. at the Civic Centre for all those interested in learning more about the condo project.