Demand for condos high, says developer (6 photos)

With 100-percent of their marketing focused within Sault Ste. Marie, the developer of Riverwalk Condominiums is pleased to have most of the units sold before construction has even begun.

“It’s very Sault-centric,” said Amit Sofer, Riverwalk Condominiums developer and president of Toronto-based TVM Group, during a ground breaking ceremony held today at the former Plummer hospital site.

TVM bought the former Plummer and General Hospital sites of the old Sault Area Hospital (SAH) for $65,000 in 2013, much lower than the original asking price of $4.9 million.

“They picked this property up for $65,000 and people were shocked, thinking it was a multi-million dollar property,” said Ward Two Councillor Susan Myers.

“But it’s only a multi-million dollar property if that is the capital the investor has. This investor is spending the multi-millions on building it,” she added.

Demolition is now complete on the Plummer building, with actual construction scheduled to begin within the next few weeks.

Various outbuildings, such as the Riverview Building, ambulance bay and portable buildings have also been demolished.

The area tracing the Hub Trail was gifted to the city by the developers.

Once a building permit is issued, the construction will begin, starting with plumbing and sprinklers, followed by framing, HVAC and electrical.

Sofer said there is an expectation that some people who purchase units could be moved in by the end of the year.

Despite Riverwalk doing no marketing outside of Sault Ste. Marie, they are reporting 92-percent of the units for the Plummer site have been pre-sold to many different types of buyers.

“It runs the gamut from young professionals all the way to people in retirement,” Sofer said.

To his knowledge, most or all of the sales-to-date have been made to current Sault residents, which he sees as proof the community was looking for a development such as this.

Myers, who said she was born in that hospital, agrees.

“A number of the people who have bought units here are Ward Two residents, they are just moving out of their homes into the next phase of living,” she said.

(PHOTO: City Councillors Susan Myers, Ross Romano and Terry Sheehan, as well as Riverwalk Condominiums developer Amit Sofer, break ground on construction phase of the Riverwalk Condominiums at the former Plummer Hospital site today. Romano was acting Mayor for the ceremony. Kenneth Armstrong/SooToday)