Half the units in the first phase of a Glenora condo project have sold at an average price of more than $1 million, the developer said Monday.
The initial $85-million West Block tower at 142 Street and Stoney Plain Road, which has an official groundbreaking ceremony set for Wednesday, will have 60 units on 13 storeys over a three-floor retail and office podium, said Salima Kheraj, a principal with InHouse by developer and builder Beaverbrook.
The first 30 homes have already been sold for prices ranging between $551,000 and $2.7 million. or an average of $1.02 million each, she said.
“That’s a really positive, strong number given our market,” she said.
“It’s a mixed-used project with retail, offices, all surrounded by an urban square that runs to Stoney Plain Road and well integrated with the LRT in future.”
The condos are between 1,060 square feet and 3,300 square feet in size. The remaining units range in price from $550,000 to a $2.9-million penthouse.
The corner was a source of controversy for years. The previous developer ran into financial problems, leaving an unfinished three-storey concrete structure decried as an eyesore before Inhouse bought the 3.5-acre property in 2015 and revised the concept.
The concrete structure will form the base of the new tower, while underground parkade work will be expanded across the property, Kheraj said.
“Throughout this time we have been working away. Maybe you don’t see activity on the site, but there has been a lot of work put in.”
West Block’s first phase will also include a three-storey retail and commercial building expected to house such tenants as professional and medical offices, restaurants and a fitness club, she said.
Construction is scheduled to be finished so new residents can arrive by late 2018 or early 2019. Depending on the market, she hopes work will then continue on the next of the two remaining towers.
The entire development is slated to have 550 units.
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