Officials at Windmill Development Group say they plan to sell units in its newest condo building at lower price points than its previous projects to counter an expected slowdown in the housing market.
The 57-unit Eddy will open to buyers in October and include 7,000 square feet of street-level retail. It is expected to be completed between spring and summer 2014.
The six-storey building will be in Hintonburg at 1000 Wellington St., halfway between Parkdale Avenue and Preston Street, which used to be a car dealership, Ideal Motors.
Jonathan Westeinde, Windmill’s owner, declined to provide exact pricing information, but said the tight rental market in the surrounding neighbourhood of Hintonburg and West Wellington would make the development appealing to first-time buyers, even though overall demand for condos across the city is slowing.
“There is very little rental availability in that neighbourhood and little opportunity to buy,” he said.
Other projects Windmill has on the go include Cathedral Hill (luxury condos at Queen and Bronson streets), Whitewater Village (an all-season cottage community outside of Ottawa) and 2611 Queensview Dr. (an 85,000-square-foot commercial building).
It also constructed The Currents condo building at the corner of Holland Avenue and West Wellington Street, which is home to the Great Canadian Theatre Co.
On Wednesday, Royal LePage said the number of unsold Ottawa condos on the market increased by 15 per cent in the third quarter.