A few condo units still unsold

The town’s involvement in the River Walk Condominium project looks to be nearing an end as more and more of the 32 units are getting bought up.
“We’re pretty sure we sold one the other day, and there’s another one in serious consideration right now,” Fort Frances CAO Mark McCaig said Thursday afternoon.
“If the one being seriously considered goes, then we’ll have two left,” he added. “So, we’re still in the condo business.”
But McCaig said he’d like to see the town’s involvement come to an end by the new year, and for all the condominiums to become a tax-bearing entity, so the town can start to recoup its investment into the $5-million venture.
As part of the deal to build the condominiums here in the first place, both the town and the developer—Penn-Co. Construction Canada Ltd.—agreed to each be financially responsible for selling a certain number of the 32 units.
All of Penn-Co’s units have been sold.
Back in March, 2002, town council had stated it would not begin construction of the nearly 32-unit complex unless 75 percent of the condos (24) were pre-sold.
But with just 19 buyers signed on, the Fort Frances Non-profit Housing Committee made a deal with Penn-Co. to take over responsibility for four of those units—leaving just one buyer needed to move into the construction phase.
At the last minute, the 20th buyer walked in with a deposit on April 3, 2002. Later that day, council agreed to go ahead with hiring Penn-Co.
Construction got underway that spring but as it neared completion in December, 2002, three buyers backed out, changing the magic number from 12 back up to 15.
Some condo owners started to move into their new homes in February, 2003, with more to follow later that year. More and more units were sold throughout 2003, with about 10 remaining as of last December.
By April of this year, that number was down to six.
While the condo units initially were marketed through real estate brokers, the condo board has taken over showing the units for sale.
Anyone interested in purchasing a condo can call 274-6082.

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