Just six condo units still unsold

The Town of Fort Frances’ involvement 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 down to six units. I would say three more are in the serious contemplation stages,” Fort Frances CAO Mark McCaig said Friday. “Things have been quite good lately.
“If people are interested, they should be aware the project is winding down now.
“We noticed it [a surge in interest] since the New Year,” noted McCaig. “I think some people have been thinking about them for a while.
“But they see now they’re being bought up, and if they want one, now’s the time to act,” he stressed.
McCaig said he believed all the units would be sold by year’s end. “At that point, the condos will be owned by private parties. Effectively, the town will be out of the condo business,” he remarked.
“It will then become a tax-bearing entity, and we’ll start to recoup the investment,” he added.
If the two current leads go through, that would leave only three of the total of 32 condo units still to be sold.
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 units.
All of Penn-Co’s units have been sold, noted McCaig.
Noreen Robertson, who sits on both the Fort Frances Non-Profit Innovative Homes Inc. board, which will dissolve after all the units are sold, and the Rainy River Standard Condominium board, which will continue to run the affairs at the condominiums after that, said she and the board thought “it was great” there’s been renewed interest in the condos after the winter lull.
She also was confident all the units would be sold before the end of the year.
Robertson, one of the first condo owners to move in last February, said she’s been “loving it” ever since, and looks forward to seeing a full slate of fellow condo owners inhabiting the complex.
She added the condo board has taken over showing the units for sale, and anyone interested in purchasing a condo should call 274-6082. A large sign outside the condominiums also advertises this phone number.
Fort Frances treasurer Peggy Dupuis said yesterday the town doesn’t “have a really clear picture” how much selling off the remaining units will save nor how much it will cost the town if they aren’t sold by year’s end.
But she did note $175,000 was put aside in the 2003 budget to absorb the costs related to maintaining unsold units, and that $85,000 will be set aside in the 2004 budget for the same reason.