Duane Hicks
A local group of individuals is looking for expressions of interest regarding a proposed senior-friendly housing project in Fort Frances.
Bill Naturkach, Duane Cridland, Dave Beazley, and John Myers have taken the lead on trying to get apartments or condos built on property east of Flinders Place.
But first they need to know if there’s enough interest from the public to proceed, and have launched a survey to gauge it.
The survey, which was handed out during an open house last night at the Sister Kennedy Centre, asks respondents:
•whether they would to invest only, rent only, or own and occupy an apartment/condo;
•whether they would like a studio suite, a one- or two-bedroom, an apartment under or over 1,000 sq. ft. in size, or covered parking;
•whether they are prepared to provide a deposit to secure a position on a list;
•whether they’re prepared to provide a deposit when more information on the development is available; and
•for contact information.
Those who were not at the open house can get a survey by calling Naturkach at 274 5987 (he will e-mail you a copy).
Respondents are asked to return the survey in a sealed envelope to Flint House on Scott Street by the end of the day next Friday (Nov. 4).
Cridland said the survey will gauge “whether or not this can go on.”
“We really want to know exactly what it is you want in your next move in your life,” he explained.
“That’s critically important to be able to put a number [dollar amount] relative to what you believe you want to live in,” Cridland stressed.
“If the two don’t jibe, that’s where I think a lot of these projects get off the rails.”
Naturkach said the survey is the next step in the process.
“We’re now going to be waiting for you to respond with these forms,” he remarked.
If there’s plenty of positive survey responses, the four then will move on to the next step, which is to dialogue with the financiers and construction companies to see if they believe that interest is sufficient to proceed, noted Naturkach.
If there’s not much interest, the project will go no further.
Investment necessary
While there appears to be an ongoing need for some sort of senior-friendly living complex in Fort Frances, past efforts have found there’s no government money available.
To become a reality, any project will need financial investments from the private sector, whether they be people who want to live there or those who want to invest in the building for their loved ones or for profit.
Looking at recent comparable building developments, they’ve cost $200/sq. ft. to build—and that’s without factoring in amenities like elevators or covered parking, noted Beazley.
“So realistically, we’re probably looking at $225,000-$250,000 to build a 1,000 sq. ft. apartment,” he said.
This cost would be less if the apartment were smaller.
On top of that, there would be monthly operating costs (i.e., utilities, taxes, maintenance, etc.)
The monthly fee for the Riverwalk Condominiums, for instance, is $750 a month, which is being used as a baseline at this point.
“So then if you look at the investment of $200,000-$250,000, the rent that’s going to be required for each of those units is between $1,750 and $1,900 per month,” Beazley said.
He further explained how this cost would break down:
•An individual wants to invest $250,000 to build an apartment.
They go to a bank for financing. The bank wants 35 percent down, meaning the individual would have to deposit $87,500.
•If the remaining $162,500 were financed at seven percent, the cost per month to pay back the bank would be $1,081.
•On top of that, based on what Riverwalk Condominium owners pay for monthly operating costs, would be $750.
That would equal $1,831.
While this sounds like a princely sum, some on hand last night pointed out that if an individual sold their home for $250,000, invested that into the senior-friendly project, and then moved to the new apartment, they only would be paying about $750 a month.
Naturkach said he and the others are not involved in this project for personal gain, but because no one else is trying to do it.
“We all have ties in the community, and we four think we have some skills to, should this project proceed, help this project proceed,” he noted.
“We are not are not profit-driven here; we’re not trying to do something that any one of you wouldn’t want to do if you could,” Naturkach stressed.
“We are here on behalf of the community, not ourselves.”
