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Rivertown Terrace Condominiums featured in The Windsor Star

The Rivertown Terrace Condominiums to be built in Riverside as recently announced by Valente Home Development was  featured in an article on The Windsor Star’s website.

The $10-million Rivertown Terrace Condominiums will be located at 8475 Wyandotte St. E. in the city’s Riverside area. It will feature a four-storey, 50-unit building along with six townhouses.

“The need is there,” said Ida Sproule, one of three Valente sales representatives working on the project.

“There are a lot of people who have been (in Riverside) for 40 years and are looking to move out of their homes, but want to stay in the vicinity. There are not a lot of options in Riverside and people still like the option of ownership.

“People are looking to make more of a lateral move (financially) to a place where they can lock the door and go down south for three months.”

Sproule said Valente’s decision to move forward with the project is another positive sign of confidence in the direction of the local economy.

The 40-year veteran of the real estate game said condos and new home construction are the first projects to stop when the economy tanks as it did in 2008.

“Now, we’re on the way back,” Sproule said. “Condos and new home sales are ramping up.”

The project is largely aimed at the retirees’ segment of the real estate market.

Sproule said most of the initial inquiries have come from locals looking to downsize. Valente also is hoping to tap into the growing number of retirees from other parts of the county who are trying to take advantage of the Windsor area’s affordable real estate.

“We feel the location and price are perfect for the project,” Sproule said. “Everything is within walking distance for people.”

The condos will be mostly two-bedroom suites with balconies or patios and will range in size from 900 to 1,400 square feet. There will also be a community/social room in the building for larger gatherings.

The units will range in price from $114,900 plus HST to $190,000 for the larger top-floor units. A leasing option starting at $1,100 a month is also available.

Prices for the brownstone-style, two-storey townhouses, which will face Wyandotte Street, have yet to be set.

The condo building will feature an American Craftsman style and will also be built by Valente Development Corp.

Sproule said the project will go forward once 50 to 60 per cent of the units are sold.

“We’ll start taking reservations and collecting a $2,000 deposit on units when we have our official launching in mid-May,” Sproule said.

“Valente did a lot of surveying, did their homework on this. I expect we’ll be able to start as planned.

“This project isn’t going to be a difficult sell.”

Sproule said she got an idea just how popular the project will be this past weekend.

The only public pronouncements on the project so far have been a sign erected last week in the vacant field and a teaser advert in Saturday’s Windsor Star.

“The phones have been ringing steadily already,” Sproule said. “I got a call (Monday) morning from a woman asking me to put her down for two units. She wants one for herself and one for her daughter.”