The Edgewater Building in downtown Owen Sound is now ready for residential occupancy.
The building at 920 1st Avenue West, was purchased by Northridge Property Management in 2010 from the Grey Bruce Health Unit.
When it was first built, the structure had served as an office for Cooperators Insurance.
Northridge Property Management President Trevor Heathers says that generally speaking, conversions are more difficult than new construction, because there are unknowns heading into the project.
“That being said, every project is unique and you have to do your homework before you get started on projects to make sure you don’t trigger unforeseen building code issues, and then of course incur unforeseen costs and delays.”
The building was converted into 21 one-bedroom and one-bedroom plus den units, which will see their first tenants as of November 1st.
“Over the years with the increase in demand and rents for multi-res apartments, we identified it several years ago as an opportunity for conversion,” he says. “We’ve got the approvals, we’ve done the construction, and we’re ready to open the building now.”
Rent starts at $1,950 per month for a one-bedroom unit, which is all-inclusive: all utilities, phone, and cable are included. Units with the den, which Heathers says could be used as a two-bedroom unit start at $2,250 per month.
He says that overall, there has been a good amount of interest in the units available.
“There’s been pretty steady inquiries both in terms of seniors and working professionals,” says Heathers.”We’ve been on the market now for about a week and a half, and we’ve got a handful of units leased and we continue to show the spaces.”
The building features has a 1500-square foot patio with barbecue, sink, and refrigerator, along with seating and a pergola for hosting events.
There is also a common room to allow residents to host dinner parties, and comes with kitchen facilities as well.
The completed conversion boasts barrier-free accessibility aimed at working professionals and older adults looking to downsize and enjoy an adult lifestyle, with quartz countertops, ensuite laundry, and visitor parking available.
“One of the things I really like about the property is the location – the fact that it’s walkable, and you have so many amenities outside the building all around you,” Heathers says. “And the location downtown on the west side of the river I think is, of course being across from the police station, is a pretty comfortable place to be.”
The Edgewater was build in the 1950s, and in its time was considered an architectural gem.
The suites feature condo-level finishes without the hassles of ownership.