Valente plans $10M Riverside condo project
Valente Development Corporation hopes to put the shovel into the ground this fall to begin construction on the first new condominium project in Windsor in over six years.
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.
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.