Artist’s rendering of The Pinnacle. (Photo: Quinte News)
Work continues to bring a big, high-end condominium project to downtown Belleville.
President of FairTradeWorks Jim Perkins says they expect a building permit to be issued by the city within the next three to five weeks for a six-storey building on the former Hotel Quinte property to be known as “The Pinnacle”.
Perkins says city staff have been “fantastic” to work with on what will be a very complex project.
However, construction work won’t begin until a certain number of the 110 condo units are pre-sold.
Perkins says a lot of prospective buyers will be from out of the area and the winter weather has kept them home but that is now changing.
Incentive programs are now in the works and being distributed to realtors.
When the units were first put up for sale there was a lot of interest both from outside the area and locally, but Perkins says a lot of people chose to wait to see if the project would become a reality. “Sophisticated investors purchased units right away knowing that the Belleville/Quinte market was set for an expansion as well as being a great place to live. We knew it would take time to percolate. This is a new concept in a new location.”
Perkins says he’s confident the pre-sale goal will be met soon because interest is picking up.
It’s estimated that once underway it will take around two years to complete the building which will feature commercial space on the ground floor.
The total cost to complete The Pinnacle is estimated at $30 million.
