$100 million development in Niagara

[projekktor id=’25100′]
It’s being called the first high rise luxury condo of its kind in Niagara Falls, with prices for the 10 story condo starting as low as $283 000 and going as high as $2 million. It will house 150 units, 60 of which are already sold.

“There is going to be a heated indoor pool, spa, hot tub, gym, a yoga centre. It’s just going to be quality.” said realtor Mark Primerano.

The condo will be built on 2 acres of land in the middle of the Thundering Waters Golf Club, just metres from the 18th hole. It’s less than 7 kilometres away from the casino, the future GO Train station and one of the seven natural wonders of the world, Niagara Falls.

It’s one of the reasons that drew Chinese developer Ted Zhou here. “I think Niagara Falls has untapped potential.” The project is Zhou’s first in Canada and it is worth 100 million dollars.

Construction on the 10 storey structure will begin in 2017 and is expected to take about a years time to complete. But it’s not the only housing development being planned for this year. A controversial billion dollar project is being planned by Chinese investors on land near the Thunder Waters Golf Club. GR Investments is looking to build residential and commercial buildings over 280 acres of land. Region chair Alan Caslin says he welcomes foreign investors to the Niagara area, but some people are against the project because it is being built on sensitive wetlands. He says there is about an acre of land for every person in the region and doesn’t expect the market to flood with foreign money like Vancouver and Toronto.

The region says there are a handful of international projects underway, including hotels and wineries. There are even plans to build a Bank of China branch in Niagara Falls.