Podium Development Corp., Secure Capital Partners Inc., and Blue Vista Capital Management LLC have partnered with OPTrust to develop purpose-built rental buildings in Kingston, Ontario.
Currently under construction, Unity Point is the first of three planned phases located at the corner of Princess St. and University Ave.
The building will house 200 residential apartments ranging from studio to three-bedroom configurations that boast modern architectural design.
“There is a chronic short supply of quality housing options in Kingston,” said Podium Developments’ Managing Director Bernard Luttmer. “At present, the rental vacancy rate is the lowest in the province at 0.6 per cent, and this ceremony marks an important step towards our commitment to deliver high- quality rental apartments to approximately 350 residents for spring 2021.”
In addition to the 200 residential apartments, the four companies, who have plans to develop two more purpose-built rental residential projects, totalling 788 units and housing over 1,300 residents over the next four years.
The three projects combined will also offer over 26,000 sq. ft. of at-grade retail space.
Unity Point is a desirable option for students, working professionals and families looking for high-quality housing.
Building residents will have access to a rooftop terrace, yoga studio, gym, meeting rooms and study areas. The residents will also have access to over 11,000 sq. ft. of retail space.
“Housing is a top priority in our community. Kingston’s desirable location, which offers convenient proximity to Toronto, Ottawa, Montreal and U.S. markets, along with the incredible quality of life we offer, has resulted in continued pressure on our housing market,” said City of Kingston Mayor Bryan Paterson. “That’s why I’m thrilled to see construction begin at Unity Point. This thoughtfully designed, purpose-built development will help boost our housing supply while adding to the vitality of the Williamsville area.”