Lakewood of Strathmore has opened pre-registration for future townhouses which are intended to see construction begin this summer.
A co-development between Altura Properties and AJ Mason, the complex will consist of 51 townhouse units.
These townhouses will be established in four different layouts which will range from 1,175 square feet, up to approximately 1,400 square feet of floor space. The intention is to be able to support new and small families, or for investors to rent to a few tenants.
“They are going to be submitting to the Town right away for their formal building permit and approvals to hopefully look to start or plan to start construction this summer,” said Scott Silva, speaking on behalf of Lakewood of Strathmore.
“To further reinforce our confidence in the project, we have already been discussing with the Town for the last 60 days through what is called pre-application meetings to make sure that we have addressed any concerns around anything at all.”
Construction aims to begin as soon as possible, once a construction permit is approved by Strathmore Town Council.
Altura Properties and AJ Mason are confident their application to the Town will be approved without issue or delay, given that the land which would see development is already zoned for such a purpose as to support higher urban density and traffic.
“Part of the issue right now is the cost of construction and, and the volatility within it, but also the price increases not just to global inflation, but to the industry,” said Silva, addressing potential pricing for the units upon their completion.
“We are projecting that the homes will be starting in the high 300’s and if everything goes well, and if the project sells out this year, it will probably be the best thing for it.”
Strathmore is currently in need of additional housing options. Homes of sale in the community are few and far between, and there are not many spaces which support legal renting for potential tenants.
Particularly with the imminent development of large scale investment in Wheatland County, such as the De Havilland campus, new housing will become critical to accommodate a massive influx in local workers.
The team expects to establish what condo fees for the complex will look like within the nest two months. Once that benchmark is known, pre-reservation agreements will begin to move into formal purchase agreements.
As far as when homebuyers and tenants will be able to move into their new homes, the goal is to get people settled by next summer.
Additional information, floor plans, 3D renderings video and images of similar units previously built are available here. https://lakewoodtowns.ca/
(Photo Credit: Lakewood of Strathmore)