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—June 4, 2015
While Dartmouth King’s Wharf developer Fares & Co. is seeking to make extensive changes to the ongoing mixed-use development, plans for further development also include a shift in focus from condominium buildings to apartments. Fares & Co. last week submitted to the Halifax Municipality a revised development plan that calls for a grocery store, townhouses, two parks, an amended road plan, public access to the waterfront, and increased building heights. While the requested development agreement revisions do not specifically address condominium versus apartment, Fares and Co. President Francis Fares publicly stated his intention to focus on apartments rather than condos going forward.
Three of the four existing King’s Wharf mid-rise buildings were built as condo buildings, and Fares sold the development’s sole apartment building—The Killick—earlier this year to Killam Apartment REIT for a reported $33 million. The deal also gave Killim right of first refusal for any future King’s Wharf apartment buildings that Fares decides to sell outright.
According to the King’s Wharf website, just over two dozen condo units are listed for sale in the the three development’s three condo buildings, The Anchorage, The Keelson and the Aqua Vista. Prices range from $299,000 for a 720-square-foot unit in the Keelson to $1.95 million for a 2,000-square-foot penthouse unit in the Aqua Vista.
Condominium residents will benefit from the requested development changes. Along with the grocery store, and parks, residents will be able to enjoy a planned pedestrian-only street, a “cove beach and lido,” and a “marina district” with boardwalk and restaurants, patios, and shops along the water.
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