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Plans for proposed condo units in a 17-storey twin-tower complex in north-end Halifax have been scrapped, as the developer has decided to market the entire residential component of the development as apartment units. Monaghan Square developer Robert Margeson told AllNovaScotia.com that the decision to shift the second tower of his development over to apartments was made due to a lack of “significant sales volumes.”
Located on 6100 Young Street, the twin tower development was originally conceived as a residential apartment complex. However, following an ownership shake-up in 2015, the new majority owner decided that the second tower would be marketed as condo units. Upon that announcement and subsequent marketing effort, the site’s website received 13,000 visits, with 300 of those resulting in pre-registrations from people indicating potential purchase interest.
Demand for apartment units in the first tower, opened for occupancy in July, has been healthy; however, Margeson pulled the plug on marketing the second tower as condos because “condo sales in HRM just aren’t that strong.” While the developer feels that certain pockets of Halifax maintain relatively healthy condo demand, he suggested that the north-end demographic is more interest in rentals.
Construction of the former condo tower began last October, and the tower is expected to be ready for rental occupancy in late 2018.
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