For the last few years, Kingston’s vacancy rate has been trending low - thankfully, there’s a multi-phase rental development in the works by Secure Capital Partners Inc., Blue Vista Capital Management LLC, and Podium Development Corp.
According to the Canada Mortgage and Housing Corporation, housing starts are currently on the rise in Kingston due to rental apartment developments breaking ground. This is good news because demand is extremely high and vacancy rates have been low since 2016. Now that a three-building development has been announced, renting in Kingston is looking even more promising.
“This three phased build-to-core multi-family development is truly unique in the Canadian landscape,” says David Ogden, a Managing Partner of Secure Capital. “New core multi-family assets are in very short supply and are arguably the most sought after commercial real estate asset. We are a firm believer that developing to core in this market is a sound strategy that will create solid long-term returns. These modern assets will outperform older, existing buildings and achieve higher occupancies and rents.”
The three new residential buildings will feature 788 total units, housing approximately 1,300 residents. The location is close to Queen’s University and downtown Kingston, so we imagine there will be a good mix of students, working professionals, and families living in this new development.
“These projects were carefully assembled and planned over several years and will include best in class amenities, technology and design,” says Bernard Luttmer, Podium Developments Managing Director. “We look forward to delivering these excellent housing options to the Kingston community.”
All three buildings will total more than 600,000 square feet, including 26,000 square feet of retail space. The first building will be located at 333 University Ave., and is scheduled for completion by 2021. The second and third buildings are scheduled for spring 2022 and 2023 completions.
“There is no better residential market than Kingston for our latest development because of its high barriers of entry and exceptional demand for quality apartments,” says Patrick Flaherty, Blue Vista Senior Vice President, Student Housing. “We are pleased to collaborate with experienced partners who understand the landscape and share our vision of innovation in this sector.”
Development is kicking into high gear in Kingston for both the new home market and rental market. It’s exciting to see an historic city attracting more families, young working professionals, and the bright young minds of tomorrow.
We can’t wait to learn more about these new rental buildings by Secure Capital Partners, Blue Vista Capital Management, and Podium Developments, and we’ll definitely be following the construction progress.