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A sod-turning ceremony Wednesday marked the beginning of long-awaited construction on the Parcel Y development in River Landing.
Phase one of the project will see a parkade built to serve a 16-storey condominium complex expected to hold about 125 units, along with a 15-storey, 155-room hotel.
The condo will be built by Urban Capital, with construction managed by Blockstael Construction. Sales are expected to start in fall 2016, with construction of the building to begin in summer 2017 with an expected completion date in 2019.
The hotel will be an Alt Hotel, part of a chain owned by Quebec-based Groupe Germain. Jean-Yves Germain said he expected the hotel to be complete in 2018, about 12 months after the parkade is finished.
The overall Parcel Y development is also expected to include office space and a public plaza in later phases.
John Nasser with developer Victory Majors credited a partership with Triovest, a large Toronto-based property company, for kickstarting construction, which has been delayed repeatedly since it was first proposed in 2007 by a previous developer. Victory Majors became involved in 2010.
“(Triovest are) national-calibre developers, and then they brought the Germain group to the party and then Germain brought Urban Capital,” he said.
But Nasser cautioned that the real work is only just beginning. While the parkade, hotel and condo are on the way — he said market demand will determine how quickly the other phases get built.
“The parkade alone to get back to grade will take one year. Each tower will take two years once it’s above grade. It’s a long process. It could be ten years before you see this thing fully built out,” he said.
