Stunning harbour views, gorgeous and spacious layouts, room to entertain right here on the downtown waterfront and freedom to travel and get active - maintenance free!

Join us for a private guided tour and view the restoration of this historic Summerside building while discovering 5 new Summerside homes. Only 3/5 left! If you're interested in upgrading from a smaller rental or a beloved but tired bungalow or farmhouse, or perhaps you're moving back from being away or living on the island for work, you can own a place where you wander the waterfront and entertain family and friends with this much ease, so just call!

To find out more, contact Scott Brown by email: scott@rentsummerside.ca, by phone: (902)436-1300, or drop in for a visit at our offices at Loft #2 at 359 Water Street.

Journal Pioneer: Former Feed Building to Get New Lease on Life

>> Friday, May 29, 2009

Below we post an article printed in the Journal Pioneer, May 29, 2009. Excitement builds at the prospect of gentrifying this beloved heritage building!

NANCY MACPHEE 
The Journal Pioneer

SUMMERSIDE – The building may not be much to look at now. 
But that will change this fall when the former west-end warehouse’s transformation into a million-dollar multi-unit condominium complex is complete. 
Peter Brown and Mike Fraser are converting the old Co-op feed building at 359 Water St. into mid-scale condos and commercial space.  
“We saw some value in adaptive reuse of the building,” said Brown. 
The building’s been vacant Atlantic Co-op Country Store’s closure in July 2008. 
The condo project received approval in April from the city’s planning board.
Since, the developers have stripped the structure to its “bones”. 
The timber-framed two-and-a-half-storey building on the east corner of Water and Cedar streets is structurally sound, built around 1870 by local shipbuilders. 
“We took off all of the additions that went up over the years,” said Brown. “We are going to retain in the interior, as much as we can, any of the exposed beams.”
The foundation, built to commercial standards in 1949, is also solid, he added. 
Brown’s been involved with two other city condo projects. 
Harbour Terrace, above the Journal Pioneer, was his first project and was more “upscale high-end” — in the $300,000 to $400,000 range per unit. The Suites on St. Stephen, across Second Street from Valu-foods, houses “entry-level” condos, at around $120,000 and up. 
The Lofts at 359 Water is somewhere in between. 
“We’re the only developers doing condominiums in Summerside. We have to provide a mid-range product, both in size and in price point,” said Brown. He sees the potential tenants as those in their 50s to early 60s.
“We see it as much more attractive to the local market who is ready to get rid of their house and the maintenance.”
At Harbour Terrace, four units are for sale while at Suites on St. Stephen, six units of the 12 units 
have sold and two have offers pending. 
Each 1,500-square-foot condo at Lofts of 359 Water starts at around $200,000. 
When complete, the building will almost double in size to 7,500 square feet. 
“We’ll be adding four dormers to the west. Then there will be a four-bay garage to the north,” explained Brown.  
A single-bay garage will be added on the southeast section of the complex. 
On the east, patios will face downtown with the front facing west. 
The complex’s main floor will consist of residential and potential commercial space while the basement and top floor will house condos. In total, five condo units will be constructed. 
It will include a geothermal heating system with compressors in each unit.  
Already there’s interest in residential and commercial space.

To view the original article, go to:

http://www.journalpioneer.com/index.cfm?sid=255741&sc=118

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