Boudreau Communities is gearing up to begin construction on the Riverbank Landing Project located beside the existing Botanica development.
The real estate developer held a ground-breaking ceremony for the site — located on the former Hole’s Greenhouses site on Bellerose Drive — June 13. Dave Haut, CEO of Boudreau Communities, said the site is ready to start servicing underground within a month. Construction on the first building, a 50-metre tower and commercial space along the river, will begin later this year.
Haut said the ground-breaking ceremony received good turnout, with attendance from council members and “a number of potential purchasers” for both commercial space and condos.
“It’s exciting that the business community really turned out as well,” Haut said. “I think a lot of people are looking forward to this project getting started.”
Extra building in the plans
While former plans for the site included five buildings, Haut said plans have recently expanded to include a sixth small building at the site’s northeast corner which will provide additional commercial space.
“There’s a big hill there and we needed to deal with it somehow,” Haut said, adding that the expansion is also a result of market demands.
Haut said the number of residential units on the site will remain the same, at 360. So far, Haut said some 65 per cent of these units have already been reserved.
Boudreau Communities can’t finalize the site’s drawings until they receive a permit from the city, Haut added, but potential future residents have signed up and given a refundable deposit on the unit they would like.
“In the fall, before we start construction when everything’s planned down to the last ditch, then we reach out to those people,” Haut said.
As far as whether the previously estimated construction timeline of five to seven years remains accurate, Haut said it would be closer to five because the “market acceptance has been really strong.”
“I think we’re going to be able to accelerate that,” Haut said, adding that in terms of commercial buildings, Boudreau Communities is seeing interest from small local restaurateurs and service providers, as well as interest from medical providers such as physiotherapists and doctors.
Haut said the future of the site looks promising.
“Just like everyone, we’re worried about the economy,” Haut said. “But I think people see the lifestyle that they have in Riverbank, and a lot of people move in to get rid of one car because they can walk so close, so there’s savings there, too. It seems to be being embraced fairly well.”