A recent mystery in St. Catharines regarding the missing Russell Ave. fountain urn has been solved. It’s safe to say the 1879-marked decorative fountain has been found and returned and is planned to be incorporated in the new development. The property was previously used as a rental complex alongside three older homes and is now being turned into luxury townhomes.
177 Russell Ave. Development
With there being a low supply of available development land in St. Catharines, the demand for redevelopment sites continues to rise. The Russell Ave. townhouse site is just one of the many projects in St. Catharines that are taking sites with 2 or 3 dwellings and redeveloping them with substantially more townhomes. The site is 0.79 acres, with a purchase indicating a price of $854,430 per acre, and $42,188 per proposed unit, unadjusted for demolition costs.
The developers are in the application process of developing a subdivision of 16 luxury townhomes. Like this Russell Ave. development, developers are looking for sites with large enough area that they can redevelop. With the City pushing for higher densities, projects such as this one become very valuable.
Limitless Management & Services Ltd.
Limitless Management and Services Ltd. is a company out of Milton and bought the property in March of 2015 for $675,000. Owners Alaa Yousif and Marc Nasseh are in the application process of developing a subdivision of 16 luxury townhomes. Limitless Management is a well-established development company known for offering customized luxury and innovative designs for residential and commercial developments.
Alaa has commented on their project in St. Catharines, stating: “We have surpassed in achieving our goals for each project we have launched since 2014, making our clients and investors very happy with their return on investments…Our most recent project in St. Catharines has an expected completion date in September of 2016.”
The 177 Russell Ave redevelopment project is the first big development project in this area other than the Harriet Tubman public school on Henry Street. This is a well-known location for people looking to buy their first homes, and townhouse projects such as this are very valuable for first-time buyers.
We saw many new growth opportunities in the city of St. Catharines in 2015, and projects like this are continuing the revitalization process of the city in 2016. Become involved in the revitalization of St. Catharines by connecting with a Niagara real estate appraiser today.