Developer keen to get to work on 2nd condo plan
Financing issues killed 1st plan at Passmore and Chestnut
The huge empty space at Passmore and Chestnut streets in Charlottetown is one step closer to being filled.
Charlottetown council held a public meeting Monday night for several development projects, including Philip O'Halloran's condo development.
O'Halloran went through this process for this same piece of land last year, and was approved for was for a 50-unit building with commercial space on the bottom floor.
Then last winter he ran into a money snag.
"Back in February/March there was a blip in the world economy and believe it or not it did affect Prince Edward Island," he said.
"One of my funding partners, First National, ran into a little bit of a jam and that shelved our financing letter. So it made things difficult and basically cancelled the project."
One becomes two
O'Halloran sought out new partners, and with those new partners came a new development plan.
There will be two buildings instead of one: a 28-unit building on Chestnut Street and 16-unit building on Passmore Street. The buildings will have a mixture of one- and two-bedroom units with some one-bedroom plus den units.
With new commercial developments in the area, O'Halloran has also dropped plans for a grocery store on the ground floor.
"We've seen a new grocery store open up on Kent Street there and I think that should support the neighbourhood nicely," he said.
"There's also been some food added at the old co-op on Queen Street. There's also a convenience store that has sort of increased their stock a little on Queen Street around the corner."
Public seems to be happy
The last time around, the public meeting about the condo was filled with angry residents against the project.
This time around there were a few questions, and only a couple of concerns from the nearby Patterson Terrace condos on Queen Street.
"My concern primarily is traffic on Passmore, being able to get in and out on Passmore. That is our main exit out of our parking lot back at Patterson Terrace," said one resident.
After the delays, O'Halloran wants to get to work.
"We put a lot of energy and development into preparing these sites," he said.
"It's time to get to work. I don't want to have to see the property remain vacant for another year."
The project will now go back to planning board, then it's expected to be up for a vote at the council meeting next month. O'Halloran said they will break ground on the first building right away if approved, with the hope of starting the second in the spring.