I really hope the Club Renaissance high rise condo moves forward and gets built. The 61-story, 800 unit luxury tower truly looks like an awesome project in so many ways. But unfortunately, not much movement has been made at the actual site at Bonneville Avenue and Casino Center Drive - that is until now, where a groundbreaking ceremony was scheduled for 3pm today.
The project's Canadian developer, Gilles Pageau said he's got $60 million of his own money into the deal and he's been offered $400 million in contruction financing and that this project's definitely going to be built. But a developer saying his project will definitely get built is like Bill Gates saying he's got the best software.
Remember that Club Renaissance started advertising starting prices at under $150K, but really started selling at the $400,000s for the smallest 692 square foot unit. I'm not sure who actually purchased that one unit which sold at $149,900, but I'm willing to wager he must have been Canadian.
But I will give them credit for adjusting their price points to be in line with realistic construction costs. That's what gives me a good feeling about believing Pageau regarding his ability to move forward and actually build this project. With 247 reservations already converted to sales contracts, Club Renaissance has over $170 million of non-refundable deposits in escrow with 300 more in the process of contract conversion. That's another good sign.
With groundbreaking ahead, add Club Renaissance to your list of viable high rise options. I would suggest you register at their site to get further information.
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