Lakewood of Strathmore launches pre-registration for upcoming townhouses
By John Watson Local Journalism Initiative Reporter
Pre-registration has begun for interest in future townhouses which are intended for construction in Lakewood of Strathmore, which aims to break ground later this year.
The complex is being co-developed by Altura Properties and AJ Mason, which are working alongside Lakewood of Strathmore in order to secure a building permit for a 51-unit complex.
“They are going to be submitting to the town right away for their formal building permit and approvals to hopefully look to start or plan to start construction this summer,” said Scott Silva, speaking on behalf of Lakewood of Strathmore. “To further reinforce our confidence in the project, we have already been discussing with the town for the last 60 days through what is called pre-application meetings to make sure that we have addressed any concerns around anything at all.”
Silva added Altura Properties and AJ Mason are eager to get the project approved and to move into construction as soon as possible.
The team is confident they will be able to secure their permits without issue, as the land they are intending to build on does not need to be rezoned and is already designed to be able to accommodate increased urban density.
Strathmore currently maintains a need for more affordable housing options, as homes for sale, or to rent are few and far in between. For a time, access to 51 units designed to house small families or tenants would relieve some of the pressure around the issue.
“Part of the issue right now is the cost of construction and, and the volatility within it, but also the price increases not just to global inflation, but to the industry,” said Silva, addressing potential pricing for the units upon their completion. “We are projecting that the homes will be starting in the high 300’s and if everything goes well, and if the project sells out this year, it will probably be the best thing for it.”
Condo fees within the complex are also aiming to be established within the next 60 days, at which point the co-developers will be looking to move pre-reservation agreements into formal purchase agreements with interested buyers – be them individual homeowners or investors.
Silva added the units will consist of four different layouts, ranging from 1,175 square feet up to approximately 1,400 square feet in floor space.
Move in dates would look to have people beginning to move into their properties by summer of next year at earliest.
More information regarding the units is available online via Lakewood of Strathmore, including virtual tours, floor plans, 3D renderings, and images of similar units which have been constructed elsewhere.