(04-14-2016, 10:24 AM)panamaniac Wrote:(04-14-2016, 10:05 AM)519 Wrote: According to the latest newsletter from Momentum, the OMB hearing concluded near the end of February. A decision is expected in the spring (soon?).
Tower 1 is over 90% sold.
Tower 2 is nearly 70% sold.
That is impressive. Safe to assume these are mostly being sold to investors to be rental units?
Not necessary. It's an attractive project that could draw a lot of first time buyers including downtown/uptown renters and workers who want to step into their own place. I'm sure there's a good portion of investment purchases but probably not as high as those condos near the Universities. With respect the rentals, some investors may be looking to flip their unit(s) to future buyers that are looking to move in rather than renting it out.
It's been just under two years since the sale office open. I assume it will take another two years for it to be built and fully occupied.
It would be interesting to see what their backup plan will be if the OMB decision doesn't go their way.