The appeal of owning a bit of property on Sylvan Lake remains strong — even if that property is underwater and only a few metres long.
About 70 of the 118 boat slips available for sale in the proposed WatersEdge Condominiums & Marina have been sold, said Al Laplante, one of the partners in developer Sylvan Lake Harbour. This demand for slips in the former Sylvan Lake Marina, which have only been on the market since June 23, guarantees that redevelopment there will begin this October, he added.
“We’ve already hit our presale requirement for that.”
Sylvan Lake Harbour plans to drain and rebuild the marina as part of the first phase of the WatersEdge project. Each of the resulting 179 boat spaces will have its own title, unlike the previous situation at Sylvan Lake Marina, where slips were rented to users on an annual basis.
Laplante said the opportunity to own a piece of the new “dockominium” appeals to many.
“It’s such a unique opportunity, of being the first-ever to own your own dock slip.”
Prices range from $52,000 to $70,000, depending on size, location and the availability of power.
“The 52s are all gone and almost all the 70s are gone,” said Laplante. “So the bulk of the slips now are from $58,000 to $66,000.”
He estimated that two-thirds of the buyers are Central Albertans, with most of the remainder living in either Calgary or Edmonton. The majority previously rented boat space there, noted Laplante.
Fifty-five of the slips are being held back for sale to purchasers of units in two residential condominiums to be built nearby.
The first building will consist of an L-shaped, four-storey structure, with all 40 of its units overlooking the water. The second, four-storey building will add another 15 residential suites, as well as ground-level commercial space.
The condominium will have a 94-stall heated parkade and a pair of recreational boats for use by residents.
Prices for units in the first building range from about $490,000 to more than $1 million. Interest so far has been good, said Laplante, with one unit sold and four others on hold.
If demand warrants, work on the first condo building might also begin in October, he said.
The rebuilt marina is expected to be available for use next spring, said Laplante. The first condominium could be ready for occupants a year later.
Total development cost of WatersEdge Condominiums & Marina is about $16 million, excluding the price of the land.
Laplante said most of the local residents he’s talked to are supportive of the project and pleased to see this investment in Sylvan Lake.