Gottingen Terrace moves forward | News | Halifax, Nova Scotia | THE COAST

Gottingen Terrace moves forward

The fourth and final housing project by Creighton/Gerrish Development Association makes big impact on Gottingen Street

There are three housing developments in the works along Gottingen. The first is a horrendous looking apartment complex going up at the corner of Falkland (Hello! Street level parking garage?!), the second the more-promising Theatre Lofts project just to the north.

But the third is the most interesting on the street. Gottingen Terrace is the fourth and final project of the Creighton/Gerrish Development Association a decade-old organization formed to build high-quality affordable housing in the north end. The project consists of 48 residential units---split between one, two and three bedroom units---to be built on the former Sobeys site across from the library. Architectural drawings depict a well-designed complex comfortably arranged, and there’s already a buzz in the neighbourhood.

Creighton/Gerrish is targeting long-term residents of the area as prospective buyers, as well as those with work and family connections in the north end. And these are exceptionally affordable---ranging from about $129,000 for the one-bedroom units to about $198,000 for the three-bedroom units. Monthly payments could be as low as $647, affordable to a family with total income of just $33,000 a year.

The obvious worry is that people would buy these condos to flip them, but Creighton/Gerrish has addressed that concern by collecting all their costs and time, and well as the increase in property value over the last 10 years, as a second mortgage to be held by the provincial affordable housing program. Residents could sell their units, but they’d have to first pay off off the second mortgage.

Grant Wanzell, president of Creighton/Gerrish, says he expects that property values in the area won’t take very long to exceed the collected price of the first and second mortgage, and so residents will realize a long-term equity gain, but won’t have incentive to flip their properties quickly.

Wanzell also has interesting things to say about gentrification in the area---he’s not concerned about it, noting that there’s much social housing that isn’t going anywhere. The new upscale residents, he says, “only add to the mix. That’s a good thing.”

You can check it out Gottingen Terrace for yourself at the Creighton/Gerrish office, 2020 Gottingen, or call Wanzell at 789-2432.

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