With the first phase sold out, the developer behind the Riverwalk Condos is excited to start talking about phase 2 of the multi-million dollar waterfront development.
Amit Sofer, President of TVM Sault Inc. told council Monday night that construction of phase one is expected to start within a few weeks. Sofer, who is reluctant to put a time line on the project expects buyers to start moving in to their high end condos in about a year “I would estimate about eight to 12 months, maybe a bit earlier.”
Sofer now wants to begin work on phase 2 that will include adding two additional floors to the existing structure that once house the emergency dept and renal dialysis unit of the former Plummer hospital. The additional floors will add another 59 units to the plan.
Work on phase two will begin as phase one is completed. Sofer also has plans to re-purpose the former General Hospital site, but that is still many years away. He says Phase two will take another 2 to 3 years to complete before ideas and plans for the General Hospital site can begin.
Sofer bought the 65 acre waterfront site in 2013 for $65,000
The entire project including phase one and two is estimated to be around $12 million.