But increasingly, developers are buying existing apartment buildings and converting them into condos, a cost saving method that offers prime locations, affordability and a shorter waiting time before possession.

The Neville (1022 16 Avenue NW) is just such a development. Currently being refurbished by Kimcorp Properties, who recently completed a similar project near Chinook Centre, the forty unit, eight storey building is being transformed from outdated apartments to chic, modern condos. Both the developer and the buyer benefit from converted properties.

“By doing a conversion we’re able to sell units for a third to half as much as new,” says developer Yuin Kim, who also points out that renovating an existing building is far less costly than building one from the ground up because no structural changes need to be made to the 1970s era building, which, with its concrete exterior, floors and walls, is very solidly constructed. Buildings like this, Kim says, were designed to last, with an average lifespan of 110 years, making it a sound long-term investment as well.

The Neville is situated in one of Calgary’s most desirable locations, less than a block from the SAIT campus on 16th Avenue.

“The proximity of downtown without being downtown” is one of the most attractive features of the Neville, Kim says, who adds that there is a wealth of amenities nearby, including the c-train, the SAIT gym, dozens of restaurants and bars, the North Hill Shopping Centre and Confederation Park. According to Kim, several buyers are thinking towards the future, purchasing the units for their children to live in while they attend the college.

The Neville’s show suite, presently being shown by appointment, is light, airy and open, maximizing the natural light from the full-glass balcony doors with the use of mirrors. Dark hardwood cabinets and granite countertops in the kitchen create a contemporary look, and there is more counter space than in many kitchens twice its size thanks to the large island. The fridge, dishwasher, stove and microwave are all included, and buyers have the option of purchasing a combination washer-dryer machine which tucks nicely under the kitchen counter. These units, which have been popular in Europe for years at cost about $3,000 installed, are excellent for condos because they take up so little space. About the size of a small washing machine, it first washes, then dries clothes. All units also have a spacious bedroom, a soaker tub and a large balcony with brand new glass railings. Units on the north south side enjoy a striking view of downtown. Overall, the quality is at par or above other developments selling for much more.

Virtually everything in the units have been renovated or replaced, including the floors, which are now laminate hardwood, the lighting, baseboards, heating, hardware and everything has been repainted. The common areas in the building are undergoing a facelift as well, including the lobby and commercial space which is currently being used for a retail store, but will be converted into the building’s office.

The majority of the units at the Neville are one-bedroom, all around 650 square feet, however all the units on the top floor have two bedrooms and are just under 1,000 square feet. Prices start at $172,000 including GST for a one bedroom unit, and $295,000 for a two bedroom. Condo fees are only $275 per month, and include utilities. With only ten units left and renovations near completion, this development is expected to sell out quickly.   CL