Preconstruction | Starting from the Mid $300s

Crown Condos, Kingston

Downtown Kingston

Project Description

Property Description

CROWN CONDOS in KINGSTON | VIP SALE NOW ON!

The highly anticipated Crown Condos has just been released to a select handful of top VIP Platinum brokers!! Given the incredible demand we have seen pre-release, we are anticipating these units to sell-out fast!

QUICK FACTS

Developer: IN8 Developments

Address: 223 Princess Street, Kingston ON

Neighbourhood: Downtown (Princess St & Montreal St)

Storeys / Suites: 9-Storeys / 182 Suites

Suite Types: Studios, 1 Bed, 1 + Den, 2 Bed, 3 Bed

Pricing: Starting from the Mid $300s

Expected Occupancy: September 2023

7,000 sqft of Indoor / Outdoor Amenities:

3,500+ sq ft of Retail Space, Rooftop Terrace w BBQ Stations and Cabana Seating, Fitness Centre w Yoga Studio, Multi-Purpose Party Room/Games Room, Concierge Service w Parcel Room, Underground Parking, Smart Home Technology Package

DEPOSIT STRUCTURE

$5,000 on Signing

5% in 30 Days

5% on October 1, 2021

2.5% on July 1, 2022

2.5% on October 1, 2022

2.5% on February 1, 2023

2.5% on May 1, 2023

We wanted to share with you our TOP 5 REASONS to invest in Kingston:

GROWING UNIVERSITY = HOUSING SHORTAGE: Queen’s is one of Canada’s fastest growing universities at approximately 10% annually (over 2,000 students per year) and only has room for 4,500 on campus. There are already 6 applications for every 1 bedroom unit.
0.3% VACANCY RATE = HIGHER RENTS: Rents are 38% higher than more mature markets like Waterloo for its basic accommodations (rooms in housing). Over 95% of Queen’s students are from outside of Kingston which has driven rental rates up 37% over the last decade.
NO LUXURY FURNISHED RENTALS: The area surrounding the University is made up entirely of 50-100 year old houses where students can rent a room in a 4-10 bedroom house (at $750-800/ month!!) in poor condition, no amenities, and high maintenance costs. There are virtually no condos in the University area and zoning restricts future developments.
WEALTHIEST STUDENT POPULATION: Queen’s University has the largest endowment fund per student with over $640 Million raised as part of the Initiative ensuring that the growth continues for years to come.
TURNKEY: The best part about this investment is that it is turnkey. One year of FREE property management is being offered by the developer IN8 Development.

…If this is not enough to convince you, continue reading for more reasons to invest!!!

Rated # 1

“BEST CITIES TO MOVE TO NEAR TORONTO”

By the Huffington Post

The former capital of Canada has a charming historic downtown core and a very low unemployment rate.
95 Walk Score / 78 Bike Score – Very walkable, vibrant and energetic downtown with plenty of shopping, restaurants and entertainment
- 5-min walk to over 200 businesses, and all essential amenities
- Unique pedestrian lane connecting Queen St to Princess St (Princess St is the closest non-residential street to campus)
- 10-min walk to the St. Lawrence River Waterfront for culture, events, scenic walks and cycling
- Minutes walk to attractions such as Grand Theatre, Artillery Park, and The Leon’s Centre (home of Kingston Frontenacs)

Near Thousand Islands with some of the best beaches in Canada
Easy Connectivity
- 300m from the central transit hub that connects all of Kingston – $47 million investment in Kingston Transit being made by all 3 levels of government
- Quick access to Hwy 401

HIGH DEMAND, LOW INVENTORY

Over 40% of the population in Kingston are Renters (3rd highest rental rates in Ontario)
1 and 2 Bed new purpose built luxury accommodations are scarce and highly sought after (only 13% of the residential properties in Kingston are smaller than 2 Bed)
Kingston is protected by heritage designations which makes new condominiums rare, especially downtown
Kingston prices appreciated 11.6% in 2020; and inventory is at a record low. There are only four high-rise condos in Downtown Kingston; two built over 25 years ago that do not have modern amenities, the third is dedicated to affordable housing

BARRIERS TO ENTRY TO BUILD IN KINGSTON

Princess Street is the closest possible street to Queens to develop a condo building due to 2-storey heritage protected residential neighbourhoods.
Construction costs show Kingston is 10% more costly than Toronto – any excavation is very expensive due to Kingston’s limestone bedrock
This means that each new building constructed will be more valuable over the long-term due to continued shortage of supply and minimal competition.

QUEENS UNIVERSITY ON-CAMPUS SHORTAGE

Crown Condos is a quick 9-min walk to Queen’s University, with access to over 26K students, and 9.5K staff
Queen’s on-campus housing only offers 4,500 beds (for 27,149 students) with the number of students able to live on-campus declining each year due to lack of supply.
Queen’s enrollments have surged for 2021, with their International population growing faster than any other University
Current supply of student rentals are 50-100 year old houses in poor condition, no amenities, and high maintenance costs
Students at Queen’s pay $750-800/month for a bedroom in a 5-7 bedroom house. Over 40% more than the same type of accommodation in Waterloo or Hamilton
Low supply has led to record low vacancy rates and very high rental rates
Wealthy students and a growing number of international students desire luxury, private accommodations and they can afford higher prices.
- Only 30% of students received government financial assistance, compared to 64% at other universities
- Top choice for Ontario’s elite private school students
Your Potential Tenant: Queen’s has the highest number of A+ students of any university in Canada with an average of 89.2% for incoming students, and the highest number of award winning faculty. The University possesses a world class Medical School, Law School and Business School featuring both MBA and EMBA programs