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| Fenwick Place has been sold. |
5599 Fenwick Street is about to become an address of downtown luxury.
Templeton Properties has purchased the AV俱乐部 student residence with plans to fulfill architect Sydney P. Dumaresq鈥檚 original vision for Halifax鈥檚 highest building. The agreement of purchase and sale has been finalized, and Templeton will take possession on June 15.
鈥淚t was designed to be a luxury, high-end building and that鈥檚 our vision too,鈥� says Joe Metlege, VP of operations for Templeton Properties, a Halifax-based developer and property management company.
That vision was unrealized back in 1970 when Kenney Construction of Yarmouth declared bankruptcy in the midst of building the 33-story apartment building. A year later, AV俱乐部 bought the unfinished tower to provide single and married students an alternative to traditional dorm-style residences.
Last year, AV俱乐部 decided to sell the building because of mounting costs to update aging building systems; at the time, Jeff Lamb, assistant vice-president, Facilities Management, said the university would rather invest in buildings on campus.
Despite the extensive renovations it needs, Mr. Metlege says Fenwick Place is a coveted property because of its size and location, location, location.
鈥淵ou鈥檇 be hard pressed to find a building of that size in Halifax, let alone in south-end Halifax,鈥� he said.
Templeton is now offering Fenwick鈥檚 252 units for rent. Monthly rents range from $700 for bachelor apartments to $1,200 for two-bedroom, fully furnished units.
Students had their leases expire at the end of April, and were given the option of extending their leases until June 14. Even after that date, it is expected some students will continue as tenants with Templeton.
AV俱乐部 itself will sign five-year leases for departments situated on Fenwick鈥檚 promenade level, including the Schools of Human Communications Disorders and Health Administration and the Faculty of Medicine's Learning Resource Centre.
In that time, Mr. Metlege expects Fenwick Place to be transformed. Templeton Properties plans to do a complete facelift of the exterior, making it 鈥渟ofter鈥� and 鈥渕ore modern,鈥� while repairing and retrofitting mechanical and structural systems inside. Apartment units will also be extensively renovated; think granite countertops, hardwood floors and beautiful views of the city, says Mr. Metlege.
"We鈥檙e pleased to see this process come to a favorable conclusion for all involved. Fenwick Place has a long and storied history in the development of AV俱乐部 and we鈥檙e pleased to see the building get a new life with Templeton,鈥� says Ken Burt, AV俱乐部 Vice President, Finance.