A big residential/commercial project long proposed for Belleville’s Downtown District has been cancelled.
In an interview with Quinte News Tuesday morning, President of FairTradeWorks Jim Perkins said “The Pinnacle” condominium project
is officially no more.
“The Pinnacle” was to have been a six-storey building with commercial space on the ground floor and about 80 condo units above.
The $30 million project has been talked about for at least three years.
Perkins cites slow pre-sales (less than 50% of the 80 condo units pre-sold) and an uncertain economic climate exacerbated
by the COVID-19 pandemic were the main reasons behind the cancellation of the project.
All of those who made down payments on condo units will be reimbursed.
“To be clear we aren’t giving up on the property. It just seemed that concept wasn’t right for this particular period in time. Changes to
development plans happen all the time as market conditions change,” said Perkins.
FairTradeWorks intends to go back to the drawing board and consider other options for the property. “Rentals, rent-to-own, maybe another type
of condo concept, everything will be back on the table. Belleville’s downtown is on the up and we want to be part of it. We’re very happy with how the BDIA and the mayor have been working with us.”
Recently, there has been discussion among locals that a Loyalist College student residence might be a good fit for the Downtown District however Perkins says he’s not been involved in any discussions regarding that idea.
It’s hoped a new concept will be ready to be announced before the new year.
