Owen Sound Transforms Office Building into 21 New Apartments

A former office building in downtown Owen Sound has been successfully converted into a residential complex, now known as The Edgewater. This project features a total of 21 rental units, primarily offering one-bedroom apartments, with the first tenants scheduled to move in on November 1, 2023. Located at 920 1st Ave. W, the building has already seen five of its units leased, reflecting a promising start for the new residential initiative.

The Edgewater project consists of 18 one-bedroom apartments and three additional one-bedroom units with a den. Rent for these apartments begins at $1,950 per month for the standard units and can reach $2,250 for the larger options. Each unit ranges from 600 to 850 square feet, providing a comfortable living space for prospective tenants.

The site has a rich history, originally housing the Grey Bruce Health Unit before it transitioned to various commercial tenants. The building, constructed in the mid-1950s, was expanded in the 1970s. Trevor Heathers, president of Northridge Property Management Inc., noted that the robust construction of the building, featuring two-foot thick exterior walls, contributes to its quiet environment.

Heathers emphasized that the apartments are finished to a high standard, boasting hardwood throughout, kitchen crown moulding, solid-core doors, and acoustic insulation in every wall. Residents will also enjoy amenities such as controlled heating and cooling, security cameras, and a common room. Each unit includes in-unit laundry facilities, and the rent covers all utilities, internet, phone, and cable, valued at approximately $350 to $400 monthly.

The decision to convert the building from office space to residential apartments was driven by market demand. Heathers observed a notable lack of high-quality one-bedroom rental units in the area. He believes that both seniors and younger professionals seeking housing in Owen Sound will find these apartments appealing.

The initial building served as the headquarters for the Co-operative Insurance Association, also known as the Co-operators, which played a significant role in constructing the four-storey addition. After the health unit vacated the premises in the early 2000s, Northridge Property Management acquired the property in 2010.

Heathers has invested approximately $3 million into the redevelopment of The Edgewater project, citing the profitability of residential conversions. He stated, “If you’ve got a building that you can convert feasibly from office into apartments, it really does make sense,” highlighting the more favorable financing options and valuation methods associated with residential properties.

The shift towards more rental apartments marks a significant change for Owen Sound, reflecting broader demographic trends and economic pressures. Heathers pointed out that many individuals are facing challenges related to living costs, making rentals an attractive alternative to homeownership, especially in light of rising mortgage rates, which have surged from around 2 percent to approximately 5 percent.

A wave of new rental projects is also underway in Owen Sound, including the development of 267 units along East Bayshore Road, set to welcome residents in 18 to 20 months. Additionally, construction has recently commenced on the Harbour West project, which will feature 224 rental apartments in the city’s core, with the first units expected to be available within a year.

As Owen Sound adapts to changing housing needs, The Edgewater stands as a testament to the city’s commitment to providing quality living spaces that meet the demands of its evolving population.