Rural P.E.I. condos aimed at baby boomer market
Kevin Yarr | CBC News | Posted: July 21, 2016 10:18 AM | Last Updated: July 21, 2016
Don Reid looks to build in New London, Souris and Summerside
A Summerside developer is betting that baby boomers would be happy to settle down in one of P.E.I.'s smaller communities.
I kept clear of areas where there would be competition. - Don Reid
Don Reid, president of Island Condos, has put together a business plan to create three 20 to 30 unit condo buildings in Stanley Bridge, Souris, and in Summerside. He already has interest from potential buyers for half of the Summerside units and 20 per cent of the Stanley Bridge units, but no interest yet for Souris.
Reid said he chose not to build in Charlottetown because he believes the market is saturated in the capital city.
"I kept clear of areas where there would be competition, and went to areas where I know that there's a big tourism fluctuation and tourism number. Summerside was obvious, Souris was obvious," he said.
"Stanley Bridge is, I feel, probably one of the most active communities in the province, so there's a need, and the community is growing."
Still looking for land in Summerside and Souris
Reid has spent about $20,000 on the project and has purchased land in Stanley Bridge that overlooks New London Bay.
He hasn't yet bought any land in Summerside or Souris although he has scouted the two communities.
The condos are designed to attract aging baby boomers, with indoor parking, a convenience store, restaurant, swimming pool, shops, as well as a pharmacy.
Reid said he expects to hire about 40 people in each building.
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