by Nancy Gardiner
Northern News Services

NNSL (Feb 19/97) - Urbco Inc., a Calgary firm with more than half its assets in the NWT has a lot of faith in the Yellowknife housing market.

The company plans to construct a 46-unit condominium complex called "Diamond Pointe," said Greg Herndier, senior vice-president of operations from Calgary.

"We make our decisions based on the local economy. It's not a boom economy, but a good, stable economic base," said Herndier.

"We're aware Yellowknife is a product of mining, tourism and government, but we can't make decisions based on any of them." This project, he said, is based on affordability for the target market -- the current tenant base.

There's already a waiting list of 14 people for the new units, he added.

The company already several other developments in the city, including the Diamond Park and Diamond Ridge condos. It also built the Garden Apartments and Townhomes, the Sunridge apartments and the Wal-Mart building.

The new condo units are planned for Williams Avenue, abutting Ecole St. Joseph. Construction is expected to start April 15.

It's expected the new condo owners will be able to move into their completed units by Aug. 1.

Condo units will range in price between $120,000 to $160,000.

Urbco Inc., whose head office is in Calgary, is a publicly-traded company (UBC) on the Alberta stock exchange.