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SOMBA K'E/YELLOWKNIFE
Potential buyers got a first look inside The Point this week - the city's newest downtown condominium development, aimed at the downtown executive.

Shane Clark of HomeLife Sunrise Real Estate Ltd. and Toro Ventures Ltd. director Cheryl Robinson-Houweling started tours of new downtown condominium building The Point, on Monday. - Thandiwe Vela/NNSL photo

Yellowknife-based developer Toro Ventures Ltd. launched showings for the four-storey, 15-suite executive class apartment building at the corner of 51 Avenue and 47 Street on Monday.

With move-in dates slated for August -- roughly one year after builders broke ground on the building last summer -- The Point is expected to quickly fill a void in the city's housing market.

"From the beginning, this building was designed and built to offer executive downtown living," said Shane Clark, owner of HomeLife Sunrise Real Estate Ltd. "Compared to other major centres in Canada, there's a shortfall of that in town."

The downtown executive has not been catered to in Yellowknife since Northern Heights, Clark added, which was built more than 20 years ago.

The Point is the first development for Toro, which partnered with Homelife to determine the units best-suited to the market, and the location.

The building was initially set to be rented to ease the city's tight rental vacancy rates but due to the demand for condos, Toro decided to sell all the units.

"There's a huge housing demand in Yellowknife and we wanted to do something different and unique," said Toro director Cheryl Robinson-Houweling, of the multi-coloured building.

At about 900 square feet, the units were constructed to be spacious, Robinson-Houweling said, with enlarged common areas, hallways, units, windows and balconies.

"I think we went above and beyond the norm," Robinson-Houweling said.

The Point includes single and two-bedroom unit as well as a three-bedroom penthouse suite with a 13-foot sloped ceiling and quartz countertops.

While the building is not nearly the size of Northern Heights, having only 15 units has been a selling point for the development, Robinson-Houweling said.

"Having only 14 other owners gives it exclusivity," she said. "It's a nice compact yet highly executive building."

Under the City of Yellowknife's smart growth plan -- which aims to promote an increase in downtown residential development -- the condos may be eligible for five-year tax abatement, Robinson-Houweling said.

The Point is the first development for Toro, which has plans to develop more properties in the city in the future.

Toro, which also does property management, has not yet awarded the management contract for the condominium, which will eventually have a condo corporation established.

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