Published by: Paula McCooey, Ottawa Citizen, June 24, 2009

OTTAWA - The launch of a slick, new condo development bucked the trend of lagging sales last weekend when almost 70 per cent of the 36 one and two-storey apartments sold within a couple of days.

The 360Lofts condo building, to be built at 383 Cumberland St., is a sophisticated, European style low-rise that will sit on the edge of the ByWard Market.

With a city teeming with low and highrise condos, this mid-rise, six-storey is a welcomed addition for first-time buyers looking for an affordable, sleek downtown space. The majority of condos will have one bedroom with prices starting around $200,000.

"We really wanted to look after people in the market looking to buy their first home, and they really want to live in a dense urban setting, but can't afford to pay $250,00 or $300,000 for a one bedroom," says Jakub Ulak, 33, who is both the developer and one of the designers working on the project. "We wanted to create a product that (buyers) would be very happy and proud to live in, but at the same time they could afford."

Daniel Benatuil, a market analyst for CMHC, says it makes sense the 360Lofts were such a hit considering young, first-time home buyers are expected to help revive the condo apartment market across the country.

"This is not surprising," says Benatuil. "It is consistent with the current trend. Especially as the mortgage rates remain low."

However, overall, he says condo apartment sales in Ottawa remain "quite weak" compared to previous months.

He says the units "not sold" is an indication of this.

"The units unsold, condo apartments in Ottawa, the average is about 120 that are kept in inventory," says Benatuil. "Right now the inventory is about 150 units."

Eric Baets, 34, and his fiance Amanda Pinch, 20, were attracted to the development's boutique-loft models and unique exterior design -- with its timber beam that will support the soaring two-storey entrance.

The couple, downsizing from a five-bedroom home near Prince of Wales Drive, were attracted by the building's smaller scale and urban vibe.

"It's a pretty refreshing design, at least from the outside," says Baets, who purchased one of the two-bedroom penthouse suites with a large terrace deck. "It was definitely different than some of the other ... condos I looked at."

The condo fees also fit their budget.

Priced at 29 cents per square foot, they are considerably less than other projects around the city because the development is a simple model, without expensive features such as a pool or gym, that usually send fees up to $400, $500 and higher.

Condo fees for a 404-square-foot studio will be $117 per month. Condo fees for Baets' 972-square-foot loft, the largest in the building, will be about $280.

"It is very simple living, it's a small condo. There's no gym, there's no pool," says Baets. "There's a gym across the street from me, so I don't need extras, which bring the condo costs down really low and makes it affordable."

While the developers kept such services to a minimum, they did not scrimp on quality.

Each suite has dozens of high-end features, including stainless steel, Energy Star-rated appliances, hardwood floors, granite countertops and custom designed Euro-style kitchen cabinetry.

The chic building also features a communal landscaped roof garden, a gated courtyard entry with a security door and surveillance cameras.

Ulak says it was important for his team, which includes architects Jim Colizza and Toon Dreessen, to create a building that would respond to the sophisticated demands of its 25- to 35 year-old-target market and be a responsible addition to the city. Ulak and his team wanted an building to blend into the neighbourhood and not be another tall condo building.

"We wanted to create something that would inspire people, get them excited and feel proud about living this kind of a building," says Ulak, who aimed to create efficient condo designs, with little or no wasted space in areas such as long, wide hallways. "We wanted to do something that the city hasn't seen before, trying to get people a little it excited about architecture. But at the same time, create a building that would respond in a responsible fashion to its surrounding context."

There are 13 units left. The lofts are expected to be ready by Fall 2010.