Despite many challenges, the Power Link commercial and residential project at the corner of Mary Street and Goderich Street (Hwy. 21) in Port Elgin is moving forward said developer Andrew Hill.
“We have had many unpredictable challenges,” says Hill, “from escalating material costs due to supply chain issues to balancing in a pandemic for two years and major damage after a fall wind storm swept through. In spite of it all, we are going ahead.”
Hill, a local builder and developer for 30 years, says that he has built a network within the trades so that he is not experiencing the labour shortage that others may be going through. “We use all local tradesmen and try to access all our materials locally, such as our steel that is out of Wiarton and building supplies from local companies.”
Due to the challenges, Hill said that he has had to pass on over-run costs to the residential investors. “We’ve asked for a 10 – 12 per cent increase in their investment to keep the project viable and all but a couple have agreed. I have spoken personally with them and they realize that the increase of 25 – 30 per cent in property values that they have already seen far outweigh the small increase. Those who decided not to move forward with us are receiving their deposits back in full.”
According to Hill, there are three local investors and the others are from out-of-town whose investments will be rentals in the high bracket of approximately $2,400 per month. The units are uniquely designed for executives as a live-work concept.
