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SASKATOONEXPRESS - January 19-25, 2015 - Page 1
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Volume 12, Issue 3, Week of January 19, 2015
Saskatoonʼs REAL Community Newspaper Joanne Paulson Saskatoon Express hris Le Fevre could be described as a bit of a contrarian, and he’s not likely to be offended by the term. For example, he strongly disputes the commonly held view that successful realestate investing is all about location, location, location. “I never agree to that. I always feel it’s timing,” said Le Fevre in a recent interview. “You can have bad luck if your timing isn’t right. I think my timing, fortunately, was right. But that having been said, I’m not finished the project yet; it won’t be finished until the spring of 2016.” He is talking about The Banks, the fourbuilding residential and small-space commercial project presently rising next to the Saskatoon Farmers’ Market in Riversdale. The buildings’ names reflect their waterside environment: The Riverbend, The Edgewater, The Current and The Bridge. They comprise 134 residential units and 20,000 square feet of commercial space. As of mid-January, $30 million worth of apartments have been pre-sold — without spending a dime on advertising, Le Fevre notes with some pride. That, above all, tells him his timing is right. “The take-up of units in the project, without promotion, have been the most profound of any development that I have ever done in my career,” said Le Fevre. “That has been obviously very, very rewarding to me. I don’t mean financially at this stage, but having read the concept right and created the right product.” Le Fevre, founder of Le Fevre & Company Property Agents Ltd., is a Victoriabased builder with an interest in urban renewal. Hailing from England, he came to Canada in 1970, famously with $50 in his pocket and little education. Since then, he has settled in Victoria and focused his vision on saving the city’s heritage while creating interesting new living and working spaces. The Banks is a new development, but because of its location, it still qualifies for Le Fevre as urban renewal. The apartments are a mixture of bachelors, one and two bedrooms, townhouses and “professional work-live” spaces, unusual in Saskatoon. The prices begin at about $215,000, reflecting Le Fevre’s stated mission to build affordable housing. “I try to cover the marketplace, spreading the opportunity for people to buy, (including) first-time home buyers, or people downsizing,” he said. “Affordability is obviously a word that
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Building The Banks Developer takes on urban renewal in Riversdale
Chris Le Fevre’s project will comprise 134 residential units and 20,000 square feet of commercial space (Photo Supplied) needs to be watched, because sometimes people feel that affordability is for those who are less privileged and struggling in life, and need quasi-subsidized housing. “That’s not what this project is. But it is providing from the low to the higher end, so that everybody has an opportunity to buy in there, including the first-time home buyer. “I don’t just build for a chosen few. And I mean that from the heart. I’m not a highend builder; that doesn’t suit my personality, doesn’t suit this project, but it’s never suited anything I’ve ever done.” LANDING IN SASKATOON To explain how a B.C. builder ended up with a project in Saskatoon, Le Fevre begins with a bit of history. “In the past 20 years I’ve been operating in Victoria and I gentrified over a
dozen older buildings in the downtown core that were generally vacant buildings or certainly upper floors that were vacant, some of which had been vacant for as much as 50 years, turning those buildings into housing. “I’ve been hard at the conversion game here for a significant period of time, all part of Victoria’s heritage.” One of his urban renewal projects is called the Railyards. He bought the 15-acre former CN Rail lands in Victoria’s inner harbour 10 years ago, and has been building multi-family housing there more or less ever since. The project comprises 600 apartments and townhouses. “My office sits in old town. I came over 25 years ago, and it was a blighted area, not dissimilar to certain parts of Riversdale. I’m used to the grit. In a funny way, what
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I’m doing in Saskatoon at the moment is a bit of a progression of a similar model I’ve employed before.” His Saskatoon venture began when Le Fevre decided he should check out the Prairies, having heard good things about the economy. “I got in my aeroplane and flew to the Prairies, and started roaming around on my own. I went to several cities, and I learned a very long while ago in my career — which, especially (as) a guy who left school when I was 15, and I’ve had no further education — wherever you do business, you have to feel comfortable. “When I came to Saskatoon after being in others . . . I felt physically comfortable there. I said to myself, ‘I must look further at what is happening in this city.’ ” (Continued on page 3)
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