Malmac Properties is nearing completion of the work being done on The Algonquin Lofts in downtown North Bay. The project includes 10 luxury loft residences and two small commercial spaces. In a media release, President Ian Macpherson says North Bay has not seen rental suites like these before. He says the property offers a unique combination of a convenient downtown location and premium amenities inspired by big city urban lofts.
Originally an office building, 240 Algonquin transitioned to student rentals in 2004 and has recently been under-utilized. Planning for The Algonquin Lofts with a local economic impact of more than $1 million began in 2014, and is slated to be complete in February. Malmac reports there is an identified shortage of quality rental accommodations in North Bay, particularly with modern features and urban aesthetics commonly associated with big city living. The company views the project as key to attracting and fostering business development as identified by the Baylor Focus Firm Partnership.
Macpherson says the Algonquin Lofts features 10-foot exposed concrete ceilings with concrete beams, beautifully clad concrete columns, indoor parking, elevator, air conditioning, two bathrooms, in-suite laundry and very chic, industrial-flavoured interiors that were designed by Paisley Park Interior Design Studio. He says their goal was to create the coolest, yet most luxurious, apartment-style accommodations available in Northern Ontario. Macpherson says with the help of their consultants and team, he thinks it’s been a success. Executive director of the DIA, Jeff Serran, says the project “hows the dedication and initiative required to make North Bay grow.
