Local Investors Make Big Investment in Thunder Bay
by Scott A. Sumner
Thunder Bay Business
When you drive down Balmoral Street near the Lakehead University entrance, you most certainly recognize the 12 storey Academy Tower building. If you look closely now you will see a prominent sign on the parking structure which provides the new name for this structure, BayView Towers. Recently purchased by Red River Holdings owned by local entrepreneurs Tony and Tulio Provenzano, over $1 million in upgrades have now been completed and the property is being rebranded to focus on their new target market of seniors and professionals.
“Today we opened BayView towers with many upgrades. The first was the parking structure where we enhanced the supports and did a resurfacing on it. That was the major priority. We also did elevator car upgrades, painting in the hallways, carpet upgrades, lobby and fitness room upgrades. In addition each and every unit that comes up vacant we do a full upgrade in it including new carpets, tiles, counter tops, bathroom fixtures and cabinets,” smiled Peter Buffone, CA Property Manager of Red River Holdings. “We are trying to attract seniors and young professionals. Our proximity to the university, college and hospital allows us to attract doctors, nurses and professors. That is our target market.
Rents at BayView Towers are $910 for a 2 bedroom and $760 for a 1 bedroom and that includes all utilities and a parking spot underground. There are 160 units and currently 10 vacancies resulting from the university students leaving. “Our focus is residential going forward and this was a prime location and a good investment. We have considered building brand new but the rents don’t justify building at this point because of the cost of construction. We are intending to grow if there are buildings available and welcome the opportunity to
look at other properties,” noted Buffone.” Red River Holdings has been here for almost 30 years starting in real estate in 1980. Currently we have 450 units in Thunder Bay.”
The company has recently sold their commercial properties. It was very easy to do with the REITs that were active in the Thunder Bay area stated Buffone. Red River Holdings will still act as property managers for their previous commercial sites.
