Exodus of Vancouver developers should be red flag for Calgary
CBC
Excerpt
Apr 29, 2021
It all started so innocently. A phone call to Mike Bucci, vice-president of Vancouver-based Bucci Developments, to talk about their new Dominion project in Bridgeland. It ended up as a discussion about the uncertain future of residential development in Calgary's city centre.
Bucci Developments has been part of the renaissance of urban living in Calgary's city centre for the past 25 years, building over 1,200 new homes in Bridgeland and Kensington. But, for the first time in 25 years, Bucci has no new projects in the works for Calgary. While Mike Bucci said he would like to keep the Calgary team together, he is starting to think he might have to move staff to Vancouver, as the future of Calgary's downtown and its neighbouring communities is uncertain.
While I always try to be positive about the future of Calgary's city centre, this doesn't surprise me. Like many urban analysts, I've wondered for several years now why builders keep constructing new highrise residential towers when the downtown employment numbers are falling. With the two major markets for highrise living being young downtown workers and empty nesters, one would assume less downtown employment means less demand for new downtown residential projects.
Plus, with COVID restrictions, empty nesters may be rethinking the idea of downsizing from their large suburban homes to a downtown apartment. If you can't enjoy the fitness centre and amenities of the highrise, or the restaurants, arts events, and festivals of the downtown, why move there? Better to stay in your suburban home with its home gym, media room, lots of space for offices and even your own large deck for socially-distanced gatherings with family and friends.
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https://www.cbc.ca/news/canada/calga...hite-1.6005771