$300M East Village project plan to be unveiled today
By Richard Cuthbertson, Calgary Herald February 24, 2011 6:42 AM Be the first to post a comment
The East Village site next to downtown Calgary.
The East Village site next to downtown Calgary.
Photograph by: Courtesy, Calgary Municipal Land Corp.
It's being called a contemporary and edgy building project that will complement what one developer calls a "gem" of a location in Calgary.
A significant portion of the East Village is now spoken for with a major new land deal that will see commercial space and hundreds of residential units built as part of a $300-million project.
This is the second such land agreement for the area, and is to be announced today as the Calgary Municipal Land Corp. forges ahead with the redevelopment of the East Village, once known as a haven of drugs and crime.
This sale, combined with another $300-million deal in the fall, means more than 50 per cent of city-owned developable land in East Village has now been sold.
The project is being led by FRAM Building Group, and also involves Slokker Canada Corp. and Tricon Capital Group. They are planning to build highrises (likely two) and a series of medium-rise dwellings.
In all, the size of the project is roughly 600,000 square feet and will house more than 700 residential units. The group is buying four parcels for more than $20 million, according to the municipal land corporation.
Slokker Canada president Bruce Kerr calls the East Village the most desirable residential play, with the backdrop of commercial, anywhere today. It is in the "gem" of natural surroundings, sitting by the river, adjacent to a big open green space, and not far from the Calgary Zoo. On top of that, it's only steps away from downtown.
"We think this is just a delicious opportunity," Kerr said. He said presales will begin in the fall, and shovels could be in the ground next year. Kerr said specific plans for what will be built have not been finalized, as that will depend in part on the market and what people want.
Last fall, Embassy Development and Bosa Development Corp. of Vancouver announced they were purchasing roughly 15 per cent of developable land in the East Village. They plan to build a $300-million project.
That group was the first to buy land in the East Village, even though the redevelopment process was launched back in 2007. Municipal land corporation CEO Chris Ollenberger said things are not moving too slowly, and the corporation had not planned on marketing the land until last year.
"Before 2010, the water, the sewer, power, telecommunications, roads, sidewalks, all of that stuff, was not in place. The flood raising had not been done," he said. "I actually think we're right on schedule."
In all, the municipal land corporation is authorized to pour roughly $250 million into redevelopment of the Rivers District, including infrastructure upgrades and other improvements.
Ald. Druh Farrell said the new project has a mid-century look and the architecture is very good in the plans she has seen.
"It's a key site," she said. "It's going to be a major part of the East Village vision and the preliminary plans that I've seen really help achieve that vision."
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At a glance
? Type of project: combination of high-rise and medium-rise buildings.
? Size: roughly 600,000 square feet.
? Number of residential units: more than 700.
? Estimated project cost: $300 million.
? Companies involved: FRAM Building Group, Slokker Canada Corp. and Tricon Capital Group.
Source: Slokker Canada
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