East Village Rejuvenation Plan

[Spring2008]

If that's not a typo then awesome! We need more affordable options in the core. These will sell fast!

Calgary-based Knightsbridge Homes targets Gen Y with East Village condos

Units in two towers to start at $225,000

By Mario Toneguzzi, Calgary Herald June 24, 2014 9:50 AM


Calgary-based Knightsbridge Homes targets Gen Y with East Village condos

The first residential condo tower to be built in East Village on 8th Avenue S.E. The project, N3, will have two towers comprising 300 units.
Photograph by: Supplied , Calgary Herald

CALGARY - Calgary-based developer Knightsbridge Homes has purchased two land parcels near the historic St. Louis Hotel in East Village and plans to build 300 condominiums in two projects along 8th Avenue S.E.

The condos will average $225,000 - a price point tailored to attract buyers in the 20 to 35 year old age bracket. One and two bedroom condos will range from 480 square feet to 640 square feet. The towers will be in the range of 12 to 14 storeys.

“Aptly named N3 to reflect the project vision – ‘New Attitude, New Living, New Vision’ – the Knightsbridge development will break new ground in Calgary’s multi-family development space with parking for bicycles and ‘microcars’ only,” said a news release. “The project vision also includes social open spaces for entertaining and hosting, Wi-Fi connectivity throughout and fully-furnished units. Additionally, to support the marketing platform of - No car, No parking, No problem - each buyer will receive a $500 credit to Car2Go and an urban bicycle.”

Michael Brown, president and chief executive of Calgary Municipal Land Corporation which is overseeing the East Village overall development, said the master plan vision places enormous emphasis on the pedestrian experience.

“You can see this focus demonstrated across the neighbourhood with pedestrian-only streets, pedestrian bridges, wide sidewalks and public parks designed for resting and visiting. East Village is a neighbourhood for all ages, designed to bring residents together at the street level day and night,” he said.

The new condo development is located along the LRT line and close to the downtown core. It will include four restaurants in a retail podium in each of the two towers.

“We intend to start registering interest in the project as soon as we receive our Development Permit,” said Joe Starkman, president of Knightsbridge Homes. “We submitted the completed permit package to the City on June 6, with an understanding that it would be the first project of its kind in Calgary and would require 100 per cent relaxation of the land-use bylaw as it relates to residential parking allowances.”

Knightsbridge Homes also developed University City – a mixed-use project of 705 condo units in Calgary’s northwest community of Brentwood – that has four residential towers and only 24 units remain unsold.

In East Village, Knightsbridge will design a pedestrian mews system on either side of the St. Louis Hotel, which is slated for retail and commercial uses in the future, to allow easy connections to the neighbourhood’s many amenities.

East Village will eventually be home to more than 11,000 residents when it is completed in 2027.

http://www.calgaryherald.com/business/cms/binary/9969512.jpg?size=620x400s

[milomilo]

I would have to ask what compromises will be made to get an average price of 225K? The unit sizes I guess are quite small but that's still very cheap.

[MasterG]

Originally Posted by milomilo

I would have to ask what compromises will be made to get an average price of 225K? The unit sizes I guess are quite small but that's still very cheap.

The big one is parking. I have heard it adds typically 20-40K to a unit for these kind of towers.

[*Stardust*]

Originally Posted by milomilo

I would have to ask what compromises will be made to get an average price of 225K? The unit sizes I guess are quite small but that's still very cheap.

It's mentioned in the article. Parking only for bikes or "microcars" which I'm assuming is just Car2go. Otherwise no parking

[Calgarian]

Originally Posted by milomilo

I would have to ask what compromises will be made to get an average price of 225K? The unit sizes I guess are quite small but that's still very cheap.

Not having to build a parkade will be a big factor.

[*Stardust*]

Only 14 storeys though? Aw man!

[fusili]

Originally Posted by milomilo

I would have to ask what compromises will be made to get an average price of 225K? The unit sizes I guess are quite small but that's still very cheap.

My condo in lower mount royal is about that price range, and doesn't include parking (I have a street parking pass though). Ask any cost consultant or architect what shoring walls and parkades add to a budget, it isn't small.

[milomilo]

I see, I didn't realise parking actually contributed that much to the cost, I always thought it was just a pricing thing (i.e. the parking is built but if you want to use it that's another 40k).

[simster3]

Put me down for one! Great rental property.

[CorporateWhore]

Originally Posted by simster3

Put me down for one! Great rental property.

That's what I was thinking as well. The demographic that's going here doesn't really care about that car quite as much.

[Chadillaccc]

Friggin AWESOME! Love developments like this. A place for all ages and income levels

[RyLucky]

Originally Posted by milomilo

I would have to ask what compromises will be made to get an average price of 225K? The unit sizes I guess are quite small but that's still very cheap.

There's no doubt about it, the units are small. BUT, the other thing that will make it cheap is not having to spend a year digging out a giant parkade.

This is how you get people to live Downtown. It's about time Calgary got some developments like this.

[fusili]

Oh, the Calgary Herald comments are gold. Pure, pure gold.

[MasterG]

Originally Posted by fusili

Oh, the Calgary Herald comments are gold. Pure, pure gold.

My gut tells me crotchety, old, anti-tax, anti-everything, good-ol-days, old men are not the target market for this development. Makes perfect sense that they would take offense to it. Love the mega-slam rebuttals against the "parking is the only thing I have ever loved" crowd.

Now this is a comment section I can get behind!

[MasterG]

Originally Posted by RyLucky

There's no doubt about it, the units are small. BUT, the other thing that will make it cheap is not having to spend a year digging out a giant parkade.

This is how you get people to live Downtown. It's about time Calgary got some developments like this.

They should fill every vacant slot with other versions of this building - tiny ones, big ones, medium ones - all throughout the Beltline. Affordable housing for all, in the area of the city most able to support this kind of development. Nothing fancy but sure is cheap enough to push some units.

[fusili]

Originally Posted by MasterG

My gut tells me crotchety, old, anti-tax, anti-everything, good-ol-days, old men are not the target market for this development. Makes perfect sense that they would take offense to it. Love the mega-slam rebuttals against the "parking is the only thing I have ever loved" crowd.

Now this is a comment section I can get behind!

I love how the crowd that claims everything as socialist, or anti-choice are those who oppose something like this, restricting someone's choice.

[onanewday]

It is nice seeing a variety of 'price points' for condos coming along in the East Village.

A side question... will it really take another 13 years to build out the East Village? There really isn't that much land there, when you look at it. How many towers are they realistically expecting to built there?

[simster3]

What I find weird about the commentors is, judging by their Facebook pic, they are fairly young. I really don't get why they are scared of this being a slippery slope, no one mentions that, but that's the tone. It is one development among 400k other residences in this city. It will never affect your life if you do not buy in it.

Oh, and the person saying a 20 something wouldn't have good enough credit to get the mortgage, what the hell did you do to ruin your credit? Getting decent credit to afford a small mortgage like that is not hard, just don't make stupid mistakes and pay your bills.

[WhipperSnapper]

Originally Posted by MasterG

The big one is parking. I have heard it adds typically 20-40K to a unit for these kind of towers.

Not 20K. 40K is really cheap. 60K is closer to the mark.

[Calgarian]

Originally Posted by simster3

What I find weird about the commentors is, judging by their Facebook pic, they are fairly young. I really don't get why they are scared of this being a slippery slope, no one mentions that, but that's the tone. It is one development among 400k other residences in this city. It will never affect your life if you do not buy in it.

These are just the "cars rule everything" types. Some people don't like anything that doesn't benefit them or reinforce their own lifestyle choices. Screams of insecurity to me. If the Peace Bridge was open to traffic I bet it would have been popular with the majority, but since it's for bikes, it's social engineering lol. These are all the same people who keep railing against the bike lanes despite the obvious demand for them, and that's because it takes space away from their precious cars.