Deerfoot Meadows weighs future
Brookfield hired to assess inquiries for new development
Mario ToneguzziCalgary Herald
Saturday, November 10, 2007
A commercial real estate firm has been hired to "assess various inquiries and proposals" for the massive Deerfoot Meadows mixed-use project, the Herald has learned.
Developer Ken Mariash said that, over the past two or three years, the project has received a number of inquiries and proposals and, because of that, Brookfield Financial Real Estate Group was hired to assess them.
By some time next year "we'll figure out what the destiny" of some of the components of the project will be, added Mariash.
But Mariash said plans for the high-end retail component, the Meadows Collection, continue for the project with discussions on an ongoing basis with prospective tenants.
"We got all kinds of inquiries and proposals from different people over the last two or three years," said Mariash, managing partner of Heritage Partners LP, which is building the $2-billion-plus retail, hotel, commercial and residential complex at Deerfoot Meadows.
"Basically, what we did to figure out what the best thing to do with the property is we hired Brookfield Financial to work with us in talking to various parties that have made inquiries. So we don't know what's going to happen . . . We'll see what the world looks like in regards to all of that over the next two or three months."
The overall Deerfoot Meadows project is a 3.5-million-square-foot, multi-use integrated retail and luxury residential development situated along Alberta's busiest freeway -- Deerfoot Trail -- bordered by Blackfoot Trail and Heritage Drive.
Mariash's vision is to create a world-class destination out of the 145-hectare site where big-box stores such as IKEA, Wal-Mart and Superstore exist alongside the Meadows Collection, billed as Canada's first luxury centre with big-name international retailers.
Commercial real estate industry sources have told the Herald word on the street says the project, except for land owned by some retail users, is up for sale.
But when asked if that was the case, Mariash replied: "I don't think there's such a thing as up for sale. We're trying to evaluate different proposals that range from, (in) some cases outright purchase to in some cases partnering, to in some cases different forms of venture.
"We're trying to assess that over the next three months and it's better to have a financial adviser than to try and figure this out on your own. It's a huge property . . . It's very difficult for us. We're not in that business."
The Meadows Collection concept consists of about 500,000 square feet. Marvin Traub, president of Marvin Traub Associates and former CEO and chairman of Bloomingdales, was hired as a consultant on the project.
In June, representatives of some of the world's top luxury retailers were scouting the Calgary market and the Meadows Collection.
"We're continuing with the tenants. We're working away and we're having lease discussions with all the different parties in New York," said Mariash.
Tying in the retail sector are The Bluffs, on the ridge along Blackfoot Trail, which would include a number of highrise, high-end residential condominium towers combined with a clubhouse, spa and various other amenities as well as office development.
In the past, Richard Pootmans, business development manager of real estate for Calgary Economic Development, said the Deerfoot Meadows project is an important part of the dynamic growth of the city.
"It wasn't so long ago -- it seems kind of amazing, actually -- that this was an abandoned, industrial blight on our landscape, and look at what it is today," he said. "It's really an incredible achievement."
And Grant Kosowan, regional director for Orange National Retail Group Inc., in a previous interview with the Herald, said the Deerfoot Meadows project has a "ton of potential."
"There are few better located sites around," he said.
"Accessibility is fantastic. It's tough to beat. Not many retail projects are perched on Deerfoot Trail. The corner of Glenmore and Deerfoot -- man, it's right in the crosshairs."
mtoneguzzi@theherald.canwest.com
Buyer vows to breathe new life into landmark
Sandstone building will be preserved
Sarah McGinnisCalgary Herald
Saturday, November 10, 2007
New life is coming to King Edward School now that a private developer has purchased the historic building.
The Calgary Board of Education announced Friday it sold the 95-year-old school and 1.25 hectares surrounding it to Lake Placid Group for $14.1 million.
"We're very excited. This is a 1912 landmark. Lake Placid is really looking forward to continuing that historic opportunity and to build something that's going to be retained for another hundred years," said company CEO Michael Lobsinger.
He would not indicate whether the firm plans to build condominiums, homes or a commercial project on the site.
The property, zoned residential, will probably face rezoning as converting the existing school into condos, stores or mixed-use space would violate current city building bylaws.
Much of the fields surrounding the sandstone school could also see new construction as part of a number of plans Lake Placid has for the property.
King Edward School isn't a designated heritage site and is not protected from demolition. The property is, however, included in the city's inventory of potential heritage buildings and has considerable historic value.
Neighbours and community groups are taking a wait-and-see approach to the project.
There are concerns about the loss of green space in the neighbourhood and apprehension over developments that may not fit into the largely residential area, said South Calgary Community Association spokeswoman Robin McLeod.
"Because King Edward has played a public role in our community since 1912, we're hoping that there will be some public component to it so it will be forever open in some capacity to the public," said McLeod.
The preservation of King Edward School was one of the main conditions of the sale, said CBE board chairwoman Pat Cochrane.
"We know our sandstone schools are very important to the history of Calgary and are some of the very few historical buildings still existing in Calgary. It was very important to us that whoever was the successful bidder would maintain this facility," said Cochrane.
The $14.1 million sale price for the school is $3.2 million more than expected.
smcginnis@theherald.canwest.com
Downtowns attracting 'ruppie' buyers
Stands for Retired Urban Professionals
Richard WhiteFor The Calgary Herald
Saturday, November 03, 2007
Could you be a ruppie?
"What's a ruppie?," you ask. It's an acronym for Retired Urban People, kind of like yuppies (Young Urban Professionals).
Many yuppies have become ruppies, says a book called Retire Downtown by American city planner Kyle Ezell.
It's a quick read and it has plenty of information on the downtowns of various American cities that have morphed into fabulous places to retire.
Many have become "urban playgrounds or resorts" and include waterfront parks as well as major cultural and sports complexes, it says.
Downtown condos in these cities have become vertical, gated retirement villages.
Think about it -- such new luxury condos not only include 24/7 concierges in the lobby, they also have workout rooms, party rooms, places to wash your car in the parking garage, a workroom for handymen, and even a wine cellar for "cork dorks."
In Calgary, the Eau Claire area along the river's edge is quickly becoming such an upscale retirement village.
Eau Claire 500 has long been a haven for the retired, or the soon-to-be retired. The Princeton has been a huge success as a hip retirement village.
Phase one of the new Waterfront development, which recently sold out in a day, seems to be attracting the same market.
I expect the new Concord Pacific's project west of Princeton will continue this trend.
It will also be interesting to see if the Rivers redevelopment, which includes East Village near city hall, will become a ruppie or a yuppie village.
I love the chapter in Ezell's book called Living It Up Downtown.
It talks about why the downtowns of the cities he surveyed are an attractive place to retire, not only in terms of culture, dining, festivals and other activities, but also in more abstract ways.
Did you know that retiring downtown will help keep you young?
Yes, the thinking is that by living downtown, you will naturally interact more with young people, who will provide you with a more vibrant, active outlook on life.
Retiring downtown increases your exposure to a wider diversity of cultures, expanding your horizons and keeping you worldly.
It results in a lifestyle that is about not only living and playing, but about learning in ways that people in the suburbs find harder to do.
You will find yourself taking in a lecture at the museum, attending wine-tasting classes or going to more theatre and music events, when they are in your backyard.
Some people find living downtown is exotic compared to a life spent in the suburbs.
All of a sudden, you are walking more, taking transit, visiting galleries and museums, dining out in ethnic restaurants and participating in multi-cultural festivals.
You will exchange the drive-through culture of the suburbs with a more adventurous lifestyle, becoming a tourist in your own city.
A sense of community exists in the downtown that doesn't exist in the suburbs. Contrary to conventional thinking, you actually interact more with people in the downtown.
Your condo or apartment becomes more of a community than in the suburbs, where a car-based culture and fenced-off property prevent even next-door neighbours from interacting much with each other.
Downtowners are often more involved in the community because it offers so many different volunteer opportunities -- everything from churches, social agencies and theatre groups to galleries, museums and tourist information centres.
Of course, there seems to be a growing worry these days about downtown crime in Calgary.
But in reality, downtown is quite safe and the crime stats support this.
Sure, there are crime hot spots and there are certain situations you would want to avoid -- but for the most part, living downtown is as safe as living in the suburbs.
I have experienced this personally, with my mother moving two years ago into an apartment in downtown Hamilton, Ont.
For someone who had lived in the same house for 53 years in the suburbs, it was a life-changing experience.
She now walks to the market as well as to her church and the library, and she rides her bike through the downtown streets to Hamilton's waterfront park and pathway.
She attends free concerts at various churches and street festivals all summer long.
This has resulted in her becoming more adventurous and interested in traveling the world.
So far, she's visited Eastern Europe, Israel, Rome and New Zealand. She has travelled with just a backpack, staying in a hostel on Vancouver Island.
Urban planner Ezell's book also talks about different general categories of ruppie neighborhoods -- from downtown cores and warehouse districts, to historic neighborhoods and entertainment areas.
There is practical information in his book on determining which type of neighborhood is right for you.
You can also get some insights into the different types of accommodations, ranging from condos, apartments and townhouses to hotel living and single-family homes.
The book has detailed information about retiring in the dynamic downtowns of major cities like New York, Chicago, Philadelphia, San Francisco and Seattle, as well as smaller centres such as Asheville, N.C, Austin, Tex., Madison, Wis., and Providence, Rhode Island.
There is also information on Sunbelt downtowns, four-season downtowns, and downtowns to watch.
Whether you are contemplating retiring to one of these American cities, or you are interested in urban tourism, all this is quite useful.
There is some information on Canadian cities, but the website (
www.retiredowntown.com) mostly just includes the addresses of downtown associations.
However, Calgarians considering purchasing retirement homes in downtown Victoria, Vancouver, Kelowna or even Calgary would be well-advised to read Ezell's chapter, Retire Downtown.
White is a Calgary-based writer who has written on art, architecture and urban culture for more than 20 years. He is also an associate at Riddell Kurczaba Architecture and can be reached at
richardw@riddell.ca.
© The Calgary Herald 2007
Calgary defies Canadian housing trend
Marty HopeCalgary Herald
Saturday, November 03, 2007
Not in Calgary, you say? Interesting.
The 20- and 30-somethings here who continue to jump into the resale housing market
in huge numbers are bucking a trend that has taken hold in Canada's three largest metropolitan areas.
A study by Statistics Canada shows that in 2006, young adults in rural and small towns were more likely to be homeowners than their urban counterparts living in Vancouver, Toronto or Montreal.
Just to get some hard numbers out of the way, the study published in Canadian Social Trends says that six out of 10 people (60 per cent) in Canada ages 25 to 39, who have left the family homestead, were the owners of their own digs in 2006.
It seems, though, that 71 per cent of this group of owners were in rural areas or small towns outside the brights lights of the big cities.
By contrast, 54 per cent of those living in Vancouver, 53 per cent of Torontonians in this age bracket and 48 per cent of Montrealers could afford to buy.
StatsCan says the reasons for the lower percentages within the boundaries of these big cities is housing costs -- along with a "relative scarcity" of rental housing in the smaller centres outside.
But the urban-rural ownership gap just doesn't exist in Calgary -- at least not at the time the General Social Survey was taken.
"The case of young adults in Calgary is worth noting because it is an exception," says StatsCan in releasing the survey results. "These young people are just as likely to be homeowners as those living in more rural settings, even when the different factors in the statistical model are taken into account."
The gap, or rather the lack of any gap, can't be explained by the fact the number of young people still living with their parents is higher, says the survey.
"When all young adults are considered in the analysis, whether they live with their parents or not, Calgary residents are just as likely to own their own home as those who live in rural areas," it says.
It comes as no surprise these young people are more likely to own a home if they're married and have kids -- and have a high household income.
"Holding other factors such as age, level of schooling, living arrangements and place of residence constant, the odds of being a homeowner were 1.7 times higher for young adults with a household income over $100,000 than for those with an income of between $50,000 and $80,000," says the federal agency's survey.
It only makes sense, I guess. It's kind of obvious that if a family doesn't have sufficient money coming in, chances are home ownership will be shunted aside, particularly in the larger cities across the country.
For purposes of this survey, September 2006 figures from the Canadian Real Estate Association were used.
At the time, the average price of a home in Calgary was listed at $415,311.
Assuming a 10-per-cent down payment and a five-year mortgage rate of 5.99 per cent amortized over 25 years, the qualifying income at the time would have needed to be slightly more than $90,000.
Belated thanks to Alix Halpen of United Communities for her contribution to my high-heel stroll on Stephen Avenue a while ago -- done in support of Cardel Group of Companies' Walk a Mile in
Her Shoes event to provide housing for women and children in need.
mhope@theherald.canwest.com
© The Calgary Herald 2007