In­ner-city dream vi­sion of buy­ers

Tribeca’s name re­flects up­wardly mo­bile ‘tribe’ seek­ing ur­ban life­style in Mis­sion

Calgary Herald New Condos - - Front Page - AN­DREA COX

Van­cou­ver-based Bucci De­vel­op­ments is hot, hot, hot on Cal­gary — and for good rea­son.

“We see a lot of po­ten­tial in Cal­gary,” says Mike Bucci, the com­pany’s vice-pres­i­dent of de­vel­op­ment. “We see the change hap­pen­ing from a sub­ur­ban fo­cus to an ur­ban (in­ner-city) fo­cus and we want to be part of that.”

He sees the condo mar­ket evolv­ing in Cal­gary, with the qual­ity of of­fer­ings in­creas­ing dra­mat­i­cally.

“We re­ally see an ex­o­dus out of the sub­urbs and back down­town as the de­mo­graphic shifts,” he says.

“Peo­ple are go­ing to want to ex­pe­ri­ence what it is like to live down­town, with all of its restau­rants, the­atres, mu­se­ums and gal­leries.”

It may take “10 or 20 years of evo­lu­tion in Cal­gary be­fore you see fam­i­lies choos­ing to live in con­dos, but it def­i­nitely is a pos­si­bil­ity,” says Bucci.

The de­vel­oper re­cently re­leased its Tribeca de­vel­op­ment, its lat­est multi-fam­ily project in Cal­gary’s vi­brant in­ner-city neigh­bour­hood of Mis­sion.

“We sold half of the units on the first day. It’s re­ally un­heard of — not only for Cal­gary, but for any­where in the world,” says Bucci, who at­tributes the ex­cite­ment to the project’s lo­ca­tion.

“It’s a huge draw. There seems to be a pent-up de­mand for this kind of project in this area.”

Tribeca is an ar­chi­tec­turally in­spired, four-storey con­do­minium project con­sist­ing of a col­lec­tion of 82 one-, two- and three-be­d­room units.

They have high-end fin­ishes, such as quartz coun­ter­tops and Fisher and Paykel ap­pli­ances.

The de­sign es­thetic is con­tem­po­rary and the el­e­va­tion em­u­lates the look of sin­gle­fam­ily homes.

“The ar­chi­tec­ture is fan­tas­tic, with flat roofs, cor­nices and brick,” says Bucci, adding that the ex­te­rior de­sign was heav­ily in­flu­enced by the lo­cal com­mu­nity as­so­ci­a­tion.

The project will be lo­cated half a block from Fourth Street on 20th Av­enue S.W. on what is cur­rently an empty lot.

Bucci had been look­ing for a site in Mis­sion for more than seven years.

But he couldn’t find any­thing that made sense from a fi­nan­cial stand­point.

“I would have had to charge such a pre­mium for the con­dos that it would have priced out the at­trac­tive­ness of Mis­sion,” he says.

How­ever, as fate would have it, the re­ces­sion hit Cal­gary and this cov­eted piece of land fell into re­ceiver­ship.

“We were able to buy it out of fore­clo­sure for a rea­son­able cost,”says Bucci. “Be­cause of that, we have been able to cre­ate a very up­scale project and of­fer it at an af­ford­able price.

“We want to see projects make sense from a cash flow stand­point. We want to see job growth and we want to see net mi­gra­tion. “Cal­gary is a fun­da­men­tal­ist mar­ket, un­like Van­cou­ver which is very spec­u­la­tive.”

Tribeca gets its moniker from an artsy Man­hat­tan neigh­bour­hood in New York, but it was in­spired by the range of pur­chasers that Bucci found was buy­ing into the com­pany’s Next project in Bridge­land.

“We called them a tribe — they are all up­wardly mo­bile, get­ting close to the corner of­fice,” he says.

“It makes for a re­ally good build­ing when you have a group of peo­ple with the same

C MVisit our web­site for more pho­tos. fo­cus and so we came up with the name, Tribeca. It was re­ally all about cre­at­ing a com­mu­nity.”

Tribeca is con­structed to Built­green sil­ver stan­dards.

It also of­fers rain screen tech­nol­ogy, which keeps rain­wa­ter out of walls by us­ing a por­ous ex­te­rior cladding with an air cav­ity and a drainage layer com­bined with an air­tight, water-re­sis­tant sup­port wall.

The project is also one of the first in Cal­gary to pro­vide a two-, five- and 10-year war­ranty.

“It is al­ready the stan­dard in Van­cou­ver and prob­a­bly won’t be leg­is­lated in Cal­gary un­til 2014, but we wanted to jump the gun and be the first to of­fer this much stronger and longer war­ranty cov­er­age,” says Bucci.

Homes in Tribeca start in the mid $200,000s. Bucci is ex­pect­ing oc­cu­pancy by the sum­mer of 2013.

Pho­tos, Colleen De Neve, Cal­gary Her­ald

Above, the din­ing and liv­ing ar­eas of the Tribeca show home de­tail­ing the open de­sign of the unit. Left, the liv­ing area over­look­ing the kitchen.

Cour­tesy, Bucci De­vel­op­ments

An artist’s ren­der­ing of the Tribeca condo project by Bucci De­vel­op­ments, which is slated for the in­ner-city Mis­sion area within Cal­gary’s Belt­line dis­trict.

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