Inner-city dream vision of buyers
Tribeca’s name reflects upwardly mobile ‘tribe’ seeking urban lifestyle in Mission
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.
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.
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.