Builder high on low-rises
There’s still life in Calgary’s multifamily housing construction market.
Sure, the highrise sector has taken a major hit because of the economic downturn, consumer hesitancy and financing concerns.
No new holes are being dug for steel and concrete towers as developers work to complete and sell what they already have in inventory.
But there is good news on the lowrise front. Without much in the way of fanfare, builders and developers are getting building permit approvals for townhouse and apartment projects they feel will be scooped up as consumers begin to come out of their
Trico Homes is one of the companies that has decided the time is right to come to the marketplace with a fresh look.
As a result, heavy equipment has arrived on site and foundations are being dug and poured for the Milano project in the northwest community of Panorama Hills.
Milano is a 212-unit development consisting of 80 three-bedroom townhouses and 132 apartment suites in four three-storey buildings.
Located on Panatella Hill, Milano will have views to a park at the bottom of the hill. There will also be two entrances to the complex from Panatella Hill.
Paul Betts, vice-president of sales and marketing for Trico, says there was a “strategic decision” made in July to move ahead with the development, but that plans had been on the drawing board for eight months prior to that.
“We felt the timing was right,” he says. “We have complete confidence in the marketplace. The worst of the economic downturn is behind us and it’s time to move forward.”
Milano will be a mix of various floor plans and price ranges that will provide choices for anyone from first-time buyers — couples as well as single and newly-single people — to repeat buyers who might be moving down due to lifestyle changes, says sales manager Warren Saunders.
An artist’s rendering of the three-level townhouses that will be part of the Milano development.