Buy­ers land­ing at Light­house

Condo and town­house com­plex in Coven­try Hills

Calgary Herald - Calgary Herald New Condos - - Front Page - MARTY HOPE

Just a lit­tle more than four years ago, Tim Lo­gel and Ryan Ockey stood on a chunk of dirt in north­west Cal­gary and en­vi­sioned a multi-fam­ily res­i­den­tial cam­pus.

That vi­sion has now be­come a com­mu­nity unto it­self called Light­house Land­ing — a col­lec­tion of four-storey build­ings hous­ing 300 apart­ment con­dos, and an­other 207 town­houses spread over eight hectares.

“It’s dif­fi­cult to be­lieve all of this has hap­pened in just four years,” says Lo­gel, who is pres­i­dent of Cardel Lifestyles. “Build-out is es­ti­mated to be in June of 2011.” It is the largest multi-fam­ily de­vel­op­ment ever un­der­taken by the com­pany, he says.

Ockey, pres­i­dent of the Cardel Group of Com­pa­nies, is a 50-per-cent part­ner in Cardel Lifestyles.

Be­sides the fact her brother and sis­terin-law live at Light­house Land­ing, buyer An­gela Det­mold says ac­cess to down­town, ameni­ties, prices and se­cu­rity, went a long way in sup­port­ing her de­ci­sion to pur­chase a unit.

“I spend a lot of time at work and take a bus back and forth and it stops just around the cor­ner,” says the 22-year-old in­ter­me­di­ate ac­coun­tant.

Mort­gage rates might be mov­ing, but we’re still among the least ex­pen­sive mul­ti­fam­ily de­vel­op­ments in the city TIM LO­GEL,

CARDEL LIFESTYLES

“From there, it’s just a short walk to my place.”

It only took a month of looking for her to de­cide to buy at Light­house Land­ing, she says.

She had al­ready ruled out looking at re­sale con­dos, opt­ing for the ben­e­fits that come with buy­ing new.

What she bought was a onebed­room/one-bath condo mea­sur­ing 624 square feet — enough room for the sin­gle woman to en­joy her quiet life­style. Det­mold is a re­peat buyer in the de­vel­op­ment, hav­ing lived in a town­house for 18 months prior to mov­ing into her smaller apart­ment.

“In the ear­lier phases of Light­house, about 95 per cent of our buy­ers were first-timers.,” says Lo­gel. “But I’d say that 30 to 40 per cent of sales and buyer in­ter­est in th­ese last two build­ings have come from move-down buy­ers.”

It’s Lo­gel who is the face be­hind the mul­ti­fam­ily builder/de­vel­oper.

He’s been pres­i­dent since 2005, three years af­ter the com­pany un­veiled plans for its first project, Panamount Place, just a few blocks to the west of Light­house Land­ing. He es­ti­mates that at build-out, Light­house Land­ing will have a re­tail value of $135 mil­lion.

Walk­ing along one of the in­te­rior streets of Light­house Land­ing — in the ge­o­graph­i­cally tiny but densely pop­u­lated com­mu­nity of Coun­try Hills Vil­lage off Coven­try Hills Boule­vard at Coun­try Hills Boule­vard — Lo­gel watches roofers lay­ing down shin­gles on what will be the sec­ond-last build­ing of the com­plex.

Still be­ing com­pleted, it is al­ready 90-per-cent sold.

Be­tween that build­ing and a cir­cu­lar road­way pass­ing in front of the cur­rent show suites, signs in­tro­duce vis­i­tors to the lo­ca­tion of the fi­nal build­ing, which is just months away from be­ing started.

“This last build­ing will have 72 apart­ment con­dos and at least 24 of them will look right at the lake,” says Lo­gel.

A man-made lake sits as the cen­tre­piece for the com­mu­nity, which is heavy into mul­ti­fam­ily res­i­den­tial with a strong re­tail/com­mer­cial com­po­nent close by at Coun­try Hills Town Cen­tre.

Across the lake, too, is the 195,000-square-foot Cardel Cen­tre Place recre­ation fa­cil­ity.

Just a cou­ple of hours from the 2 p.m. open­ing of show suites, Lo­gel says sales at Light­house Land­ing have main­tained a steady pace de­spite the eco­nomic down­turn — at a time when the multi-fam­ily hous­ing mar­ket is over­sup­plied in both new and re­sale units.

“Why? We kept to our dis­ci­pline of pro­vid­ing qual­ity en­try-level prod­uct in a mas­ter­planned com­mu­nity at at­trac­tive prices,” says Lo­gel. “The monthly costs here are lower than rent­ing.”

Ac­tu­ally, he says, there are six rea­sons to ex­plain why the com­plex has re­ceived this much pub­lic ap­peal since work started in March 2006: value, lo­ca­tion, builder rep­u­ta­tion, floor plans, sales staff and time frames.

“Per­son­ally, it’s tough to put that suc­cess down to one spe­cific thing,” says Lo­gel. “Part of it is the re­sponse we’ve had, the sense of com­mu­nity that has de­vel­oped, and the en­ergy the project con­tin­ues to have — it’s a legacy for us.”

At Light­house Land­ing, onebed­room units are cur­rently priced from $169,900, with two-bed­room suites start­ing at $209,900.

“Mort­gage rates might be mov­ing, but we’re still among the least ex­pen­sive multi-fam­ily de­vel­op­ments in the city,” says Lo­gel, stand­ing in front of one of the project’s land­marks at a round­about.

A tower meant to look like a light­house is part of the de­vel­op­ment.

An­gela Det­mold has owned two homes in Light­house Land­ing in Coven­try Hills. She re­cently moved from a town­house to an apart­ment in the com­plex.

Work­ers help build the project.

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