Buyers landing at Lighthouse
Condo and townhouse complex in Coventry Hills
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,
“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.