Demolition marks start of project
It didn’t take long for the hungry jaws of demolition equipment to chew up and spit out a pair of three-storey brick buildings that will be replaced by a 17-storey glass and steel residential tower.
With personnel from Grosvenor Americas watching, the vision for the company’s 135-suite Drake project in the Beltline district moved one step closer to reality with the teardown of the walls at 15th Avenue and Seventh Street S.W.
Grosvenor received a $24-million building permit from the City of Calgary in June.
Plans call for construction of Drake to begin this month, with completion expected in summer 2013.
“With its popular Beltline location, Drake has really appealed to young professionals and f irst-time buyers with its close proximity to downtown and the vibrant 17 Avenue,” says James Patillo, senior vice-president and general manager of Grosvenor Americas. “Retirees and downsizers have also recognized the appeal of Drake with its larger two-bedroom and townhouse plans, while investors have been quick to snap up the smaller studios and one-bedroom units.”
The location is part of the reason. It’s just steps from people-friendly and eclectic 17th Avenue, as well as the downtown corridor.
“With Drake, our strategy was to be a f irst mover in a recovering market,” says Patillo. “The economy has stabilized and construction costs have reset, and we are leveraging this and moving forward with he development of a high-quality property that’s priced to sell.”
An artist’s rendering of Drake, a 17-storey condo development slated for the Beltline area of Calgary.
Demolition equipment knocks down one of two three-storey brick buildings on the site of the Drake project.