De­mo­li­tion marks start of pro­ject

Calgary Herald - Calgary Herald New Condos - - New Condos - MARTY HOPE

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.”

Pho­tos cour­tesy, Grosvenor Amer­i­cas

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.

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