Growing demand unlocks Keynote
Second residential tower launched
It’s time. There is growing consumer demand, migration is gaining strength, the economy is holding, the energy sector is on the move, and construction costs and mortgage rates are still low.
Given all this — and the fact there is a shortage of new one-bedroom condos in or near downtown — it’s time to move forward with the second residential tower of Keynote, says Kevin Beingessner, president of Keynote Development Corp.
“The time has come to take this urban village to the next level,” he says.
The high-profile, mixed-use complex in the Beltline area is on First Street S.E. between 11th and 12th Avenues. “Given the stability in the energy sector and income growth projections for Calgary, we’re encouraged and excited to finally be going ahead,” he says.
There was never any doubt the second residential tower would be built — it was a matter of when.
Like many other developments, construction at Keynote was held back due to the economic downturn precipitated by the U.S. financial fiasco.
Suddenly, though, the Calgary highrise sector is seeing a surge of activity.
“We took a long-term view in terms of the downturn and said: ‘That, too, shall pass’ — that we would move ahead in response to demand and while costs are low,” says Beingessner. “We thought that if we waited much longer we would lose the benefit of current low construction costs and the availability of trades(people).”