Grow­ing de­mand un­locks Key­note

Sec­ond res­i­den­tial tower launched

Calgary Herald New Condos - - Front Page - EDITOR: BARB LIV­ING­STONE 403-235-7339 MARTY HOPE

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).”

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