Ceremony launches condo development
The ink had barely dried on another multi-million dollar penthouse deal at The River as shovels dug into a pile of dirt for the luxury condominium project’s recent groundbreaking ceremony.
The River, which will include a 26-unit tower and 11 townhomes, will back onto the Elbow River at 135 26th Ave. S.W.
“We’re very excited. It’s been a fantastic ride so far with just the creation of the project, with working with the community and the city to try to really dial in exactly what the buyers want,” says Chris Bourassa, chief operating officer of 26th Avenue River Investment Inc., an affiliate of Ledcor Properties Inc.
The 5,260-square-foot unit on the 13th floor recently sold for $7.59 million. It’s the third penthouse suite sold in the first phase of The River.
The sale of its 5,626-squarefoot penthouse earlier this year set a sales record in the city at $8.99 million, while the second penthouse sold for $8.3 million.
One more penthouse is available at $7.9 million.
With 17 of the 26 units in the tower sold, Bourassa gave a nod to the investment of the future residents of The River.
“They’ve provided us with the opportunity to move from a vision to the reality,” he says.
Ald. John Mar was on hand at the ceremony to welcome the project on behalf of the city. For Mar, The River represents a shift in mindset about what comprises a prestige address.
“It is a riverfront property in the heart of the city, within steps of the best shopping and amenities in Calgary,” he says.
“It represents all of the best of the inner city, as Mount Royal does. The difference is that it is designed as a high-rise tower rather than a low-rise mansion,” he says.
Also at the ceremony, the building’s cornerstone was revealed. It contains a quote from American essayist Ralph Waldo Emerson that reads: “Do not go where the path may lead, go instead where there is no path and leave a trail.”
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From left, Chris Bourassa of 26th Avenue River Investment Inc. and Ald. John Mar unveil the cornerstone for The River condo development at 135 26th Ave. S.W. in Calgary.