Cer­e­mony launches condo de­vel­op­ment

Calgary Herald - Calgary Herald New Condos - - New Condos - CLAIRE YOUNG

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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Adrian Shel­lard/for the Cal­gary Her­ald

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.

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