‘Out of the box’ de­sign in Belt­line

6th and Tenth project half­way sold

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

Sales are well un­der­way at 6th and Tenth, a 230-unit condo project planned in the Belt­line.

“We’re about half­way — 115 units — sold,” says Brad J. Lamb, prin­ci­pal of Lamb Devel­op­ment Corp. in Toronto, the com­pany be­hind the stylish glass and con­crete high­rise.

“The project was fully ap­proved in the fall and we’re do­ing our con­struc­tion draw­ings, which take about seven or eight months,” he says.“We’re prob­a­bly still a month away from hav­ing a com­plete set of con­struc­tion draw­ings.”

Lamb Devel­op­ment is lin­ing up trades peo­ple, pric­ing var­i­ous el­e­ments of the build­ing and work­ing on con­struc­tion fi­nanc­ing.

“We should be, fin­gers crossed, break­ing ground this sum­mer, pos­si­bly June,” says Lamb.

There are one-bed­room units, along with one-bed­room-plus- den con­dos. Other floor plans in­clude two-bed­room and twobed­room-plus-den units.

They range from 449 square feet to 1,950 square feet. Prices start at $215,900 and condo fees are $0.47 per square foot.

Pos­ses­sions are ex­pected in June 2015.

The condo will fea­ture a podi­um­top ter­race with an out­door pool. A plaza-style art park will mark the cor­ner of 6th Street and 1th Av­enue S.W.

The main level will have com­mer­cial space and a restau­rant is a pos­si­bil­ity.

“We’re get­ting su­per-pos­i­tive stuff from the stand­point of lo­ca­tion and de­sign,” says Lamb about the re­sponse from buy­ers. “It’s a lit­tle out of the box com­pared to what peo­ple are do­ing or have done in Cal­gary be­fore. It’s a bit more style- and de­sig­nori­ented than de­vel­op­ers have been of­fer­ing in Cal­gary.”

The mo­ti­va­tion of buy­ers in Cal­gary is dif­fer­ent than in the projects Lamb has been a part of in Toronto, he says.

“The really re­fresh­ing thing about Cal­gary is the peo­ple that ac­tu­ally buy real es­tate in Cal­gary plan on liv­ing in it," he says. "In Toronto, about 50 per cent of the peo­ple that buy real es­tate in sales of­fices have no

C MVisit our web­site for more pho­tos. in­ten­tion of liv­ing in it — a lot of in­vestors.”

While rent lev­els in Cal­gary are about the same as Toronto, the price of high­rise real es­tate is about 23 per cent or 22 per cent lower, he says.

“We have had in­ter­est from peo­ple who want in­vest­ment con­dos — and that’s a whole side of things I don’t think peo­ple in Cal­gary have cot­toned on to yet,” he says.

“There’s a tremen­dous up­side for peo­ple to buy con­do­mini­ums to rent as in­vest­ment prop­er­ties, as long-term op­tions for re­tire­ment sav­ings and in­vest­ing. It’s some­thing peo­ple should be look­ing at more as in­vest­ment prop­er­ties, rather than du­plexes or houses or triplexes.

"They can look at a small condo as an eas­ier way to en­ter the in­vest­ment mar­ket­place.”

Pho­tos, Cal­gary Her­ald/files

The kitchen in the show suite in­cludes stain­less-steel ap­pli­ances. BRAD LAMB, LAMB DEVEL­OP­MENT CORP.

cal­gary­her­ald.com

The ex­te­rior of the pre­sen­ta­tion cen­tre.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.