Condo towers underway
West end project had successful pre-sale drive
Construction has started on Avenue, the first residential real estate project in Calgary’s downtown west end for several years.
The dual-tower condo development of Grosvenor Americas and Cressey Development Group is moving forward following a suc- cessful pre-sale campaign for the project at 10th Street and 5th Avenue S.W., the companies said.
“A re-focus on development in downtown Calgary’s west end is a significant milestone for the city that signals a shift towards urbanism,” Michael Ward, senior vice-president for Grosvenor Americas said Thursday during a groundbreaking ceremony.
“As urban developers we choose sites that are close to the central business district. ... Really it’s about a lifestyle choice to not have to get into a car and drive to work or drive to shopping centres or to restaurants. The 319-suite project includes two towers, 24 and 18 storeys in height.
Hani Lammam, executive vicepresident of Cressey, said 60 per cent of the 194 units in the first tower — priced mostly between $300,000 and mid-$750,000 — have been sold. A penthouse is listed for sale at $2.2 million.
At least seven condo developments and eight office projects are either proposed or under construction in the city centre.
In May, the Herald revealed two major residential projects are planned for the west-end downtown gateway along 9th Avenue.
The WAM Development Group is in the early stages of planning for a condo project on the current site of the Metro Ford dealership. That proposal calls for 1,800 luxury residential suites in four towers above 150,000 square feet of retail uses.
West Village Towers, another nearby condo tower development, is planned by Wexford Development Corporation and Cidex Developments. It would include three towers totalling 575 units with 90,000 square feet of ground floor retail and second level office space, according to Wexford’s website.