AN­THEM SEES OP­POR­TU­NI­TIES ALONG BOW

Calgary Herald - - CITY+REGION - DAVID PARKER David Parker ap­pears reg­u­larly in the Her­ald. Read his col­umns on­line at cal­gary­her­ald.com/ busi­ness. He can be reached at 403-830-4622 or by email at [email protected]­parker.ca.

Eric Carl­son be­lieves in Cal­gary. In par­tic­u­lar, he is bullish on the Bow River and the op­por­tu­ni­ties to build res­i­den­tial prop­er­ties along its banks, where he has three projects in var­i­ous stages of de­vel­op­ment.

The CEO and core founder of An­them Prop­er­ties says he has been in­vest­ing in this city for many years and is a fre­quent vis­i­tor to his Cal­gary of­fice that em­ploys a staff of about 40 peo­ple.

The largest of the river de­vel­op­ments is Wa­ter­front in Eau Claire, the down­town site of the former Grey­hound build­ing, where a 10-build­ing, 1,000-unit res­i­den­tial com­plex will be com­pleted by the early part of next year.

Well un­der con­struc­tion are 93 con­do­minium units west of Ho­tel Arts Kens­ing­ton on the north side of the Bow along Memo­rial Drive. The one-acre site for­merly housed 13 older sin­gle-fam­ily houses, but on com­ple­tion will be home to many more peo­ple along the 300 feet of river view.

De­signed by well-known coast ar­chi­tect Bryce Rositch, who has com­pleted sev­eral projects in Cal­gary, each of the units on the ground floor of the five-storey build­ing is de­signed with di­rect ac­cess to the paved lane, or a front door lead­ing through a small, land­scaped ter­raced area with wrought-iron rail­ings to the side­walk along Memo­rial Drive.

The in­te­rior will fea­ture one-, two- and three-bed­room con­dos, with seven larger units on the top floor that com­mand great views across the river to the city sky­line.

Jay­dan Tait, An­them’s di­rec­tor of de­vel­op­ment in Cal­gary, is en­thu­si­as­tic about the lo­ca­tion next door to the trendy Kens­ing­ton shop­ping dis­trict and a short walk to down­town, plus the use of the river­front walk­ing/cy­cling path.

No pre-sales have been sought; it is be­ing built on spec with mar­ket­ing set to be­gin in Jan­uary and ex­pects to wel­come own­ers by mid-2019.

Much dis­cus­sion has evolved around the fu­ture of the former CBC build­ing far­ther west along Memo­rial Drive. The 2.4-acre site has also been bought by An­them, which is plan­ning to build a three-storey de­vel­op­ment on it, of­fer­ing 84 condo units of ei­ther 1,200 or 1,550 square feet.

Care has been taken by Cal­gary ar­chi­tect McKin­ley Burkart to blend into the ex­ist­ing com­mu­nity with pitched roof, older-style units back­ing onto the small city park at the rear.

Those fronting onto Memo­rial Drive and along 16th and 17th streets will have a more mod­ern look, each with a rooftop deck and front doors. They all back onto an in­te­rior land­scaped walk­way.

Con­struc­tion is ex­pected to be­gin in the spring, pend­ing ap­proval of land use and de­vel­op­ment per­mits from the city.

Carl­son has con­fi­dence in the Cal­gary mar­ket, one of the cities An­them op­er­ates in along with Van­cou­ver, Ed­mon­ton and Sacra­mento, Calif.

In Cal­gary, it owns sev­eral re­tail cen­tres, in­clud­ing Her­itage Hill on Macleod Trail, and has pur­chased close to 200,000 square feet of in­dus­trial-warehouse, rev­enue-pro­duc­ing prop­er­ties. An­them owns the two blocks along Macleod Trail south of the Rep­sol Sport Cen­tre, where it has a de­vel­op­ment per­mit to build 874 res­i­den­tial units plus re­tail spa­ces in a four-build­ing com­plex called Crosstown, has part­nered with Walton In­ter­na­tional Group to de­velop the 1,000-acre, mas­ter-planned com­mu­nity of Cor­ner­stone, and is in con­sul­ta­tion over the pur­chase of four more in­fill ur­ban sites.

An­them Prop­er­ties owns five million square feet of in­come prop­erty and cur­rently has 68 projects in var­i­ous stages of de­vel­op­ment — seven of those in Cal­gary.

NOTES

Cal­gary’s Belt­line dis­trict con­tin­ues to at­tract in­vestors who have con­fi­dence in the area for qual­ity res­i­den­tial de­vel­op­ment. The lat­est sale is the 1.79-acre site be­tween 11th and 10th av­enues on 10th Street, across from Vin­tage Towers and the ad­ja­cent pop­u­lar Mid­town Co-op. Owner ATCO In­vest­ments con­tracted the list­ing to the Avi­son Young Cap­i­tal Mar­kets Group, which also rep­re­sents the new owner Cidex Group. Avi­son Young prin­ci­pal Kevin Mor­gans says devel­op­ers be­lieve there is a need for new res­i­den­tial prod­uct able to of­fer a wide range of ameni­ties, in­clud­ing high ceil­ings and wider cor­ri­dors; Cidex plans a mixed-use com­mer­cial/res­i­den­tial de­vel­op­ment for the site.

An­them Prop­er­ties is build­ing 93 condo units along Memo­rial Drive west of the Louise Bridge.

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