‘LOCATION’ A KEY TO NEW DEVELOPMENT
Condos on 17th Avenue S.W. touted as not just a place to sleep but as ‘a place to live’
Michael Trudeau will have a sixblock walk between work and his new home, when he moves into the Fifth on 17th Avenue S.W., a thoroughfare developers are predicting will become Calgary’s “Cool Street.”
The 35-year-old senior designer and photographer for marketing agency Blackwater Creative hadn’t anticipated owning a home in the near future, as he continues to pay off student debt.
But impressed by the Fifth through his company’s marketing work for the project — and with help from his parents for the down payment — Trudeau has become one of the first purchasers of a condo in an area he describes as the “heart of Calgary.”
“Location was the really big attraction,” says Trudeau, who currently lives in the Lower Mount Royal area, and says the mortgage on his 563-square-foot unit in the Fifth (prices start in the mid$200,000s) will not be that much higher than what he currently pays in rent. While not a big sports fan, he says the area between 5th and 9th streets fits his lifestyle with its entertainment options and proximity to downtown.
That location was critical to Arlington Street Investments CEO Frank Lonardelli, whose company has bought 42 buildings between 4th and 14th streets along 17th Avenue. The Fifth is the first residential condo project from those purchases, and he coined the “cool” street tag for 17th, saying that with a burgeoning mix of places to shop, eat, drink and to live, that description will replace the old Red Mile image. The Fifth will be a mixed-use, five-storey building with 13,500 square-feet of retail space, 34 underground parking stalls, topped by 48 one- and two-bedroom condos with views of 17th and downtown.
Arlington’s confidence in 17th Avenue is shared by Bosa Development, now building the Royal, the first major residential condo development in the area. With 225 homes spread over 34 storeys on 16th Avenue (with studios under 500 square feet starting at $289,000), the project is 75 per cent sold with buyers expected to move in early next year.
Robert Marchand, vice-president of sales and marketing at Bosa, describes 17th as a place where you can park your car, get outside and visit the 70-plus restaurants situated between 4th and 14th streets.
With the addition of condo developments along the avenue, he says, it becomes a neighbourhood rather than just a destination after hockey events — “17th will be ‘cool’ all year round.”
B.C.-based Bosa always places livability at the core of any project, Marchand says, and 17th’s “vibrant, eclectic” social scene adds to the amenities within the Royal, which include 24-hour concierge, a gym, steam room and sauna, squash court, social room, dining room, and green space with a barbecue and sitting area above the commercial segment.
He says the Royal has seen a wide-range of purchasers, from first-time buyers to down-sizers from the Mount Royal area.
“If you build with diverse purchasers in mind, you get just that. A great mix in a building leads to a good neighbourhood,” Marchand says.
The neighbourhood’s retail offerings are also set to substantially improve, as developments from First Capital Realty, which has heavily invested in 17th Avenue, come on stream.
Jodi Shpigel, senior vice-president development at First Capital, says the upscale grocery store Urban Fare is slated to open in the first quarter of next year on the main floor of its Mount Royal West building, and an urban Canadian Tire store is slated to open on the second level by the end of this year.
First Capital has invested $230 million in the Beltline area since 2011 — the majority along 17th Avenue.
“When we believe in a neighbourhood, we continue to invest,” says Shpigel.
That means eight property blocks First Capital has slated for future development, some of it residential.
“It’s a very walkable, vibrant avenue; not just a place to visit and go home, but a place to live,” he says.
For Trudeau, the Fifth’s location plus the affordable price weren’t the only attractions.
He loves dogs and cats and is happy the building will be petfriendly (including a pet wash station), have designated bike storage (his bike is currently just locked outside his apartment), and include a large rooftop garden terrace.
“I host board game nights and my friends come from all over the city. This way, there is plenty of room for us outside. It’s going to be great,” he says.