Monday, February 3, 2014

New Development Coming to the Neighbourhood

It is official - a new residential project is arriving to East Village! - this time in the form of a multi-family condominium development, coming to us from a mystery LOCAL developer, who's identity will be revealed - along with all the official details of the project - later this year. The reason for postponing the introduction is that the design is yet to be approved; once that occurs - announcement will be made.

This is a big step in the EV Revitalization project, according to Susan Veres, VP of Marketing and Communication for the Calgary Municipal Land Corporation; "(CMLC) is very happy and proud for the first local developer. Locals didn't believe (EV) would manifest itself and now, with 70% of land sold, local developers are standing up".

Here is what we know to expect from the new land deal; a 12-14 storey high-rise and anywhere between 120 and 140 units in total. According to Veres these new condominiums will appeal to the "younger part of the market (which is) really important to the full master plan" and the prices will reflect that target market of 24-28 year-olds.

Mutli-Family project from a local developer will be located next to
the St. Louis Hotel (a landmark in its own right)
This exciting new project will be located adjacent to the new Central Library and to the St. Louis Hotel, along 8th Ave SE; a prime location - "I think that particular piece of land is critical because of the way it interfaces with the library and the new NMC, which are big amenities for us and are youthful in their approach", said Veres.

Another ground breaking development is coming to the rejuvenating community; a rental apartment complex will be the first of its kind in the growing EV; this block R is located south of the new Verve and north of the Golden Age Club. It is yet to be sold, but CMLC is hoping to complete a sale sometime in 2014.

Block R is located north of the Golden Age Club, East Village
Both projects seem to fit right in with the new Life that has been coming to the revitalizing neighbourhood; "they're seeing East Village is going to be successful, it's not 'hopefully' going to be successful. That's a huge change", says Michael Brown, President and CEO of CMLC.

Although this will be the first condominium project from a local developer, there are already some major land developments occurring in East Village; FRAM+Slokker are bringing us FIRST, Verve and Riverhouse; Embassy Bosa is bringing us Fuse and Pulse (both part of the greater Evolution).
In 2013 over 200 residential units were sold in the neighbourhood and CMLC is expecting 300 more this coming year.

Indeed East Village has transformed into a place where people want to be - whether to reside or simply visit; "there's no longer the perception that if I go down there, bad things are going to happen" added Michael Brown, "they now know great things are going to happen. We've come a long way".

[When viewing the video below, at 1:14 minutes, it's possible to see the location (not the design) of the new LOCAL project]


Calgary Herald; New Project for East Village

Calgary Herald; Future of East Village Revealed

CBC; Calgary's East Village Plan ahead of Schedule

No comments:

Post a Comment