Monday, September 22, 2014

East Village's New Developments

Two new major developments are arriving to the Oldest, Newest, Coolest, Warmest neighbourhood in Calgary... of course I'm talking about East Village.

Empty lot by Simmons Building will be the new home
for the development by XYC Design + Development
The first development comes to us from XYC Design + Development: A local company with a team that is based Calgary and in New York. Kate MacGregor founded XYC and is committed to bringing a 'world-class architecture' to our home here in Calgary, as well as being a leader in contemporary design.
Here is what we can expect from this new project in the evolving community; a four-storey building that has an office space above a stretch of culinary and retail businesses. The land is 10,872 sq.ft. adjacent to the historic Simmons building (which is undergoing a thorough renovation process in itself). The company is currently finalizing their process for filing an application for a permit; expectations are to submit in early 2015.

This parking lot will be turned into a residential and commercial
development by Embassy Bosa and RioCan
RioCan Investment Trust and Embassy Bosa are collaborating to bring us a retail & condominium complex on the corner of 6th avenue and 3rd street SE, immediately next to the Calgary Police Association. Both companies are already involved within the rejuvenating neighbourhood, each has a project in itself:
RioCan has taken it upon itself to turn the entire area of the CPA into a commercial development, This new collaboration will bring it all together, turning it to the real gateway to EV.
Embassy Bosa are in charge of Evolution; Pulse and Fuse. The two projects are complexes that include retail, office and residential spaces and they are located right in the heart of the community.
So what can we look for in this new project? A $300M development with 500 multi-family condominiums and retail space, with Loblaws market being the first retail tenant.
The construction of this new project will have two phases: First is to take almost 3 years from the beginning of construction and will have approx. 200,000 sq.ft of retail and a 40-storey residential tower. The second phase is a 23-storey residential tower and will take about 12 addition months.

Michael Brown, the president and chief executive of the Calgary Municipal Land Corporation, said that "this new investment is a powerful testament to the momentum we've created here in East Village". CMLC attracted over $2.2B of investment, with over 80% of the land inventory now being committed.

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