April 26, 2014 12:50 pm

Downtown highrise project insolvent

The 3 Eau Claire project featured twin 48 and 42 story skyscrapers, connected near their top by a multi-story "sky bridge." The facility, set for completion in 2016, was to tower above the Bow River at 3 Avenue & 6 Street SW.

3 Eau Claire Developments Inc./Facebook

CALGARY – A striking development that would have dominated downtown Calgary’s western skyline most likely won’t be built.

The 3 Eau Claire project featured twin 48 and 42 story skyscrapers, connected near their top by a multi-story “sky bridge.” The facility, set for completion in 2016, was to tower above the Bow River at 3 Avenue & 6 Street SW.

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The building would have been among the tallest residential complexes in Alberta. The towers were to be anchored by 12 floors of commercial and retail space at their base and originally included plans for a grocery store.

Shaw Communications, which was to be the main commercial tenant, confirms it is not proceeding with its lease. A Shaw spokesperson says they spent a year negotiating with the developer and became concerned with uncertainties and delays.

Shaw Communications is the parent company of Global News.

3 Eau Claire Developments Inc. filed a notice on April 11 that it would be restructuring under the Bankruptcy and Insolvency Act. Deloitte Restructuring was appointed trustee.

Documents filed with the courts list several dozens creditors, who claim they are owed more than $37-million. The Calgary Parking Authority is listed as being owed $20,260.80.

A local real estate consulting firm estimates almost half of the 500 planned condo units had already been sold.

The developer must present a proposal to pay back its creditors, or apply for an extension, within the next three weeks.

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