CALGARY – Two new residential towers and a ‘retail podium’ are part of the design plans for Calgary’s oldest community.
RioCan Investment Trust and Embassy BOSA announced their commitment Thursday to build 500 new condominiums in East Village.
The project will also include approximately 200,000 square feet of retail space. An urban Loblaws Market is the first committed tenant.
Construction is expected to start in the summer of 2015 at 6th Avenue and 3rd Street S.E.
Development of the retail space and 40-storey residential tower will take approximately three years.
The second phase – a 23-storey residential tower – is expected to take an additional 12 months.
The concept for the towers includes sheets of glass, layered to open up to views of the city and Bow River. It will also include a rotating balcony.
The development is part of the greater master plan for the East Village. The area, on the east end of the downtown, is expected to become home to more than 11,000 residents upon completion in 2027.
“This new investment is a powerful testament to the momentum we’ve created here in East Village,” said Michael Brown, president and chief executive of Calgary Municipal Land Corporation. “We have now attracted more than $2.2 billion of investment to the neighbourhood, and over 80 per cent of our land inventory is now committed.”
“To have two of Canada’s strongest developers teaming up in East Village is impressive. Next year, some of the residential and retail space currently in development will be complete – including two condominium towers and the retail space in the Simmons Building.”
Local amenities include RiverWalk, St. Patrick’s Island Park, the New Central Library, National Music Centre and an urban shopping centre.
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