CALGARY- There has been another groundbreaking in the East Village, the latest major condo project that is bringing a resurgence to the area.
‘FIRST’ sold 70 per cent of its units in less than a year, the first project by Frams Building Group in the area.
“We have a long term commitment here,” says Fred Serrafero, vice-president of development for Frams. “We have been planning our next two condominiums already, so we are well into the design stages for a future realease…that’s going to take place later this year.”
The 18-storey highrise will join ‘Evolution,’ another project that is already well underway, catering to so-called ‘urban explorers.’
Vince Truong, who owns a dance studio, bough a unit in FIRST and says he was drawn to amenities like a yoga studio and roof top patio.
“I really like the look and feel of the condo, and how close it is to the river,” he explains. “I definitely see a lot of growth in the city and the potential it has.
“This is definitely a neighbourhood that is up-and-coming.”
Downtown Calgary hasn’t seen this much activity in residential towers since the boom five years ago. However, experts don’t expect the bubble to burst any time soon.
“Activity has been picking up, inventory has been going down,” explains Ann Marie Luri, chief economist for the Calgary Real Estate Board. “Overall it’s a balanced market, and because our city keeps growing there is room for demand going forward.”
She says the popularity of condos is due to people being squeeze out of the market for single-family homes.
“There has been some movement upward, which makes sense because the single-family market as it tightens up, there is this increased opportunity in the condo market.”
FIRST is expected to be finished by 2015, and Fram says it has committed to about half a billion dollars worth of development in the East Village.
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