A local property developer is taking a big bet on a high-profile location in Calgary’s Kensington neighbourhood along the Bow River.
Dubbed “The Kenten,” the property sits at the corner of Memorial Driveand 10th Street Northwest.
“We are transforming this corner. It’s going to be a redevelopment like Calgary’s never seen,” said Sam Boguslavsky, president of the Sable Group of Companies.
The plan is to tear the apartment tower down, add reinforcements, and rebuild it to nine storeys and an expanded footprint for 50 residences that will feature luxury finishes and premium amenities. Some floor plans span up to 4,715 square feet. Units start at the $1-million mark and plan to be completed by 2026.
“When we look at only 50 residences, we want to make sure that families are able to be here comfortably and spend time entertaining, being around friends, around this community,” Boguslavsky said.
Ward 7 Coun. Terry Wong said the development will add housing diversity to the area.
“There’s a push for people wanting to downsize and move back into the downtown core, whether it’s a smaller, 600- to 700-square-foot place or something larger,” the area councillor said. “This is intended to be a larger footprint, which is rare to do.”
Work is expected to start in spring 2024.
Boguslavsky said Sable has been in regular contact with the residents of the existing Kensington Gate Apartments, saying they’ve become “friends” with the company headquartered in the same building.
“They know what the predictable future looks like, and we’ll work with them to help them as they move or make other arrangements for their own lives,” he said.
Boguslavsky said the vision for the building is to enable a lifestyle his company thinks is possible in the trendy Kensington neighbourhood.
“I think Calgary’s ready for this. And we’re really fortunate to have been operating here for the last 20 years, to be able to dream, and to bring this to this capacity.”