November 01, 2013
Two-tower condo project a 'landmark development'
Mario Toneguzzi, Calgary Herald
Published: Wednesday, March 20, 2013
A two-tower condo project with 319 residential units is coming to the west end of downtown Calgary.
Grosvenor and Cressey Development Group plan to build the towers - one 24 storeys, the other 18 storeys - at the corner of 5th Avenue and 10th Street S.W., with construction expected to start late this year or in early 2014.
Sales for the Avenue project will be launched in the coming weeks, said Michael Ward, vice-president of Grosvenor in Calgary.
The latest downtown condo development was revealed as construction on another - Qualex Landmark's MARK on 10th project - began blocks away with a ceremonial ground breaking on Tuesday.
MARK on 10th, located at 10th Avenue and 8th Street S.W., will be a 35-storey building.
The Calgary Real Estate Board said year-to-date sales in the condo apartment category, to March 18, are up almost 10 per cent from the same period a year ago. The average sale price has risen by 6.5 per cent to $290,048.
Grosvenor is also building the 17-storey, 135-unit Drake tower in the Beltline neighbourhood, at 15th Avenue and 7th Street S.W. Construction will be completed there in October.
"Watching Drake and watching the sales there it's been quite good," said Ward.
"That project is almost sold out now and that sort of gave us the confidence to move with the next project which is Avenue," he said.
The Avenue partnership between Grosvenor, a privately owned property investment and development group, and Cressey, a residential and commercial development company, will redevelop the corner of 5th Avenue and 10th Street S.W. into what it calls a "landmark development."
Ward said the development will be located on one of the few remaining parcels of land in Calgary's west end.
Work has also started on Smith, a new multi-family project located adjacent to Drake.