Grosvenor Americas acquires multifamily development site in Calgary’s beltline neighbourhood
Based on the success of its Drake condominium development in the Beltline neighbourhood of Calgary, Grosvenor Americas (GA) has announced that it has acquired another multifamily development site on the 700 block of 15th Avenue SW.
The site is located at the southwest corner of 15th Avenue and 6th Street SW, on the opposite end of the block on which Drake is under construction. The Beltline Area Redevelopment Plan, which governs development of the 16,237 square foot site, allows for maximum of 7.0 FAR (floor area ratio), resulting in a proposed 18 storey residential tower. Utilizing a similar design to that of Drake, the buildings will architecturally “bookend” the block and further strengthen this central Beltline neighbourhood as a desirable place to live.
“Driven by the energy industry in Alberta, which is expected to attract more than CD$250 billion in investment over the next two decades, Calgary enjoys some of the highest population and employment growth rates in Canada. At the same time, its residential market remains affordable, with condo ownership consuming a much smaller per centage of household income, compared with Vancouver and Toronto,” said Michael Ward, Vice President, Grosvenor Americas.
GA will be submitting applications for redevelopment to the City of Calgary in 2013, and plans to commence pre-sales for the condos following this process.