Ground broken on Calgary’s new East Village waterfront residential building
Less than six months after the launch of their initial riverfront residential offering in East Village, Embassy Bosa Inc. broke ground on their first tower – FUSE – a 21 story, 203 unit, residential tower representing approximately 220,000 square feet of development.
“We’re off to the races,” says Ryan Bosa, president of Embassy Bosa Inc. “Calgary is a great market; after our initial launch, we had sufficient buyer interest to trigger development start and since that time have been aggressively working through our permitting processes to ensure we could break ground this fall,” he added. “It’s a great day for our buyers and for the rejuvenation of East Village.”
On October 5, 2010, Embassy Bosa Inc. took a bold step with the East Village master planned community by committing to Calgary Municipal Land Corporation the delivery of approximately $300 million of new development in the area. In June, 2011, the organization branded their EV project – EVOLUTION – and described their vision for a 3 phase, 730,000 square foot, 600+ unit, mixed use development, which would appeal to Calgarians seeking a new urban lifestyle. This spring, the developer opened their show suite in the East Village Experience Centre and executed a strategic marketing program to identify their first buyers.
“We have been working toward this day for five years and now the rush to be on the leading edge of East Village’s first wave of condo projects has started,” says Mike Brown, president and CEO, Calgary Municipal Land Corporation (CMLC). “Calgary is waking up to the transformation taking place in East Village. Infrastructure improvements like RiverWalk, 4th Street Underpass, St. Patrick’s Island and Bridge are bringing consumers into the area and they are choosing to make the neighbourhood their home because of the residential lifestyle Embassy Bosa is delivering.”
FUSE will have a 25-29 month construction timeline which means that Embassy Bosa is targeting late 2014 to welcome the first new residents into East Village. As evidenced by consumer response, the 2-bed, 2-bath, 981 sq. ft. show suite as seen in the Experience Centre has sold out. Meanwhile, Embassy Bosa Inc. together with project architect James Cheng, are refining design details on the second phase of their project – PULSE – to ensure they are keeping pace with the needs of the Calgary marketplace. PULSE, a 33 story mixed use project, is expected to launch in 2013.