Total of 319 units in 24-storey, 18-storey buildings
CALGARY — A major twin tower residential condo project is planned for the west end of Calgary’s downtown.
Grosvenor and Cressey Development Group are proposing to build 24-storey and 18-storey towers, comprising 319 units, at the corner of 5th Avenue and 10th Street S.W.
Michael Ward, vice-president of Grosvenor in Calgary, said sales for the project will be launched in the coming weeks for the Avenue development.
The developers are hoping to start construction either late this year or in early 2014 with possible first occupancy in 2016.
“In developing one of the final parcels of land in this established downtown Calgary neighbourhood we set out to create a best in class development,” said Ward. “Grosvenor and Cressey’s proven track record of superior design and long-standing history of building quality homes will bring a truly unique product to the area.”
Ward said he is seeing a strong demand for the condo market.
Grosvenor is also building the Drake tower in the Beltline neighbourhood, at 15th Avenue and 7th Street S.W. Drake is 17 storeys and 135 units. Construction will be completed there in October.
“Watching Drake and watching the sales there it’s been quite good,” said Ward. “This past weekend alone on Drake on Saturday and Sunday we sold five units which is a great weekend. That project is almost sold out now and that sort of gave us the confidence to move with the next project which is Avenue.”
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” that will add two contemporary towers to the downtown skyline.
It is designed by architect James Cheng.
Ward said the development will be located on one of the few remaining parcels of land in Calgary’s west end.
Drake has also started plans on Smith, a new multi-family project located adjacent to Drake.