October 31, 2012
Grosvenor Plans Second Condo in Popular Calgary Neighborhood
By Barbra Murray, Contributing Editor
In Alberta, Canada, the Calgary condominium market is thriving and Grosvenor Americas, as evidenced by recent moves, has its finger on the pulse. The company just completed the acquisition of a parcel of land spanning approximately one-third acre in the bustling Beltline neighborhood, paving the way for the development of a condo project.
The newly acquired parcel at 700 block of 15th Ave. S.W. can accommodate a tower as tall as 18 stories, and Grosvenor has every reason to believe that not a single floor will collect cobwebs once construction reaches completion. The evidence is in the numbers. Last year, Grosvenor kicked off a condo development at the opposite end of the block, the 135-unit The Drake, and although the for-sale residential community is not scheduled to deliver until fall 2013, 80 percent of the units have already sold.
Across Calgary, the increase in demand for condos can be attributed to one major factor: jobs. “Calgary’s unemployment rate continues to fall, wages are improving and our full time employment growth is far outpacing national averages,” Bob Jablonski, president of CREB, a real estate board in Canada, said in a recently released report.
Grosvenor has not disclosed the number of units planned for its new Beltline project, but forecasted conditions suggest that the addition of a hundred units or so will not push the market overboard. According to a report by Genworth Canada, while condo construction starts for 2012 are expected to close at a 15.5 percent increase over 2011, an 11.7 percent drop in starts is anticipated for 2013.
Grosvenor plans to submit the requisite development applications for its new endeavor in Beltline to the City of Calgary next year. Meanwhile, other developers continue to erect condominium towers across Calgary. In September, Qualex-Landmark announced that it had commenced demolition activities downtown on 10th Ave. to make way for the 34-story MARK on 10th. Additionally, an affiliate of Ledcor Properties Inc. broke ground on The River, a 38-unit luxury building in the Mission neighborhood. And Concord Pacific has a project that is presently in the pre-construction phase in the Eau Claire area.