New $300 Million East Village Project Announced
- September 22, 2014
- By Cody Battershill
More Condos and Retail to Come in East Village, Calgary
Billions of dollars has been invested into the revitalization of East Village since it all began in 2007. Now, another $300 million joint project between Embassy BOSA and RioCan Investment Trust, two prominent Canadian real estate development firms, will raise that number to roughly $2.2 billion.
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Located at 6th Avenue and 3rd Street SE, the new development will consist of 500 multi-family residential units between two condo towers and have bottom floor retail with a large Loblaws market as the first official tenant.
The market is an essential piece of the amenity puzzle in East Village, allowing residents (and visitors) to meet some of their shopping needs only a stone throw away from the front door of their condominium complex.
Embassy BOSA`s aspirations to build even more multi-family projects in East Village other than its already existing Evolution Condos development is now official.
Evolution Condos consists of two phases called FUSE and PULSE with more than 600 units between them. With only a limited number of available units remaining, Evolution has clearly made a strong impression on buyers thus far and will help turn much attention to its new joint-development with RioCan.
Current prices for Evolution units range from the $480,000`s to over $1.2 million. Its first phase, Evolution FUSE, is now under construction with a projected completion date of sometime in 2015.
When both condo developments are complete, Embassy Bosa will have built over 1100 units in East Village which is about 28 percent of the total expected 3,918 residential units for the area. See more interesting number-related facts at East Village Calgary: Complete in 2023 today.
If the permit application is approved, construction for the new $300 million multi-family project in East Village will take place in two different phases, begin at some point in summer of 2015 and take about three years to complete.
The first phase will include a 40 storey condominium high-rise and a 200,000 square foot retail space. Construction of the second tower, at 23 stories, should take approximately a year.
Today, approximately 80 percent of available developmental parcels in East Village have been purchased. What will happen to those that remain is yet to be seen, although we can likely expect more residential buildings and strategically placed amenities such as the Loblaws market, the Hilton Hotel and Charbar, the restaurant / eatery located in the historic Simmons Building.
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