Early in 2015, CMLC secured the sale of a land parcel on the corner of 5th Street and 7th Avenue SE to Cidex Developments – the developer behind the highly successful trio of towers in Calgary’s Westgate Park (Ovation, Encore and Brava). Dubbed ‘The Hat’, the $100-million project will be the first residential rental development in the newly revitalized East Village, opening the neighbourhood to urban explorers who are interested in residential rental opportunities in the community.
The Hat Project
As CREB and Colliers predict continued strong demand for rental accommodations in Calgary, this project is expected to spur keen interest. Offering one-, two- and (for the first time in East Village) three-bedroom units, the Cidex project is perfect for young families…especially with its plans for childcare services on the main floor.
Totalling 236,000 sq ft, the 28-storey tower will include 221 units (66 one-bedroom and studio apartments, 123 two-bedroom units and 32 three-bedroom units).
Cidex Developments is currently seeking development approvals for the project, with ambitions to begin construction in 2016.