CMLC ANNOUNCES THIRD MAJOR LAND DEAL FOR EAST VILLAGE
The Calgary Municipal Land Corporation (CMLC) announced today that another major land development deal has been inked for East Village. Today’s deal, which carries an estimated project value of $75 million, will see Widewaters Group, a USA-based commercial real estate development firm, build a 315 room, dual branded Hilton Hotel along the 4th Street SE commercial node of East Village.
Situated at the corner of 7th Avenue and 4th Street SE, the proposed East Village Hilton project is a 208,000 sq. ft., 14-storey, full service hotel which combines the brands of Hilton Garden Inn (HGI) and Homewood Inn and Suites (HWI) under one roof. The project contains a south facing rooftop terrace with pool and fitness facilities, together with library and convention services and two levels of underground parking.
The Widewaters Group, with offices in Syracuse, NY, Charlotte, NC and Park City, Utah is a real estate development and management company that has extensive experience in the development of retail, hospitality and office projects throughout the United States and Canada. Across eight eastern American states and three Canadian provinces, the Widewaters Group hospitality portfolio represents $1.16 billion of investment and over 2,500 hotel rooms.
“We’re pleased to welcome Widewaters Group to the team of developer partners who are transforming East Village into a complete inner-city neighbourhood, said, Michael Brown, President & CEO, CMLC. This project is a great compliment to the multi-family projects currently underway in East Village. Now visitors and travellers coming into Calgary, will have the ability to stay in the district to take advantage of the many cultural, entertainment and recreational amenities being built here”, he added.
“Calgary is among North America’s strongest performing economies, said Ed Shagen, Director of Development for Widewaters Group. We view Calgary as a young, dynamic city and believe there is room in the downtown hospitality market for both our select service and extended stay products, which will serve the growing needs of the market’s business and leisure traveler. We chose to invest in East Village because we could see its’ potential as both a tourist destination and a new commercial core for Calgary; we’re thrilled to be part of the team”, he added.
In the past 24 months, CMLC has signed land development deals with Vancouver-based Embassy Bosa Inc. and Ontario-based FRAM+SLOKKER for a combined 1.2 Million sq. ft. of new mixed use development in East Village. In March, the partners launched a coordinated residential sales program, via an 8,000 sq. ft. destination styled marketing centre called EV Experience Centre.
Combined with today’s announcement, CMLC has attracted over $725 million of planned private investment to the area.
The vision for East Village, unveiled in 2009, is that of a thriving, mixed-use, inner city community where 11,000 new residents will live, work and play. The area boasts key cultural and recreational amenities, like the National Music Centre, RiverWalk, St. Patrick’s Island and the proposed New Central Library.