February 24, 2011
(Calgary, Alberta) – The Calgary Municipal Land Corporation (CMLC) announced today that a second major land development deal has been inked for East Village. Today’s deal, which carries an estimated project value of $300 million, will see the Ontario-based FRAM Building Group and Slokker Real Estate Group (FRAM + Slokker), in conjunction with Tricon Capital Group, develop approximately 600,000 sq. ft. of mixed-use, multi-family development in East Village.
FRAM + Slokker have successfully partnered on real estate projects throughout North America for over twelve years. For the East Village development, the team will be enhanced with the addition of Tricon Capital Group Inc, Canada’s leading provider of institutional capital for major residential development projects.
FRAM + Slokker have extensive experience in conceiving and delivering award winning urban neighbourhoods with mixed-use, multi-residential projects across North America and Europe. The team’s East Village project will be comprised of four development parcels, situated along the river’s edge and near Fort Calgary.
“This deal represents tremendous confidence in both the Calgary market and the East Village vision,” said Lyle Edwards, CMLC Board Chair. “We’re thrilled to be working with a well experienced team in FRAM + Slokker. With our pioneering partners on side, we’re confident in the delivery of a new type of downtown community for Calgary.”
Just five months ago, CMLC signed a deal with Vancouver-based BOSA Development Corporation and Embassy Development for a $300 million land development project in the area. That deal will see Embassy/BOSA deliver an additional 700,000 sq. ft. of residential and retail product to East Village.
Together with the deal announced today, $600 million – or approximately 1.2 million sq. ft. – of mixed-use development is slated for East Village, with pre-sales starting as early as this fall to accommodate initial residential interest.
“We see the renaissance of East Village as an unparalleled opportunity for the city, its business core and future residents,” said Frank Giannone, President of FRAM Building Group. ”This is a chance to create a mixed-use development that will embrace environmental, social and economic values. We are eager to help re-define the look of Calgary’s downtown.”
“We understand and appreciate the master plan vision for this unique new urban village created under the leadership of the professional and passionate team of CMLC,” said Bruce Kerr, President of Slokker Canada Corp. “The opportunity to bring to life the promise represented by over four years of planning is a challenge that we’re eager to pursue and feel confident we can meet.”
Last April, CMLC launched a marketing program across North America to identify suitable developer partners for the East Village project. The strategy was to find multi-family residential developers with demonstrated expertise in inner city brownfield development and a strong track record in the areas of design excellence, green practices, customer service and financial stability.
The vision for East Village, unveiled in 2009, is that of a thriving, mixed-use, inner city community. The area will boast key cultural and recreational amenities, with an emphasis on riverfront development and character neighbourhoods. East Village is expected to be home to more than 11,000 residents by build-out.
CMLC is a company of passionate, experienced placemakers who bring new energy to old neighbourhoods, create credibility and confidence and inspire communities to build, grow and believe.
