East Village 2015 Outlook

    · 6 min read

    CMLC ushers ‘The Year of the Resident’ into East Village

    Ever since Calgary Municipal Land Corporation (CMLC) unveiled the master plan for East Village in 2009, citizens have watched in awe as Calgary's newest, oldest, coolest, warmest neighbourhood has taken shape.

    Between then and now, CMLC has checked a long list of achievements off of our To-Do List. We elevated streets and upgraded infrastructure. We restored heritage buildings and installed public art that infuses the area with colour and intrigue. We forged links to neighbouring communities with the 4th Street Underpass, the Elbow River Traverse and the new St. Patrick’s Bridge. We’ve completed two of RiverWalk’s four kilometres of pathways and gathering places. We orchestrated a deal to turn the legendary King Eddie into the National Music Centre, paired the Simmons Building with a trio of local food and beverage superstars and added several enthralling chapters to the New Central Library story. We have sold land and built strategic deals with several different developers that will open the door to around 2,400 new residential units and an exciting mix of urban-style and village-style retail. Over $2.4 billion of planned investment has been attracted to the area and more is coming.

    The momentum continues into 2015

    While most would say CMLC’s achievements to date have been impressive, the milestones planned for the year ahead will be nothing less than historic. More than any of our initiatives to date, they will bring vibrancy and human energy to a neighbourhood poised to redefine ‘inner-city living’ in Calgary:

    • 2015 will very much be ‘The Year of the Resident’ here in East Village as two new condominium towers welcome upwards of 800 homeowners – the first big contingent among our master plan vision of 11,000 residents
    • With the sale of Block R at the southeast corner of 7 Avenue and 5 Street SE, CMLC is thrilled to welcome a new development partner to East Village: Cidex Developments Ltd. will develop the neighbourhood’s first residential rental project at an estimated value of $100 million
    • A dramatically revitalized natural treasure – St. Patrick’s Island park – will open this summer after four intensive years of planning and construction
    • In August, a food emporium will open in the Simmons Building – a major step toward creating the ‘active waterfront area’ described in the East Village master plan
    • This fall, Riocan Investment Trust will initiate their construction program on the urban-style shopping centre that will bring Loblaws (and numerous other esteemed retailers) to East Village
    • East Village development partners Embassy BOSA and Knightsbridge Homes will each introduce a new residential program that expands our product mix and attracts new demographics and new interest to the neighbourhood
    • Rapid progress on the New Central Library will continue as we finalize our LRT encapsulation work; announce our process for the selection and integration of public art for the building and, in the fall, break ground on the building itself
    • Next month, we begin a 14-month base building improvement program on the St. Louis Hotel to ready the historical asset for its future within the community
    • Finally, we will acquire the Cecil Hotel site and will describe its future development opportunity within the framework of the community’s master plan vision.

    “Our ambitions for 2015 – all of them fully achievable – are evidence of the momentum we’ve created here in East Village,” said Michael Brown, President & CEO, CMLC. “In our early days, the East Village master plan was met with some scepticism; now, I think it’s safe to say that our approach has worked. The construction cranes in the neighbourhood tell a convincing story about our successful rejuvenation to this community and we are very proud of that”.

    Last January, CMLC described a strategy to sell a parcel of land for the purpose of building residential rental product within the community. Today the organization announced the sale of a 24,000 square foot parcel of land to Calgary based developer Cidex Developments Ltd. Cidex Developments Ltd. is planning the development of a 221 unit, 28 storey residential rental complex which will see the introduction of family oriented 3-bedroom apartments to the community.

    “This community represents the future of downtown living,” said, Abed Itani, President of Cidex Developments Ltd. “It is inclusive, accessible and attractive to young families who want to have an urban living experience. Our project introduces 3-bedroom units and child care services to the community which, I view as critical to the overall health and sustainability of the community”.

    “Abed and his team are delivering on our marketing strategy to broaden the residential opportunities within the community, explained Susan Veres, VP Marketing & Communications, CMLC. “This community aspires to be the most desirable of inner city communities and for us to achieve our goal, we need to offer a range of products to appeal to all market segments: professionals, empty nesters and young families”.

    Imagined as a mixed-use, amenity-rich, master-planned neighbourhood in the downtown core, East Village will be home to more than 11,000 residents upon completion in 2027. With local amenities like RiverWalk, St. Patrick’s Island park, the New Central Library, National Music Centre and an urban shopping centre, East Village has become a highly desirable neighbourhood in Calgary’s downtown core.

    For more information about the East Village project, visit us at calgarymlc.ca or evexperience.com

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