New East Village Concrete Rental Tower 25% Leased Before Marketing Campaign Begins
First concrete high-rise to convert entirely from condos to rentals
First rental building with in-house grocery store and other retailers
East Village supports continued growth and revitalization in downtown Calgary
Conceived as a luxury condo high-rise with spacious homes in downtown’s East Village, the first tower of Arris by Bosa Development is complete and opened as an entirely rental building – and 25% of the homes were leased before the official launch of marketing.
“With a few banners on the building and a few social media posts, our phone started ringing and we leased 45 out of 190 homes before official marketing started,” said Robert Marchand, Vice President of Marketing at Bosa Development.
Market analysts said spending time at home during the pandemic may have created a rush for larger rental homes.
“Arris differs from the competition by offering larger floorplans than what are typically found in downtown Calgary, plus it offers comprehensive, upscale amenities that are becoming a trend among rental buildings,” said Kendall Brown, Market and Rental Analyst at Urban Analytics. “Rental projects with extensive lifestyle amenities and daily conveniences are more likely to achieve faster absorptions, higher rents, and lower turnover. A lot of younger professionals are choosing buildings based on the amenity offering.”
Firsts for Calgary**
While many developers in recent years responded to changing market conditions by pivoting low-rise wood-frame projects from market condos to rentals, Urban Analytics confirms that Arris is the first concrete high-rise in downtown Calgary to convert entirely to rental. Arris also marks other firsts.
“Arris is the first rental building to launch in the urban centre with a grocery store immediately downstairs as an anchor tenant, along with several other retailers that offer daily conveniences,” said Brown.
In fact, Marchand said Arris is the first residential building in downtown Calgary that has a grocery store connected from inside. “Arris residents only have to take an elevator ride to access the urban-format Real Canadian Superstore and other daily conveniences. They don’t have to step outside, which is a luxury in the winter.”
Upscale homes & amenities**
When Bosa Development switched gears from luxury condos to rentals, vertical construction had not yet begun. Rather than downgrade interiors, finishings, and amenities to suit a more typical rental offering, the company remained committed to its original design and plan.
Located on the roof of the commercial building, Club Arris is a standalone clubhouse for Arris’ residential tenants and includes a first-class fitness facility, sauna, steam room, large indoor pool, and video conference rooms.
“The Bosa brand is about quality smart-growth communities, whether we are building condos or rental homes,” said Marchand. “Amenities can contribute to the health and well-being of residents, and that’s important to us.”
East Village driving growth in downtown Calgary**
Over the past 13 years, the dramatic revitalization of East Village has been a critical component of Calgary’s downtown growth, elevating the expectation of how complete urban communities are developed. East Village has quality homes and offices, plus a variety of retail, social, and recreational amenities, along with pedestrian and bike paths.
To date, more than 1,400 new homes have been built in East Village, and with the completion of Arris’ first tower, East Village is continuing to elevate residential offerings of those seeking an urban community environment.
“Bosa’s early success in leasing Arris is testament to the interest Calgarians have in the East Village lifestyle,” said Clare LePan, Vice President of Marketing & Communications at Calgary Municipal Land Corporation (CMLC). “East Village has live-work-play dialed into a few walkable, bikeable and well-connected streets and projects like Arris are reinforcing growth in downtown Calgary.”
Bosa will begin construction of Arris’ second tower this summer.