CALGARY’S AILING ECONOMY HASN’T HALTED MOMENTUM OF EAST VILLAGE REDEVELOPMENT
With four major projects ready to break ground, East Village will be 2016’s silver lining
With oil prices plummeting and the Canadian dollar dangling at a 13-year low, you could reasonably expect Calgary developers to slow right down on construction spending and put the brakes on project starts.
“Instead, our developer partners in East Village are keeping the pedal to the metal on all their planned projects for 2016,” says Michael Brown, President & CEO of Calgary Municipal Land Corporation (CMLC) – the organization responsible for transforming East Village into Calgary's newest, oldest, coolest, warmest neighbourhood.
According to Brown, construction will get underway on four major projects in the coming year, including two commercial developments and two multi-family residential towers:
• RioCan’s Shops at East Village – an urban mixed use retail and residential development, 830,000 sq. ft., anchored by Loblaws City Market
• Alt Hotel by Le Germain – developed by Groupe Germain Hotels and Homes by Avi - 155 rooms, 11 storeys
• The Hat by Cidex Developments – a 28-storey residential tower with 221 rental apartments
• FRAM+Slokker’s Verve (Phase 1) – a residential mixed-use project with 271 units
Meanwhile, construction will forge full steam ahead on Calgary’s New Central Library and on Studio Bell, Canada’s new National Music Centre, both located in East Village.
Collectively, these programs will inject $320 million of construction spending (resulting in an Economic Impact of $560 million) into the local economy while employing upwards of 1,600 tradespeople and contributing 2.1 million man-hours of employment this calendar year. Build-out time for the four new projects varies from 14 months to four years.
“As a result of all this new construction coming on-stream in the midst of other ongoing projects, the neighbourhood of East Village is about to experience its most intensive year of vertical construction to date,” Brown notes. With that in mind, CMLC is undertaking a year-long communications program to keep Calgarians apprised of disruptions due to construction activity and well informed about the best routes into and out of the neighbourhood.”
To add to the economic benefits of the four new construction projects, two East Village projects scheduled for completion in the summer of 2016 – the National Music Centre and the Hilton Hotel at 7th Avenue & 4th Street SE – will together add more than 150 full- and part-time jobs to Calgary’s cultural and hospitality sectors.
“During times of economic slowdown, developers who have permitted projects in hand, are able to realize efficiencies in contract pricing and access to trades, noted Hugo Germain, director of development of Groupe Germain Hotels. We are eager to break ground later this spring on our project. The 155 room, 11 storey, Alt Hotel Calgary, co-developed by Groupe Germain Hotels & Homes by Avi will be an ultra-modern building, with loft-style windows offering spectacular views of the Bow River and St. Patrick’s Island.”
To keep Calgarians up to date on the progress of the EV redevelopment program, CMLC has updated their 3-D animation of the community which features approved and designed project plans by the area’s development partners. Check out the animation at here.