CMLC Signs First Deal With Calgary-Based Developer
Knightsbridge Homes to deliver Gen Y residents to East Village
Calgary, AB: Calgary Municipal Land Corporation (CMLC) – the organization overseeing the exciting revitalization of East Village – is delighted to announce the sale of two land parcels near the historic St. Louis Hotel to Knightsbridge Homes. Designed with Generation Y in mind, the twin projects along 8 Avenue SE, will add 300 condominium homes to the neighbourhood. Averaging around $225,000, the price points as well as the unique development concept are tailored to attract buyers in the 20 to 35 age bracket.
Aptly named N3 to reflect the project vision – “New Attitude, New Living, New Vision” – the Knightsbridge development will break new ground in Calgary’s multifamily development space with parking for bicycles and ‘microcars’ only. The project vision also includes social open spaces for entertaining and hosting, Wi-Fi connectivity throughout and fully furnished units. Additionally, to support the marketing platform of - No car, No parking, No problem - each buyer will receive a $500 credit to Car2Go and an urban bicycle.
“We are extremely excited about N3,” says Michael Brown, President & CEO, Calgary Municipal Land Corporation (CMLC). “The East Village master plan vision places enormous emphasis on the pedestrian experience. You can see this focus demonstrated across the neighbourhood with pedestrian-only streets, pedestrian bridges, wide sidewalks and public parks designed for resting and visiting. East Village is a neighbourhood for all ages, designed to bring residents together at the street level day and night.”
N3’s location along the LRT line makes the site easily accessible to young urban explorers working in the downtown core and students attending classes at Bow Valley College or the University of Calgary’s downtown campus. In fact, only 270 steps separate the N3 site in East Village from the City Hall LRT Station.
The project recognizes that Gen Y real estate buyers do not value car-ownership in the same way as previous generations. Since the site is considered a Transit Oriented Development (TOD) project given its proximity to the LRT– the service is free within the downtown – and contains no parking spaces, a more attractive price point can be extended to the buyer.
“We intend to start registering interest in the project as soon as we receive our Development Permit,” notes Joe Starkman, President of Knightsbridge Homes. “We submitted the completed permit package to the City on June 6, with an understanding that it would be the first project of its kind in Calgary and would require 100% relaxation of the land-use bylaw as it relates to residential parking allowances.”
“Developing and marketing products for Generation Y is a burgeoning business,” notes Susan Veres, VP Marketing & Communications, CMLC. “This young demographic is redefining the way residential developers design and market homes. They expect style and function, aren’t interested in big mortgages and don’t see value in vehicle ownership and ongoing maintenance, particularly when other options are available to them. This type of project fits perfectly with the aspirations of East Village and will fulfil demand in the marketplace for residential offerings available across multiple income levels and demographic segments.”
Knightsbridge Homes is no stranger to designing and marketing residential condominiums for Gen Y buyers. University City – a mixed-use project of 705 condo units in Calgary’s northwest community of Brentwood – has four residential towers and only 24 units remain unsold. For their project in East Village, Knightsbridge will design a pedestrian mews system on either side of the St. Louis Hotel, which is slated for retail and commercial uses in the future, to allow easy connections to the neighbourhood’s many amenities.
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, New Central Library, National Music Centre and an urban shopping centre, East Village has become a highly desirable neighbourhood in Calgary’s downtown core.
