Development in East Village continues with sale of two more parcels in 2024
New sales add to growing pipeline of East Village development,
new construction expected to initiate in 2025.
Calgary Municipal Land Corporation (CMLC) is pleased to celebrate continued private investment in East Village with the recent sale of two CMLC-owned development parcels with another conditionally sold, and one privately-held parcel advancing into pre-application stages and another in the Development Permit stage.
Local developer Bankside Properties, in partnership with Sumus Property Group, has purchased two parcels located just east of the Central Library, with the intention of building two residential buildings. The two buildings are anticipated to mirror one another in design, standing six storeys tall and offering approximately 80 rental units per building with one-bedroom, one-bedroom-plus-den and two-bedroom configurations. Ground floor residential units will be designed to facilitate conversion to commercial use in future. Bankside and Sumus' investment in East Village represents an approximate private investment value of $60M, and will welcome more than 150 new homes to the neighourhood. The development permits for the two buildings will be submitted before the end of 2024, and Bankside anticipates breaking ground on both buildings in Q4 2025.
The site of the temporary Bounce Games Park has also been conditionally sold to another developer partner, and we anticipate having more details in early 2025.
“As steward of the East Village Master Plan, CMLC continues to seek out developers whose ambitions, expertise and projects align with our vision for a vibrant, diverse downtown community,” says Kate Thompson, CMLC’s President and CEO. “Bankside brings exceptional experience in urban mixed-use development to the neighbourhood. These new projects mark ten CMLC-owned residential development sales in East Village, and we are pleased to see a growing pipeline of development in the community.”
Further north in East Village, Trico Homes has submitted a Development Permit for 255 residential rental units and three commercial units, including a daycare with a rooftop outdoor play space, at 4 Avenue and Macleod Trail S.E. Construction on the tower is expected to begin in spring 2025 with anticipated occupancy in late 2026.
CMLC is also pleased to share that Triovest, who owns the parcel directly north of Studio Bell, is in the land-use pre-application phase with The City of Calgary on two mixed-use towers, adding approximately 500 residential units over two phases. Depending on market conditions, the project’s Development Permit may be submitted in spring 2025 although that remains subject to refinement as the project progresses.
“The multi-family housing market has been challenged in recent years with rising construction costs and inflation pressures, so we are encouraged by the renewed interest in development in East Village,” adds Thompson. “With Calgary’s growing population and housing demand, there is a huge opportunity – and need – for well-designed and smartly-delivered rental and condo products, and these exciting projects in East Village help to address that need. We anticipate the construction start of more than 400 units next year and a total of 900 homes to follow in the coming years.”
Additionally, Alston Properties is nearing completion on construction of EV606, its 44-unit riverfront rental property and main floor retail offering, and leasing is underway. Occupancy is anticipated for Q1 2025. BOSA Development has also sold approximately 177 of their available condo units at Arris Residences, and are actively selling the remaining 200 units. In late 2022, we also announced partnerships with ONE Properties for two new mixed-use towers on Q Block, and with Minto Properties for a 100-unit development along RiverWalk.
