Two new purpose-built rental housing towers are set to be built in the East Village, adding more than 150 new homes to the neighbourhood by 2027.
The construction of the towers, which is set to begin in 2025, was announced by the Calgary Municipal Land Corporation and Bankside Properties on Nov. 25.
Each tower will be a six-storey wood framed construction, containing approximately 80 units per tower with one-bedroom, one-bedroom-plus-den, and two-bedroom configurations.
Although the purpose-built units are set to be rented at market value, Cole Richardson, Managing Principal at Bankside Properties, said that they are targeting an underserved non-premium market segment.
“We’re trying to target a certain band that’s still affordable to a majority of the population,” he said.
The development will take place on blocks E and Z, located on the east side of the Central Library next to the St. Louis Hotel building on the north, and the historic Hiller Block on the south.
CMLC previously owned both parcels.
“This is a really unique street, 8 Avenue in Calgary, and our ask of the developer partner was to make sure that we carry on that feeling along the street, right into the central library,” said Kate Thompson, CEO of CMLC.
“CMLC has been always looking at great partnerships, and to deliver on the vision that we created in 2007 and to meet and exceed the expectations of the master plan in this community. And that’s no different for these two properties.”
She said that there was added pressure to find the right developer for the two parcels, given their location next to historic buildings and next to the Central Library.
“We understand that, and we also know how important it is to bring residents into East Village and keep the momentum with the delivery of development opportunities. So, having this partner at the table is a really great fit for us, and they understand the expectations of design and delivery in terms of an urban context,” Thompson said.
