East Village Updates

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The East Village in Calgary is finally ready to make history! Here is an article from the April 28th Calgary Herald outlining what is expected to grow on this huge amount of downtown land. This is such an exciting opportunity for a city to create an entire downtown neighborhood from scratch.

Envisioned as an amenity-rich, mixed-use, mid-rise urban neighbourhood a stone’s throw from the downtown core, once complete the more than 19-hectare EV will be home to an estimated 11,500 Calgarians, all of whom will have one thing in common: they’ll be living in one of the most unique inner-city redevelopments ever attempted in Canada.

“The future is unfolding in East Village,” says Susan Veres, senior manager of marketing communications for Calgary Municipal Land Corp. “From 2007 to the end of last year, the focus has been on putting in place the critical utilities, services and roads for this new urban village.”

Now, with the revised road network nearing completion and land use bylaws squared away, comes the exciting process of development. Already, more than $600 million of development investment has been committed to the EV, with 50 per cent of available land east of 3rd Street S.E., north of 9th Avenue and west of Fort Calgary already sold.

Bosa Development Corp. and Embassy Development were the first to commit to the urban village vision of the EV, partnering on a deal to build 700,000 square feet of multi-family residential and retail.

In February, Ontario-based Fram+Slokker Real Estate Group signed a deal to build another 750,000 square feet of mixed-use residential and retail, including approximately 650 condominium units.

“The most exciting thing is there will be residential product for sale here starting in late 2011 or early 2012,” says Veres, adding a sales centre for condos could be up and running this year.

This is a major milestone for the EV, which is envisioned as a vibrant inner-city community linking downtown with historic Inglewood to the east and the expanded Stampede to the south.

A new road link south of 9th Avenue is under construction and will increase road and pedestrian access to the EV, which will also be home to a new 110,000-square-feet National Music Centre.

“We’ve turned a corner for private investment and the vision for this urban village is resonating with many developers and community partners,” says Veres. “The whole focus in the East Village is on it being pedestrian-oriented, and it is coming to life right now. We’re looking at some of the most-prime riverside parcels in the city, with 40 acres of protected land to the east at Fort Calgary.”

With Phase 1 of the RiverWalk promenade and pathway now open, a master plan on the way for the future of nearby St. Patrick’s Island, and more development announcements expected in the near future, “this is a great time for people to become familiar with the East Village master plan,” says Veres.
Read more: http://www.calgaryherald.com/East+Village/4689944/story.html#ixzz1Kq9kGjMY


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1 Bedroom, 1 Bath
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