Commercial project partners are often looking to build on a citywide trend.
In fact, there are a growing number of commercial projects that are in development across Calgary, which has a population of roughly 1.4 million.
Calgary has been working on building the next wave of residential projects with the help of a growing private sector.
For example, the new residential project called The River House in Northridge is scheduled to be completed in late 2019, but developers have been looking to add another apartment building in the city to the mix.
“You’ve got a lot of young people in Calgary, they’re going to be going back to their parents’ homes,” said Dan Hager, senior vice president of Calgary Real Estate.
“It’s going to become a lot more attractive to young people and young families.”
A few years ago, Hager said, it was a challenge to find a project in the Calgary market that fit the bill.
“There was so much space and so many apartments,” he said.
“The density was a problem, too.
For many of these projects, the development is more about location, said Hager. “
And the commercial market is just starting to catch up to the residential market.”
For many of these projects, the development is more about location, said Hager.
“You want to have a big enough location to make it a destination, but not so big that you can’t accommodate a lot.”
Hager said Calgary is on track to have one of the fastest growing condo markets in Canada.
The city is now home to some of the most popular developments in the country.
“We have one in the north end and one in downtown,” he added.
“But we have two or three other sites, too.”
A Calgary developer is looking to expand its portfolio of commercial properties in Calgary by adding a second apartment building to the list.
The River House, a residential project on the north side of the river, is planned for completion in late 2018.
Developers are hoping to expand their commercial portfolio to include more apartment units, Hagers said.
A couple of blocks away, at the new retail complex, developers are also looking to develop a new building, Hagan said.
They’re looking for a site on the south side of Yonge St.
E. near Dundas St. and Main St., which is home to a grocery store.
“The market is very good,” he explained.
“A lot of people are moving into the market and we’re seeing a lot (of people) moving into condos, so we need to get into the commercial realm as well.”
In the coming months, developers will be working with the city’s Housing Board to develop their plans.
Hagan is looking forward to seeing how the process plays out.
“This is the right place at the right time,” he laughed.