Grosvenor Americas acquires multifamily development site in Calgary's Beltline neighbourhood

Based on the success of its Drake condominium development in the Beltline neighbourhood of Calgary, now 80 percent pre-sold and delivering in Fall 2013, Grosvenor Americas (GA) has announced that it has acquired another multifamily development site on the 700 block of 15th Avenue SW.

30th October 2012

Based on the success of its Drake condominium development in the Beltline neighbourhood of Calgary, now 80 percent pre-sold and delivering in Fall 2013, Grosvenor Americas (GA) has announced that it has acquired another multifamily development site on the 700 block of 15th Avenue SW.

The site is located at the southwest corner of 15th Avenue and 6th Street SW, on the opposite end of the block on which Drake is under construction. The Beltline Area Redevelopment Plan, which governs development of the 16,237 square foot site, allows for maximum of 7.0 FAR (floor area ratio), resulting in a proposed 18 storey residential tower. Utilising a similar design to that of Drake, the buildings will architecturally “bookend” the block and further strengthen this central Beltline neighbourhood as a desirable place to live.

The two developments are located just off 17th Avenue SW, the heart of an exciting urban neighbourhood known for its restaurants, lounges, and pubs, including Brava Bistro, Una Pizza & Wine, The Living Room, Cibo, 80th + Ivy, Anejo, and Candela Lounge. A Best Buy store has recently opened on 17th Avenue and 8th Street, and local residents eagerly await a proposed grocery store for the corner of 16th Avenue and 8th Street.

“Grosvenor, which has been developing in dynamic urban neighbourhoods for over 300 years, and is excited to be expanding its ‘Living Cities’ vision and commitment to sustainability in one of Calgary’s most desirable urban residential locations,” said Michael Ward, Vice President, Grosvenor Americas. “Driven by the energy industry in Alberta, which is expected to attract more than CD$250 billion in investment over the next two decades, Calgary enjoys some of the highest population and employment growth rates in Canada. At the same time, its residential market remains affordable, with condo ownership consuming a much smaller percentage of household income, compared with Vancouver and Toronto.”

GA will be submitting applications for redevelopment to the City of Calgary in 2013, and plans to commence pre-sales for the condos following this process.

ENDS

For more information contact:
Naomi Curtis/Sorrel Basher, Press Office
Grosvenor
020 7312 6479/6101
pressoffice@grosvenor.com

Notes to Editors

Grosvenor is a privately owned property group with offices in 18 of the world’s most dynamic cities. The Group operates and invests in three different business areas; direct proprietary investment in real estate through our Operating Companies in Britain & Ireland, the Americas and Asia Pacific; indirect proprietary investment in real estate managed by others, which is the responsibility of the holding company; and our international fund management Operating Company - Grosvenor Fund Management - which manages capital on behalf of investors. As of December 31, 2011, the Group had total assets under management of CD$19.8bn. Unusual for a private company, Grosvenor publishes a full Annual Report & Accounts, available at: www.grosvenor.com

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