CALGARY — The FIRST highrise condo project in East Village officially got off the ground Thursday with a ground-breaking ceremony for the 18-storey, 196-unit residential development by builder FRAM+Slokker.
“We’re kicking off the new year with a bang,” said Fred Serrafero, vice-president of development with the FRAM Building Group. “Calgary is a unique market. We have enjoyed a great response to our initial product offering and now with permitting in place, we are starting construction immediately. It’s a great day for our buyers and for the redevelopment of this master planned urban village.”
Early in 2010, Ontario-based FRAM Building Group and Slokker Real Estate Group (FRAM + Slokker) together with TRICON Capital Group joined Vancouver developer Embassy BOSA to pioneer new multi-family development within East Village. Together the developers represent approximately $650 million of private investment for East Village.
The FRAM+Slokker projects represent 700 new residential units and about 730,000 square feet of new mixed-use development over a total of seven buildings - three highrise towers and four midrise structures.
Serrafero said close to 70 per cent of FIRST has been sold with prices ranging from about $250,000 to $1 million. Of five penthouse units, three have been sold. The tower is scheduled for completion mid-2015.
He said the builder is working on the next phase of the development which involves a 24-storey tower and a midrise building. An announcement is expected by the summer with sales to start later this year on phase two of the project.
Embassy BOSA currently has the first phase of its EVOLUTION condo project under construction in East Village which is a 19-storey, 203-unit tower scheduled to be ready for occupancy in September 2014.
“This year Calgarians will see significant advancement in the community as projects like FIRST, the National Music Centre and St. Patrick’s Island redevelopment break ground, thus forever changing the face of East Village,” said Michael Brown, president and chief executive of Calgary Municipal Land Corporation. ”CMLC has been advancing our master plan vision for this downtown community since 2007 and while there remains a lot of work to do, we are very proud to welcome new residents into East Village by early 2015.
FIRST, located at 550 Riverfront Ave. S.E., will be a full amenity condominium development offering a rooftop lounge and outdoor patio, a landscaped courtyard and green roof, residents’ fitness centre, yoga studio, and bike parking. Construction timeline is anticipated at 22 months.
East Village, a mixed-use, inner-city community, is expected to be home to more than 11,000 residents when it is completed.