Calgary sells East Village land to residential developer

The city has sold two pieces of land in the East Village to a residential developer, with the aim of building more apartment buildings.

Calgary Municipal Land Corporation (CMLC) said Monday Bankside Properties, together with Sumus Property Group, has bought two parcels just east of the Central Library, with the intention of building two residential buildings.

The city says the two buildings will each be six storeys tall and have 80 rental units with one-bedroom, one-bedroom-plus-den, and two-bedroom designs. The buildings will also mirror each other in design.

Ground level units will be designed to allow for conversion from residential to commercial property in the future.

Kate Thompson, CMLC president and CEO, says the organization looks for potential East Village developers who want to help foster a vibrant and diverse downtown community.

“Bankside brings exceptional experience in urban mixed-use development to the neighbourhood,” she said. “These new projects mark 10 CMLC-owned residential development sales in East Village, and we are pleased to see a growing pipeline of development in the community.”

CMLC says development permits for both buildings will be submitted before the end of the year, and construction will likely begin towards the end of 2025.

Bankside and Sumus are investing around $60 million in the project.

More development ahead for East Village

CMLC says the site of the temporary Bounce Games Park at 4 Street and 8 Avenue SE has also been conditionally sold to another developer.

Details in that plan are expected early in the new year.

Trico Homes has also submitted a development permit for 255 residential units and three commercial units, including a daycare with a rooftop play space, at 4 Avenue and Macleod Trail SE.

According to CMLC, construction on that tower is expected to start in the spring and open to occupants in late 2026.

Work is also in the early stages to build two mixed-use towers directly north of Studio Bell, which will house around 500 residential units.

The project is dependent on market conditions, the CMLC says, explaining the development permit could be submitted in the spring, but that is subject to change.

“The multi-family housing market has been challenged in recent years with rising construction costs and inflation pressures, so we are encouraged by the renewed interest in development in East Village,” Thompson added. “With Calgary’s growing population and housing demand, there is a huge opportunity – and need – for well-designed and smartly-delivered rental and condo products, and these exciting projects in East Village help to address that need. We anticipate the construction start of more than 400 units next year and a total of 900 homes to follow in the coming years.”

Some new East Village properties are now making their way into the hands of owners and renters; leasing is underway for Alston Properties’ 44-unit riverfront property, EV606, and BOSA Development has also sold around 177 of their available condo units at Arris Residence, and are working to sell the remaining 200.

CMLC is also in partnership with ONE Properties for two mixed-use towers on Q Block, and with Minto Properties for a 100-unit development along RiverWalk.