Michael Brown, president and CEO of Calgary Municipal Land Corporation, with Susan Veres, senior vice-president of strategy and business development.
Photo by Wil Andruschak
Sponsored by Calgary Economic Development
As appeared in the Calgary Herald on Tuesday, Nov. 29, 2016
The attractions keep rising in Calgary’s East Village — a massive renewal project east of the city’s downtown.
Despite the current economic challenges, construction spending in East Village in 2017-18 is expected to be on par with 2016, says Susan Veres, senior vice-president of strategy and business development at Calgary Municipal Land Corporation (CMLC), which is orchestrating the project.
“East Village is the busiest construction site in Calgary, with six active construction programs underway, including the New Central Library, Riocan’s urban shopping centre, Alt Hotel by Germaine and several multi-family projects,” says Veres.
The massive redevelopment has transformed what was a neglected part of town into one of Calgary’s most desirable real estate addresses.
The project to date has attracted approximately $3 billion in planned investment, while delivering landmark public projects such as RiverWalk, St. Patrick’s Island, the New Central Library, Studio Bell and an urban shopping centre.
“Construction spending in East Village in this calendar year is $321 million,” says Veres. “More than 1,000 tradespeople come to work in the community every day, and it is its own economic generator.”
Riocan’s urban shopping centre,called 5th and Third, and the 105-room boutique Alt Hotel project are two of four projects that broke ground this year.
Another CMLC partner, Widewaters Group, is completing a dual-branded Hilton Hotel opened on Nov. 21.
When completed in 2027, the mixed-use, master-planned East Village will be home to more than 11,000 residents
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