Retail development partner sought for East Village

Neighbourhood looks to add amenities for future residents

By Mario Toneguzzi, Calgary Herald May 24, 2012

Calgary Municipal Land Corporation is seeking a development partner with a proven track record in “urban-­format” retail to complement the overall vision for the East Village neighbourhood.

Michael Brown, president and chief executive of CMLC, said a request for proposals ends Friday and the organization is hoping to identify by this fall a partner who will develop what is known as Block 39 between 3rd and 4th Streets S.E. and 6th and 7th Avenues. The block currently houses the police parkade and some small buildings.

“We’ve gone to the market soliciting proposals to develop that block,” said Brown.

Last year, CMLC worked with commercial real estate firm Colliers International, which identified an opportunity for what is described as urban format and village format retailers. The retail concept is for about 300,000 square feet in the urban format with bigger retailers in Block 39 and for an additional 100,000 square feet of smaller retailers in the village format, which would be located throughout the entire East Village neighbourhood.

“If you look at the vision for East Village and really East Downtown, it’s to create a community that not only has places for people to live but also provides for the amenities that they need to lead their lives,” said Brown, of the 49-acre, master-planned, urban village just east of the downtown core.

He said the research identified three key retail sectors for that one block — grocery, general merchandise and home improvement.

“Retail always follows the rooftops and that age-old process is well underway in the East Village with high levels of interest from commercial tenants,” said Michael Kehoe, an Alberta-based retail specialist with Fairfield Commercial Real Estate Inc. “As the condo towers emerge in the East Village, amenity retailers and food service tenants such as cafes and restaurants will soon follow.

“The centrepiece of the East Village retail component will likely be an urban market as a grocery store will be a critical element to the success of the overall redevelopment project. It is a good sign that there is strong demand for commercial space in the East Village as the retail and food service at ground level will ensure a vibrant and viable neighbourhood.”

By 2025, the East Village neighbourhood is expected to be home to more than 11,000 people.

Brown said the neighbourhood has already attracted more than $725 million of planned private investment and interest remains high in the project.

“There’s much more investment that needs to be worked on to fully execute the plan,” he said.

The investments include projects like RiverWalk, the St. Patrick’s Island redevelopment, the National Music Centre, a new Central Library, the East Village Hilton Hotel and two residential condo towers by Embassy Bosa Inc. and FRAM+SLOKKER.

Possible uses for two long-standing buildings in the East Village are still being ironed out. Brown said the 17,394-square-foot Simmons Building would be a great retail opportunity.

“We’ve been working really hard with the market in terms of getting the right use in there. We’re currently working through a series of (Expressions of Interest) to the point where I’m pretty comfortable that we’ll be able to announce the future of the building in the fall of this year,” he said.

And he called the 17,500-square-foot St. Louis Hotel building “a jewel of East Village” as CMLC tries to figure out the best use for it.

CMLC holds its annual general meeting Friday.

Incoming board member Larry Clausen, vice-president and managing partner of Cohn & Wolfe/West, said East Village has been a community that has been well-planned.

“It’s been driven by a lot of good thinking,” he said, adding it’s a perfect example of a style of development of growing “up” a city rather than growing “out” a city.

“This is an inner-city community that will add density. It will add vitality to our core and it’s the extreme model of what others could look at to use for future development,” said Clausen.

Read more: http://www.calgaryherald.com/business/Retail+development+partner+sought+East+Village/6674343/story.html#ixzz1vuVGb0Ut

Luxury Elbow River Condo sets record with $9M sale

CALGARY — A luxury condominium in the new The River project has sold for a record $8.99 million, the most expensive sale ever in the Calgary market for a condo.

The penthouse unit is 5,626 square feet with 2,950 square feet in additional outdoor space.

Earlier this year, a 5,260-square-foot condo covering the entire 12th floor of the 15-storey tower, to be located on 26th Avenue S.W., along the Elbow River, sold for $8.3 million.

“The River not only offers its owners an unsurpassable location but also redefines condo living in Calgary,” said Chris Bourassa, chief operating officer of 26th Avenue River Investments Inc. “The development presents living spaces that do not compromise quality or size, and offers a premium lifestyle not yet seen in the city.”

The development will have a total of 38 residences — 27 units in the tower and 11 town houses. There have also been four sales so far of more than $5 million each.

The project is being developed by 26th Avenue River Investments Inc., an affiliate of Ledcor Properties Inc.

Bourassa said the development is projected to start construction late this year with completion in the fourth quarter of 2014.

Bourassa said a key to the project’s success is that it is offering a product that’s never been offered in the Calgary market.

“If you look at other industries, whether they be cars or single-family homes, large homes and the acreages, the luxury market was being served,” he said. “But once those buyers were sort of done with families, done with acreages, wanted to travel more, wanted a place that they could have the space to stretch out in a condo and be able to turn the lock and leave for months at a time, it didn’t exist. Not with the whole building being of like-minded people.”

He said many of the buyers are business leaders who have vision and can see the economy moving in the right direction.

“Calgary is very strong and they can just foresee that now is the time to move on some of these things,” added Bourassa.

Of the 38 residences, 14 have been sold and several are conditionally sold, he said.

Recently, a report by RE/MAX said growing confidence in Calgary’s residential housing market has spilled over into luxury properties with first-quarter sales over the $1-million price point, the best on record since 2007.

The Upper-End Market Trends 2012 report said 115 homes changed hands in the first quarter, up from 106 during the same period in 2011, 67 in 2010, 35 in 2009, and 86 in 2008.

Only 2007 posted greater sales activity in the top end, with 124 sales priced over $1 million, said RE/MAX.

“Locals are primarily behind the push, trading up to larger homes or lot sizes, taking advantage of today’s low interest rates and more affordable housing values,” said the report.

“Movement back into Calgary — in the form of transfers from international corporations — is also a trend worth noting.”

mtoneguzzi@calgaryherald.com

Read more: http://www.calgaryherald.com/news/News/841484/story.html#ixzz1vo2itKyD

Luxury home sales up in first quarter: Re/Max Report

Luxury housing sales surge forward in most major Canadian centres in 2012, says RE/MAX. New records set in 50 per cent of markets in the first quarter!

Growing confidence in Calgary’s residential housing market has spilled over into luxury properties, with first-quarter sales over the $1 million price point the best on record since 2007. One hundred and fifteen homes changed hands between January 1 and March 31st of this year, up from 106 during the same period in 2011, 67 in 2010, 35 in 2009, and 86 in 2008. Only 2007 posted greater sales activity in the top end, with 124 sales priced in excess of $1 million. The vast majority of sales so far this year have occurred at the lower end of the market, priced from $1 million to $1,249,999 (61 vs. 34), compared to one year ago, where more sales took place at higher price points. While some buyers are still somewhat tentative at the very top end of the market,  sentiments are starting to change in tandem with Calgary’s slow and steady economic growth.

The overall market appears to be healthier than in recent years, finally heading in the right direction, with home buying activity gaining traction across the board. Locals are primarily behind the push, trading up to larger homes or lot sizes, taking advantage of today’s low  interest rates and more affordable housing values. Movement back into Calgary—in the form of transfers from international corporations—is also a trend worth noting. A good selection of upper-end product is available in the City of Calgary where more than 400 properties are currently listed for sale. Inventory is noticeably tighter closer to the inner core, especially in older, established areas like Elbow Park, Bonavista, and Mount Royal. Proximity to the downtown core, walking trails, and trendy areas are top of mind with purchasers who are ‘location specifi c and price sensitive.’ The most expensive sale in the first quarter occurred at $2,950,000 in the city’s inner core, while the priciest condominium apartment, boasting more than 2,300 ft., sold for just over $ 2 million in Downtown. The most expensive property, situated on the shores of the Elbow River, offers up 5,100 plus sq. ft. of living space, including a media room, at $7,990,000. With recovery underway and first-time buyers heading back into the market, the domino effect is starting to take hold. The province is poised for significant growth in the future, given the population shift identified in the 2011 census. As such, the outlook for residential real estate at virtually every price point is exceptionally positive.

- Re/Max Upper-End Market Trends Report 2012

____________________________

 

(May 16, 2012) – From red-soled shoes to designer handbags, performance automobiles to high-end real estate, the Canadian appetite for luxury products continues to escalate.

Demand for upscale homes is sweeping much of the country, with upper-end sales in the first quarter of 2012 well ahead of 2011 figures for the same period, according to a report released today by RE/MAX. The Upper End Report found that 81 per cent (13) of the 16 major Canadian centres examined—including Victoria, Edmonton, Calgary, Regina, Saskatoon, London-St. Thomas, Kitchener-Waterloo, Hamilton-Burlington, Greater Toronto, Ottawa, Quebec City, Greater Montreal, and Halifax-Dartmouth—posted an increase, with the vast majority reporting double-digit appreciation. Records were set for upper-end sales in eight markets in Ontario, Quebec and Nova Scotia.

“Canadians recognize and appreciate the stability of real estate,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Given volatility in other areas, housing has emerged as a blue-chip asset among the country’s most affluent individuals. The capital gains exempt status ups the appeal, particularly as we see ongoing fluctuations in stocks and uncertainty in Europe. All the variables have come together to support an upper end market firing on all cylinders.”

The greatest percentage increase was reported in Regina, where first quarter sales of luxury homes priced over $500,000 climbed 56 per cent year-over year (50 units vs. 32 units). Quebec City placed second, posting a significant 50 per cent upswing in activity, while Toronto followed closely with a 49 per cent gain. The mid-sized markets of London-St. Thomas (43 per cent) and Kitchener-Waterloo (39 per cent) rounded out the Top Five—demonstrating that upper-end enthusiasm is not exclusive to Canada’s larger centres.

“While the ranks of the rich expand in both population and wealth, their impact on the Canadian residential landscape is undeniable,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Their confidence abounds from coast-to-coast, irrespective of price point. Starting prices range from a low of $500,000 in markets like St. John’s and Halifax-Dartmouth to a high of $2 million in Greater Vancouver, and affluent homebuyers are still prepared to up the ante—choosing to further renovate or altogether teardown and custom build to suit their needs.”

The report also noted that although the top end of the market represents only a small proportion of overall residential sales, when measured in terms of dollar volume, luxury sales are a much larger part of the equation. As such, the strong momentum out of the gate speaks to the overall confidence in real estate. Yet, several factors have worked in tandem to fuel the surge in demand for high-end properties in 2012, among them:

- Equity Gains – Price appreciation has been a serious catalyst fueling move-up activity in major Canadian markets in the past decade, providing current homeowners with the financial wherewithal to make more significant moves. In fact, from 2000 to 2010, average price gains in major Canadian markets ranged from a low of 68 per cent in London-St. Thomas to a high of 173 per cent in Regina. The same factor has pushed an increasing share of homes into upper end price points.

- Stock market volatility – Recent volatility in the stock markets, particularly the TSX, has once again shifted the focus to bricks and mortar. Investors continue to feel the pressure of serious headwinds (Economic signals from China appear worrisome, and the fragile U.S. recovery continues be dogged by weakness in the labour markets. Rising borrowing costs have threatened Spain, while austerity measures have fallen short in the U.K., and push back continues in France and the Netherlands). With equity markets quick to react to signs of stress, some are opting to shift money elsewhere.

- Immigration – Immigration has played a key role in bolstering Canada’s population of High Net Worth (HNW) Individuals. A recent BMO Harris Private Banking study showed that Canadians of foreign decent account for almost one-third of all high net worth wealth throughout Canada and that almost all (96 per cent) keep the bulk of their wealth in Canada. In 2010, Canada admitted roughly 154,000 business and investor immigrants who reportedly inject $2 billion into the Canadian economy each year.

- Changing Fortunes – Economic tides have turned in provinces like Saskatchewan, Newfoundland and Nova Scotia—contributing to the upswing in upper-end home sales. For markets like Saskatoon, Regina and St. John’s, million-dollar home sales used to be a rare phenomenon.   With changing fortunes, these markets are playing catch up, building high-end homes where there once were few.

- Rebound in global wealth – The number of high net worth individuals (HNWI), along with their overall financial wealth, increased once again in 2010, surpassing the 2007 pre-crisis peak in nearly every region, according the the Capgemini/Merrill Lynch World Wealth Report 2011.   While North America is still home to the greatest portion of HNWI, the population of HNWI in Asia-Pacific is now the second-largest in the world, unseating Europe’s long-held position. The segment of Ultra-high net worth individuals is also on the upswing.   The rising ranks of the world’s rich have driven up demand for all things luxury.

“The strength of the upper-end is underpinned by solid fundamentals,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec. “Most markets remain largely balanced across the board, with stable or modest price growth forecast in the luxury segment. Inventory levels have played a role in some multiple offer activity, with shortages notable in Montreal, throughout Ontario, and Winnipeg. While selection may be adequate in other markets, the demand and competition for quality stands out. Buyers at this price level are very discriminating. They are raising the bar nationwide, altering the Canadian housing landscape in the process.”

Highlights:

- Canadian upper-end homes are redefining luxury. When it comes to bells and whistles, toys and technology, the features homeowners are incorporating into their residences are becoming decidedly more progressive.

- While financing is not a huge concern for those spending multi-millions, purchasers at entry-level price points are ensuring peace of mind by locking in on five-year money.

- Canadian upper-end communities are an increasing reflection of Canada’s diverse multicultural and ethnic mosaic.

- Luxury condominiums continue to account for growing percentage of upper end sales, with most rivaling the grandeur of single-family product. Case in point is a unit recently listed in Toronto’s Yorkville district for $28 million.

Greater Vancouver’s Westside is home to the most expensive properties listed and sold in Canada this year. The priciest sale, $19.8 million, occurred in Point Grey for a 10,700 sq. ft. home with ocean and mountain views.  A $31.9 million palatial historic home in Shaughnessy sports the highest sticker price.   RE/MAX is Canada’s leading real estate organization with over 18,700 sales associates situated throughout its more than 720 independently-owned and operated offices in Canada.

The RE/MAX network, now in its 38^th year, is a global real estate system operating in 87 countries, with over 6,200 independently-owned offices and over 87,000 member sales associates. RE/MAX realtors lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management.  For more information, visit: www.remax.ca

Jackie Ostash

Public Relations Coordinator

RE/MAX of Western Canada

Endowment funds growing for University of Calgary athletes

Latest award honouring long-time high school coach Daun Daum

By Mario Toneguzzi, Calgary Herald May 16, 2012

The University of Calgary is increasingly tapping into the city’s business and corporate communities to raise money in support of its athletics programs.

And one of the more popular ways of doing that has come through endowment funds.

The latest, announced Tuesday, was in honour of long-time high school coach Daun Daum of Bowness High School. About $40,000 was raised which will go towards an annual scholarship for one or more student-athletes.

“It’s obviously an honour and what it means most to me is that the kids that have been under me and that I have coached over the years are a big part of this award and the reason this award is given. If it wasn’t for them, we wouldn’t be here today,” said Daum, who taught at Bowness High School from 1979 to 2003, winning four city football championships and four provincial basketball titles.

Funding for the award came from various friends and graduates of Bowness High School.

Endowment funds operate where a pot of money is raised. The university holds onto that endowment which generates interest and that interest is distributed in the form of scholarships each year.

Currently, the university has $4.75 million in endowment funds. Awards from endowed funds were $188,965 in 2011/2012.

Norm Minor, a long-time friend and colleague of Daum’s who helped raise funds, said a major part of Daum’s life was making a difference in the lives of young people.

And that’s exactly the purpose of the endowment funds.

Blake Nill, head football coach for the Dinos, said the corporate community is important to the success of the sports teams at the university.

“One of the strengths of the Dinos program is their connections within the corporate community,” said Nill. “That’s a very attractive part of the Calgary program, a very attractive component of the program. We’ve got people who will go to bat to try to generate the revenue that’s required for football as well as people who will donate.

“I’ve always said your ability to generate funds directly parallels your success on the field and that’s a formula for collegiate sports anywhere.”

Nill said the corporate sector is an area the university will continue to target in fundraising efforts.

“You’ve got people with deep hooks in the community that are able to draw off the interest from corporate Calgary,” he said.

Ron Wuotila, director of athletics at the University of Calgary, said there are two ingredients to successful Canadian Interuniversity Sport programs.

“One is leadership from the head coach and the other is third-party support,” said Wuotila. “The reality is in this country there’s very few programs that are able to operate independently where they just generate enough revenue at the gate that everything hums along.

“If you look across the country, every successful program has that third-party element and the Dinos are a classic example of that. We have lots of programs on campus that benefit from that third-party support. So it’s critical.”

Wuotila said a key is to generate interest from downtown corporate Calgary by getting executives up to the university to witness what’s going on.

“They would realize that there’s some strong alignments that could be made between the business they’re doing and community connections which is our bread and butter,” he said.

Read more: http://www.calgaryherald.com/sports/Endowment+funds+growing+University+Calgary+athletes/6626378/story.html#ixzz1v3zhrblC

Walmart Walk For Miracles Event – June 10, 2012

Please support the Walmart Walk For Miracles and click here to sponsor Team Penley McNaughton!

Join thousands of people across the country and raise crucial funds for Children’s Miracle Network^® member hospitals in the 9th Annual Walmart Walk For Miracles, on June 10th. Last year, over 15 thousand people of all ages took part in Walk-related activities, raising a record $5 million. This year, with your help, there’s no limit to what we can achieve!

Every dollar you raise will create health-care miracles for more than 2.6 million Canadian children, by supporting life-saving medical care, ground-breaking research, and educational programs designed to treat the sickest children in your community.

For more information about the walk, please click on the link below:

www.walmartwalkformiracles.ca

Resale balance shifts to sellers…

By Josh Skapin, Calgary Herald May 11, 2012

Sales of single-family resale homes soared nearly 31 per cent in April compared to the same month last year as the balance shifted to sellers, says the Calgary Real Estate Board.

There were 1,582 in April, up 30.64 per cent from 1,211, it says.

But while the balance between demand and supply in the single-family housing market has shifted toward sellers, there are several components that make today’s market different from five years ago, says board president Bob Jablonski in a news release.

“The main difference is there is still significant supply for consumers in surrounding towns and the condominium market in the city, and the new home builders do have the ability to absorb some of the excess demand,” he says.

Between April 2011 and last month, the number of active listings declined 19.09 per cent, says the board.

At the same time, the average resale price climbed only 0.88 per cent.

The board’s Zone A — which roughly consists of northwest Calgary — had 582 sales of single-family homes, outpacing the rest of the city.

During this time, Coventry Hills led all communities in the zone with 43 sales in April.

Zone A was second in the city with an average resale value of $475,719.

The highest resale price in the city was in the board’s Zone C, which roughly covers southwest Calgary, with $612,515.

Zone C was also second in sales in April at 447.

Zone D, which roughly consists of southeast Calgary, was third in sales and in average price last month.

It finished with 365 sales and an average price of $437,989.

Finishing fourth in both sales activity and average price was Zone B, which roughly covers the city’s northeast.

Zone B tallied 193 sales at an average price of $292,124.

Read more: http://www.calgaryherald.com/business/Resale+balance+shifts+sellers/6606279/story.html#ixzz1uscDJTLD

Redford vows to defend oilsands

 

Calgary Tories turned out en masse on Thursday night to celebrate last month’s election win, with Alison Redford promising a premier’s dinner audience she will not slow down in her defence of Alberta’s oilsands against both domestic and international critics.

Speaking to a hall filled with more than 1,800 MLAs, corporate leaders and party devotees, Redford said her government will maintain a business-friendly climate that allows Alberta enterprise to “flourish” while at the same time building new schools and keeping the public health-care system strong.

“We will strike the right balance between progressive and conservative,” the premier said.

But giving her first Calgary speech following the 12th consecutive majority win for the Tories last month, Redford got the loudest applause when she delved into familiar political territory for a long line of Alberta premiers: protecting the province’s interests against Ottawa.

This time Redford’s target was federal NDP Leader Thomas Mulcair, who said last weekend that because of the way natural resource sectors such as Alberta’s oilsands raise the value of the Canadian dollar, other parts of the country are paying a price.

Mulcair, who said he’s not against oilsands development per se, also discussed the need for the “internalization of the environmental costs” of oilsands and other natural resources development, and making the polluter pay.

“I expect that we’re probably in for a bit of a crazy summer,” Redford said before discussing Mulcair’s comments.

“I always think it’s better for people to comment once they have the information than before they do.”

The premier said she will spend her time expanding provincial markets while making the case to the United States that Alberta’s energy sector is the most “secure, responsible and environmentally conscious supplier, and always will be.”

The premier talked about her Canadian energy strategy, still broadly defined as having the provinces work together to take advantage of the country’s national resources, saying the country can manage the impact of major projects “to ensure that Canada remains beautiful.”

“And we’ll do it without compromising provincial sovereignty,” she said.

The Alberta PC party fundraiser was touted by organizers as the largest and most lucrative premier’s dinner ever held — even surpassing events held during the Klein days — with a sellout crowd paying $500 a piece for tickets.

Slickly produced videos featuring all of the 61 Progressive Conservative MLAs elected on April 23 were shown alongside another leader’s vignette with images of Redford speaking, meeting with supporters and riding horseback through the snow.

But among the crowd there was a subdued mood — one not of total victory but as Deputy Premier Thomas Lukaszuk described it: “a collective sigh of relief.”

Many critics say the long-ruling Tory party dodged a bullet in the April election, with some voters at the last minute choosing the incumbent party rather an unknown quantity in the Wildrose.

The socially conservative beliefs of a few Wildrose party candidates and its official stance questioning the science of climate change is thought to have contributed significantly to support going to the PCs.

Prominent tax lawyer and longtime party fundraiser Brian Felesky said the party is going to have to work to prove itself over the next four years.

“A lot of people that came our way are tenuously in our camp,” he said. “So we’ve got the responsibility to glue them to the PC movement and show them that there’s change, and there is financial discipline, and there’s going to be a better Alberta. And they can stay with us.”

Speaking to reporters before the speech, Redford touched on a number of issues, including a possible change in her plans next month, saying she might leave the climate change summit in Rio to Environment Minister Diana McQueen, who represented Alberta at last year’s conference in South Africa.

The day after the Tory majority win last month, Redford said one of her first priorities would be to attend the international summit in Brazil in June to both put Alberta’s position forward and defend the oilsands.

Redford wouldn’t reveal more about what changed her thinking on the summit, saying only she would say more next week.

“I’m going to consider whether I’m going to go or whether Diana McQueen is going to go. And it might simply be logistics. There’s another opportunity that’s come up that might make more sense for me to be participating in,” the premier said.

Redford also said she spoke this week to federal Foreign Affairs Minister John Baird on climate change and Canada’s approach to the international issue.

“He and I have agreed to meet to discuss what we can continue to do together.”

Speaking of Redford’s comments on the environment, Simon Dyer of the Pembina Institute said he’s glad the government has aspirations of improving Alberta’s environmental performance, and said he senses a change of tone from previous premiers. However, he noted Alberta still needs to do a better job of protecting wildlife, and preserving land and water.

“Alberta has a greenhouse gas management plan but it hasn’t been strengthened for a number of years,” Dyer said.

Redford also gave reporters more details on the 140 new family care clinics promised during the election, saying they will begin being established this year.

Family care clinics will be open longer — from 7 a.m. to 9 p.m. — to take pressure off emergency rooms. Patients won’t always see a doctor, but the most relevant health practitioner. Under the new system, money will follow the patient, so clinics will get paid for the services they provide. Currently, primary care networks are paid based on the number of patients they have, even if the patients don’t use services.

Promised new schools, she said, are contemplated in next year’s provincial budget — which her government has forecast will put Alberta back in surplus territory.

Read more: http://www.calgaryherald.com/business/Redford+vows+defend+oilsands/6602669/story.html#ixzz1uabBdi00

Hilton Hotel planned as first major commercial project for Calgary’s East Village

Calgary’s East Village development has announced its first major commercial project for the area just east of the downtown — a 315-room Hilton hotel.

Calgary Municipal Land Corporation announced Tuesday that the estimated value of the project is $75 million and it will see Widewaters Group, a USA-based commercial real estate development firm, build a dual branded Hilton along the 4th Street S.E. commercial node of East Village.

It will be situated at the corner of 7th Avenue and 4th Street S.E.

The proposed East Village Hilton project is a 208,000-square-foot, 14-storey, full-service hotel which combines the brands of Hilton Garden Inn and Homewood Inn and Suites under one roof. The project contains a south-facing rooftop terrace with pool and fitness facilities, together with library and convention services and two levels of underground parking.

The Widewaters Group, with offices in Syracuse, NY, Charlotte, NC and Park City, Utah, is a real estate development and management company that has extensive experience in the development of retail, hospitality and office projects throughout the United States and Canada. Across eight eastern American states and three Canadian provinces, the Widewaters Group hospitality portfolio represents $1.16 billion of investment and over 2,500 hotel rooms.

“We’re pleased to welcome Widewaters Group to the team of developer partners who are transforming East Village into a complete inner-city neighbourhood,” said Michael Brown, president and chief executive of CMLC. “This project is a great complement to the multi-family projects currently underway in East Village.”

Brown said the hotel is another piece of the amenity puzzle.

“When you look at a great community and an urban village, you can’t just build residential units. We all know that,” said Brown. “You need to look at providing amenities.

“When you look at the east end of downtown, one of the key pieces that are missing – it doesn’t matter if you East Village, Bridgeland, Inglewood or Victoria Park – is really having a strong grocery presence. So creating some retail opportunities is something we’re very much focused on.”

Ed Shagen, director of development for Widewaters, said Calgary is among North America’s strongest performing economies.

“We chose to invest in East Village because we could see its potential as both a tourist destination and a new commercial core for Calgary,” he said.

Shagen said the company plans on submitting a development permit this summer with the hope of starting construction in early 2013 with an opening in the summer or fall of 2014.

“We thought it was a unique opportunity. I have not experienced a redevelopment area that’s immediately adjacent to a downtown core that has had a tremendous amount of infrastructure completed and in a city that is as economically strong as Calgary is.”

He said the hotel location was a logical place because of its connectivity on 4th Street.

“Given where it is, we felt we could come out of the ground immediately without having to rely on future development to dictate when we start . . . Everything that comes in the future is just a bonus to us because we think it’s viable as it is today.”

In the past 24 months, CMLC has signed land development deals with Vancouver-based Embassy Bosa Inc. and Ontario-based FRAM+SLOKKER for a combined 1.2 million square feet of new mixed-use development in East Village.

CMLC has now attracted over $725 million of planned private investment to the area.

The vision for East Village, unveiled in 2009, is that of a mixed-use, inner-city community for 11,000 new residents. The area boasts key cultural and recreational amenities, such as the National Music Centre, RiverWalk, St. Patrick’s Island and the proposed New Central Library.

Read more: http://www.calgaryherald.com/travel/Hilton+Hotel+planned+first+major+commercial+project+Calgary+East+Village/6585882/story.html#ixzz1uOutEBv0

Join “Calgary Reads: at the Vinyl Lounge!

invites you to spread the word

May 10th, 2012

5:00pm to 9:00pm

join us in their Vinyl Lounge

Calgary Curling Club

720 3rd Street NW

(right beside our office!)

*early bird shopping

* live music

* book art auction

Alberta leads economic way: report

Growth forecast to top rest of Canada

By Mario Toneguzzi, Calgary Herald May 3, 2012

Alberta’s economy significantly outperformed the national average in 2011, as rising oil production fuelled 5.2 per cent real GDP growth, according to the Provincial Monitor report released Thursday by BMO Economics.

The report said the province should remain atop the Canadian leaderboard this year, with growth running 1.5 percentage points above the national average at 3.4 per cent.

“The energy sector continues to drive growth in the province, with oil production up 9.8 per cent in 2011 despite some temporary disruptions,” said Robert Kavcic, economist with BMO Capital Markets, in a statement. “Crude bitumen production rose 12 per cent, and the province is expecting growth of more than 10 per cent annualized in the next three years.”

The report said strength in the energy sector has rekindled in-migration and helped tighten the labour market.

“Net interprovincial in-migration was the highest since early 2008 in the first three-quarters of 2011,” said Kavcic. “As well, private-sector employment growth was a robust 6.9 per cent year-over-year in the first quarter of 2012, well above the 1.5 per cent year-over-year national pace. Concerns over labour availability and input costs are now increasing, but most recent metrics remain far from the extremes of the last boom.”

Also on Thursday, a report by economist Justin Cooke, of the Conference Board of Canada, said confidence among Canada’s business leaders edged up in the first quarter of 2012, as they showed increasing optimism over the future performance of their firms and the Canadian economy.

Following three consecutive quarterly declines dating back to the start of 2011, the Index of Business Confidence has now risen in each of the past two quarters — up 6.6 points to 99.3 in the fourth quarter of 2011, and rising another 2.5 points to 101.8 in the first quarter of 2012, said the report.

“The survey asks business leaders about their expectations on the future of the Canadian economy. This time, 43 per cent of respondents said they believe economic conditions will improve over the next six months — a huge improvement from the last survey, when only 19 per cent responded positively,” said the report. “Even more encouraging, only nine per cent of respondents said they expect the economy to get worse over the next six months. That is a major turnaround from the last survey, where negative responses outnumbered positives ones.”

Read more: http://www.calgaryherald.com/business/Alberta+leads+economic+report/6559915/story.html#ixzz1twQQcxWn