A major development project in Calgary’s Marda Loop area has received city council’s approval.
Calgary Co-op and local developer Truman plan to develop twin multi-residential towers in the Marda Loop area.
Council approved an application to redevelop a roughly two-acre property at 2103 33rd Avenue S.W. The proposed high-density, mixed-use community hub would include two 19-storey towers, an 11-storey building and a six-storey structure, CTV reported.
The two lower buildings’ heights vary from an originally expected pair of 11-storey buildings. Truman adjusted their heights to shift building mass away from 33rd Avenue S.W. and reduce impacts on sunlight, according to CTV.
The residential unit count was subsequently reduced to 441 from 495 and 17 afford-housing suites instead of the originally proposed 34.
The Marc and Mada Block project calls for the demolition of an aging strip mall on the property bounded by 33rd Avenue S.W., and 20th Street S.W.
Calgary Co-op and Truman are partnering with Liberty Housing Organization. Most of the residential units would be condominiums, while some rental homes would also be included.
The project would also contain a new Calgary Co-op grocery store and retail and commercial spaces.
David White, a consultant with CivicWorks representing Calgary Co-op and Truman, previously told CBC that the site presented an opportunity for bold planning.
“It’s on a very large, unique site,” he told his interviewer. “It’s not too often that you find an inner-city established community of this size and scale and this kind of location. So it’s an opportunity to do pretty significant scale density.”
The Marc and Marda Block project name pays homage to the founders of the former Marda theatre that once stood in the neighbourhood. The theatre opened in 1952 but was sold a decade later and ultimately shut down in 1988.
Rendering: Calgary Co-op/Truman
Boardwalk REIT is selling three Edmonton apartment communities for $106.5M, pushing its property dispositions this year to nearly $629M as the landlord increasingly finds value in selling older buildings rather than developing new ones. The transaction involves Northridge Estates, Parkview Estates and Riverview Plaza, which contain a combined 536 suites. Boardwalk disclosed the sale in...
Learn more
Marcus & Millichap completed the sale of Broadcast Apartments, a partially complete multifamily development project in D.C.’s Tenleytown neighborhood. The asset sold for $9.5 million. “This was a very complex, multidimensional transaction involving a receiver, a ground lease, a partially completed building and a host of other issues,” said Marty Zupancic, senior managing director of...
Learn more
Vancouver-based Trez Capital is teaming with Starwood Capital to expand its U.S. residential land lending business, with the partnership expected to launch with a US$450M loan portfolio and originate more than US$1B annually. Announced Tuesday, the agreement will focus on financing land acquisition and development for single-family communities across the United States. The initial portfolio...
Learn moreRe/Max Real Estate Professionals
Central CA Commercial | California
Recckio Real Estate & Development
Northgate Real Estate Group
California
California