CALGARY, Alberta, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Calgary Municipal Land Corporation (CMLC) is pleased to welcome ONE Properties as East Village’s newest development partner. Two new mixed-use towers will complete Q Block on the neighbourhood’s east side, representing an approximate private investment value of $250M to the community.
“As steward of the East Village Master Plan, CMLC seeks out innovative, community-oriented partners to help us realize our bold vision for the area,” says Kate Thompson, CMLC’s President and CEO. “Having seen the success of ONE Properties’ other developments, including their BLVD Beltline project in The Culture + Entertainment District, we are confident that they will bring the same commitment to building well-designed, amenities-rich spaces in East Village.”
Over the last decade, Alberta-based ONE Properties has delivered approximately 2,500 residential units to the Alberta marketplace with an additional 3,500 homes currently in the planning and development stages. Q Block will mark ONE’s second major development in Calgary’s Rivers Direct, following the successful opening of BLVD Beltline in 2021, and will play a critical role in the continued evolution of Calgary’s urban core.
“ONE Properties is thrilled to work with CMLC to bring a new property to the vibrant, urban community of East Village,” said Thomas Burr, ONE Properties’ Vice President of Mixed-Use Development - Western Canada. “We’ve seen Calgary's East Village thrive in recent years as more Calgarians look to live, work and play in the heart of downtown. Alongside CMLC, ONE looks forward to introducing even more options for Calgarians to be a part of this exciting, growing neighbourhood.
Parcels Q3 and Q4 will front onto amenity-rich Fort Calgary Park, overlooking the community gardens, children’s playground, East Village dog park and Bow River. When complete, ONE Properties’ new towers will be home to approximately 750 new residents.
Q Block is a mixed-use block featuring residential, commercial, retail, food and beverage offerings at street-level along The Riff, a high-quality pedestrian street that connects the block to Jack & Jean Leslie RiverWalk, George C King Bridge, St. Patrick’s Island and The City’s regional pathway system. The new ONE Properties towers will complete Q Block, which is already home to 291 condo units at Verve by FRAM + Slokker and another 160 units to be built in FRAM + Slokker’s forthcoming Vibe condo project.
This is the second land partnership signed in East Village in 2022, and there is a growing pipeline of development projects launching in East Village the coming years. With 300 new apartments already under construction at BOSA Development’s second Arris tower, CMLC anticipates two developments to break ground in 2023, including the recently announced Minto Communities Vita project and Alston Properties’ EV606 project which, together, will bring 144 new residential units and 9,000 additional square feet of retail space to East Village.
Construction timelines and further details about ONE Properties’ two new towers will be shared in the coming months.
For more information:
Emma Stevens
Director, Communications & External Relations, CMLC
estevens@calgarymlc.ca
About CMLC:
Created and owned by the City of Calgary, Calgary Municipal Land Corporation (CMLC) exists to achieve the City's objectives for urban densification and community renewal, infrastructure investment and placemaking. An entrepreneurial group of hands-on doers and placemakers, CMLC’s approach is rooted in community participation and designed to strengthen the connections between places, experiences and people. As the master developer behind Calgary’s East Village and new Culture + Entertainment District, CMLC is leading over $1 billion in city-building projects and is the project lead on pillar projects in Calgary including the Arts Commons Transformation, BMO Centre Expansion and the 17th Ave SE Extension and Victoria Park/Stampede LRT Station Rebuild. calgarymlc.ca
About ONE Properties:
ONE Properties is a privately owned, integrated real estate investment firm that develops and manages a range of high-quality assets across Canada. Since 1987, ONE has been creating value, empowering businesses and defining communities through its people, partners and properties. ONE leverages its expertise across a range of asset classes — multi-family residential, retail, office, industrial and mixed-use. Visit www.oneproperties.com for more information.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f72fe342-42c7-4814-8ab6-0ac90692661b
