With Good Economic News for Calgary, National Developer Concord Pacific Set to Move on New Projects

Seeing Calgary as a positive long-term investment, Concord Pacific breaks ground today on the first of two Calgary developments with over $1 billion in economic impact

CALGARY, ALBERTA--(Marketwired - April 8, 2015) -

Editors Note: There is one video associated with this press release.

Concord Pacific began breaking ground today on the first of two Calgary real estate developments-a 14-storey condo development called THE CONCORD-that together will provide over $1 billion in economic impact to the local economy. Affirming its belief in the long-term value of the local real estate market, Concord said that the timing is right to build now because market conditions offer access to the best quality trades people, and because Calgary is an emerging global city embracing more innovative approaches to urban development. Concord added that it is now tendering millions in construction contracts here in Calgary over the next 30-36 months of building, and that their development will create a new standard in terms of innovative construction know-how.

"As Calgary moves to becoming more urban centric, the opportunities for great development here are as significant as they were in downtown Vancouver or Toronto two or three decades ago. With location, international shopping, amenities, leisure infrastructure, natural beauty and a sophisticated market, Calgary has all the ingredients of becoming a great global city and Concord wants to play a leading role in helping the city grow while maintaining its strong sense of community and liveability," said Peter Webb, Concord's VP of Development.

Despite the downturn in the economy, Concord is optimistic about Calgary's long-term value, having been Canada's Western business hub for decades, and because of its young, well-educated, and entrepreneurial population.

"Concord's announcement reflects what we're seeing elsewhere-that the momentum is alive and well in the real estate market," says Tom Dixon, Business Development Manager for Calgary Economic Development. "This company is a global player with an impressive record for planning great urban environments. We're fortunate that they've identified Calgary as a solid long-term prospect," he added.

Concord's first project, which began excavation today, is a luxury condominium called THE CONCORD located on the banks of the Bow River at the Peace Bridge. Construction on the perimeter parkade of the building will begin early in May and will feature secant pilings to maximize flood mitigation. The second project is a new redevelopment of the Sears site at North Hill mall. The combined impact is estimated to be $1 billion with thousands of construction and construction related jobs.

"Calgary buyers are just as optimistic about Calgary as we are," added Webb. "Despite the downturn, the sales momentum over the last six months has remained steady, reflecting a community that sees the value of investing in one of Canada's most beautiful communities with a bright future."

About Concord Pacific

Concord Pacific is a Canadian headquartered developer of multi-phased, master-planned residential communities. With more than 20,000 units built or currently under development, it is Canada's largest urban community builder and has won numerous national and international awards for design and excellence. Their development schemes are strategically designed to enhance the lifestyles of its residents with innovative architecture and engaging public spaces of world‐class scale and use. The Group's legacy as an urban master‐planned community developer began with Canada's largest urban master-planned community, Concord Pacific Place in Vancouver, Canada. Second only in size to Concord Pacific Place, Concord's City Place development in Toronto has continued the its skyline defining legacy and confirmed its master-planning model. Concord continues to advance its model to numerous prime communities across Canada and projects under development both nationally and internationally. For more information, visit www.concordpacific.com.

To view the video associated with this press release, please visit the following link: https://www.youtube.com/watch?v=DsHpOpD8Dbs&feature=youtu.be

Contact Information:

Peter Udzenija

Joni Avram