New Residential Condo Development Breaks Ground in Flourishing Luxury Real Estate Market

An affiliate of Ledcor Properties Inc., 26th Avenue River Investments Inc., has broken ground on a new luxury residential condo development in Calgary, Canada.

Calgary, Canada—An affiliate of Ledcor Properties Inc., 26th Avenue River Investments Inc., has broken ground on a new luxury residential condo development in Calgary, Canada.

Located at 26th Avenue S.W., in the southwest Mission neighborhood, The River will feature 38 residences including 11 Riverhomes and 27 units in a 15-story tower. The tower homes range in size from 1,400 to 5,626 square feet, whilst the three-story Riverhomes vary in size from 2,600 to 3,800 square feet. The luxury development will feature various amenities including 24-hour security, a concierge and private elevators. The project aims to bring a new concept to the Calgary market, which offers all the benefits of an estate home without the worries of security and maintenance, permitting a “lock-and-go lifestyle.”

Chris Bourassa, Chief Operating Officers said: “On one of the last waterfront properties in Calgary, The River is a 10 minute walk from downtown, located steps away from Calgary’s 4th Street community and tucked in next to the Elbow River.”  He continued: “The development presents living spaces that do not compromise quality or size, and offers a premium lifestyle not yet seen in the city.”

The project has already broken the record for the highest condo real estate sale to date in Calgary, twice.  In May the company announced that a 5,626-square-foot penthouse, featuring an additional 2,950 square feet of additional outdoor space, sold for $8.99 million, beating the previous record-breaking $8.3 million sale.

The early success of the development doesn’t come as a surprise in a flourishing luxury real estate market. In a recently released study, Sotheby’s International Realty Canada, reported a soaring demand for luxury real estate in Calgary in 2012, fuelled by strong economic fundamentals. In the first half of the year the million dollar-plus category increased by 19 per cent compared to the transactions in the January-June 2011 period. The inventory for properties listed over the one million dollar price point also jumped to a staggering 908 in 2012, a 91 percent increase compared to the first half of 2011.