The River Crests Above Previous Sales Record in Calgary

By Jeffrey Steele, Contributing Writer

Calgary, Alberta, Canada—The sale of a residence at the luxury condominium development The River has surpassed the previous high water marks for condo prices in the history of Calgary, Alberta.

It was announced last week that the most expensive condominium ever sold in the city is a 5,260-square-foot residence at The River, which fetched $8.3 million.

Construction is slated to begin on The River this spring. The community will have just 38 residences, 11 “Riverhomes” and another 27 units in The River’s 15-story tower. Tower homes range from 1,400 to 5,626 square feet, while the three-story Riverhomes measure out at 2,600 to 3,800 square feet in size.

The River is said to offer the exclusivity of an estate home, but without the headaches of security and maintenance concerns. 26^th Avenue River Investments, Inc., an affiliate of Ledcor Properties Inc., is the developer.

The location of The River on one of Calgary’s last waterfront properties will be one of the community’s exceptional qualities, says chief operating officer Chris Bourassa. “The River is a 10-minute walk from downtown, located steps away from Calgary’s 4^th Street community and tucked in next to the Elbow River,” he says. “We are offering this special piece of real estate to only 38 home buyers.”

The River also benefits from a private setting. Zoning permits five times the site area (205,000 square feet), but only 132,000 square feet will be built.

The River will incorporate materials that echo the handsome look of Calgary’s highly sought and historic Mount Royal neighborhood. A mix of stone and wood in the exterior harkens to an era of grand residences with impressive entryways.

The development is valued at more than $130 million. The first eight residences, which were sold in an exclusive preview, went for a combined $30 million. Amenities include 24-hour security, concierge, private elevators and outdoor living spaces up to 2,950 square feet in size.

In unit touches include gourmet kitchens, generous storage and spa-like ensuites with free-standing baths.

The luxury to be offered at The River is fitting addition to Calgary, a city that has managed to avoid the economic malaise gripping much of the world over the last several years.

Profiting from what many consider North America’s most reliable oil source, Calgary is forecast to lead Canada in population and economic growth over the coming years. The River is expressly designed to appeal to energy company executives interested in shedding their detached homes for the maintenance freedom and “lock-and-go lifestyle” of estate condominium living.

The sale price record established by the 5,260-square-foot condominium that sold for $8.3 million may not last for long. That condominium is not the most expensive residence in the development.