A notable player in this development is the University of Calgary. Much of two city blocks to the east of Calgary’s City Hall have been allotted to the University and its education partners for a $235 million urban campus project, to be made up of an approximately 50/50 split between new educational space and a residential high-rise building.

“This is a first for us,” says Roman Cooney, vice president external relations for the University of Calgary. The idea of University-developed, revenue generating, residential property, though quite common in the U.S., is relatively new to Canada.

“It seems like Calgary is at a place in growth where it’s ready for this kind of development,” says Cooney.

The project will comprise 583,000 square-feet of educational space and 600,000 square-feet of residential/commercial high-rise space. Revenue generated by the high-rise component will be used for general operation and capital costs of the educational portion.

The high-rise condos will sit in a prime location downtown, nestled between the upcoming revitalised East Village and the cultural heart of downtown. Residents will not only enjoy great views of the downtown lights, the Bow River and the Stampede grounds, but all the amenities of the city’s core – including the Epcor Centre for the Performing Arts, the C-Train, W.R. Castell Library, Stephen Avenue and the riverfront – will be just steps away. The tower will be perfect for anyone who works or plays downtown.
The new downtown campus is being developed in partnership by the U of C, Athabasca University, Bow Valley College, the Calgary Board of Education – Chinook Learning Services, the University of Lethbridge and SAIT Polytechnic. The educational facility will create spaces for 5,700 new and existing students and support 15,000 non-full-time students.

Development of the area, which lies between 7th and 9th Avenues and 3rd and 4th Streets SE is guided by the City’s East Village Area Redevelopment Plan. The Plan, published in March 2005, envisions pedestrian- and cyclist-friendly streetscapes that are safe and aesthetically pleasing and above all, create a sense of vibrant community.

The St. Louis and King Edward hotels are located on the land, and Cooney says that the city plans to keep the feel of the original streetscape intact. This includes saving (and inevitably refurbishing) the St. Louis.
“We’re looking for an authentic streetscape, with both commercial/residential development as well as a sense of community. Last time I checked, students still liked to go to the pub, so something like the St. Louis Hotel is a good fit for the area,” says Cooney.

As Cooney describes it, the education component will wrap around a revitalized inner core, showing the transition between corporate downtown and the new East Village.

The University of Calgary has sent out a Request for Expressions of Interest to developers in order to gauge market interest in the project. The successful strategic partner will own and manage the residential development. A commitment has been made to the city to develop the residential project as part of the overall project, and the University has already invested over $1 million; the next step is to find a developer for the project and start the design process. A Request for Proposals will be sent out to developers in 2008. The U of C has requested provincial funding for the project for 2008/09, which means ideally, construction could begin in late 2008. However, exact dates depend on the timing of government funding, says Cooney.

Until that time, interested condo buyers should keep an eye on the news, as this project is likely to garner plenty of media attention.