April 13, 2017 | CREBNow
Launched in 2007, the Waterfront development has been ten years in the making with plenty more to come
The Waterfront development, an 11-building project, has become a landmark in downtown Calgary for Vancouver-based developer Anthem.
Elva Kim, vice-president of sales and marketing for Anthem, says five buildings have been completed now with close to 630 units just east of Eau Claire Market and along the Bow River.
"It's great. It's absolutely a landmark development for Anthem, both in terms of product, timing and location," said Kim.
"You've got Sien Lok Park right next to us (plus) Chinatown and the business district. It's just the sheer accessibility and the quality of the homeowners and loyal referrals that have continued to support Waterfront over the last 10 years."
Waterfront A, B and the Flats buildings were launched in early 2007 and completed in 2011. Building A has 176 homes, B has 133 and the podium level Flats has 139. A total of 448 homes are in the first phase of the overall development.
The Outlook C and D buildings were launched in the spring of 2013 with 129 homes and 46 homes, respectively. They launched in the spring of 2013 and were completed in the winter of 2015 and early part of 2016.
Those buildings are now fully occupied.
You've got Sien Lok Park right next to us (plus) Chinatown and the business district. It's just the sheer accessibility and the quality of the homeowners and loyal referrals that have continued to support Waterfront over the last 10 years.
Consisting of three buildings, Anthem launched the Parkside part of the overall Waterfront development in the fall of 2014. As of late March, 270 homes out of 287 had been sold.
"That was the most successful real estate development launch in Calgary of that year. Subsequent to that, the most successful launch prior would have been when we first launched Waterfront back in 2007," said Kim.
Parkside is scheduled for completion in the latter part of the spring of 2018. The three buildings will consist of 71 homes, 141 homes and 76 homes.
In the spring of 2015, a west building was also launched and 64 of 72 homes have been sold with completion expected in the spring of 2018.
Kim says two more buildings – boutique developments right along the Bow River – will be launched in late spring to early summer of 2018 with seven homes and 14 homes.
The entire project will have 11 buildings and more than 1,000 homes on completion.
There has been an uptick in activity in Calgary's condo market. According to CREB®, the first three months of 2017 have seen MLS® sales in the apartment category reach 689, up 24.37 per cent compared with the same period a year ago.
The median sale price of $259,500, however, is down 2.44 per cent from a year ago, while the average sale price has dropped by 1.48 per cent to $292,354.