The summer sun rises eagerly in the early morning sky, casting a glittering cascade of twinkling light on the surface of the Bow River. Joggers and dog walkers scoot along the river pathway, enjoying the public art and the perfection of nature against the city's skyline. The smell of freshly roasted coffee and savoury bready morsels wafts from the Simmon's Building, its glass-sheathed doors flung open in anticipation of the day. Just steps away, store owners set out their wares in the newly launched pop-up retail park, as brightly coloured shipping containers frame the backdrop and the East Village hums to life.

"The East Village is all about connecting people and the new pop-up retail park – East Village Junction – is one of the major place-making initiatives happening this summer," said Jessa Morrison, senior manager of marketing and communications for Calgary Municipal Land Corporation, the developer behind the East Village, a 49-acre revitalization project on the east side of Calgary's downtown.

Apartment sector prompts optimism for buyers

After living in southwest communities of Midnapore and Evergreen for 27 years, transitioning to an apartment in Mission was an easy decision for Michelle Norman.

"Condo living was a very easy adjustment," she said. "I like the idea of being surrounded by a good mix of young and older residents as well as not having to worry about such things as yard work and snow removal."

Condo developers using downturn as opportunity to build

The downturn in Calgary's economy is creating a much-needed opportunity for developers to reset and plan for the long-term, say experts, who also believe the apartment-style condominium sector stands to benefit the most.

Susan Veres, senior vice-president of strategy and business development for Calgary Municipal Land Corp. (CMLC), admits sales "have slowed" in the popular East Village community on the banks of the Bow River, but also said the timing of the current downturn is "almost fortuitous" for the up-and-coming area.

"It's serendipitous that we're actually focusing on construction this year," she said, whose company, CMLC, is wholly owned subsidiary of the City of Calgary that is currently revitalizing East Village.

Calgarians drawn to more affordable alternative

After living in southwest communities of Midnapore and Evergreen for 27 years, transitioning to an apartment in Mission was an easy decision for Michelle Norman.

"Condo living was a very easy adjustment," she said. "I like the idea of being surrounded by a good mix of young and older residents as well as not having to worry about such things as yard work and snow removal."

Living in the inner city for a year, rent free?

Such just one of the perks offered by the Calgary Municipal Land Corp. (CMLC) with partners FRAM + Slokker and Embassy BOSA and Knightsbridge Homes for Calgary's "best job" offer acting as the Resident Ambassador for the re-emerging community.

An additional $300 million in development and as many 500 new condos are slated for East Village after a partnership announcement between RioCan Investment Trust and Embassy BOSA including a Loblaws grocery store.

"Calgary is on the tipping point right now, with condo living becoming a more sought after alternative to suburban life," said Ryan Bosa, president of Embassy BOSA. "The future of Calgary is up not out, and developments like the East Village showcase how Calgary is creating vibrant, sustainable communities."