Condo vs Rental
In the early years of the Beltline renaissance, almost all of the new residential development were condominiums, of which some units were rentals. However, over the past few years, most of the residential development has been purpose-built rental towers.
And there are good reasons for the rise in rentals.
Probably the major reason is that 74% of Calgary’s rental properties are pre 1979, meaning they lack the amenities today’s urban dwellers, be that an empty nester or young professional, are looking for. Things like an ensuite bathroom, larger closets, washer and dryer in the unit, high ceilings and an open concept layout. Also, the new rental towers offer other desirable amenities like rooftop patios, BBQs and fire pits, games rooms, demonstration kitchens and even dog runs.
There are currently seven new purpose-built Beltline residential towers at various stages of development, representing about 1,500 new homes coming on stream over the next few years.
I toured the recently completed SODO tower (10thAve just west of 5th Street SW) and it is more like a hotel than an apartment. Next up is One, Strategic Group’s 37-storey One tower with 379 new homes (201 - 10th Ave SE) including two luxury penthouse suites. Also, under construction is phase one of Hines’ 500 Block two tower project (461 homes) at the corner of 4th St and 12th Ave SW and The Underwood, 192 homes at 202 - 14th Ave SW.
Strategic Group is also finishing up the conversion of an older 7-storey office building across from the Midtown Co-op into a 65 funky residences, with rooftop amenities.
All of these new purpose-built rental buildings are designed to meet the growing demand for urban rentals in Calgary’s fastest growing community.
In addition, there are seven new condo towers, representing about 1,000 new homes, at various stages of development. This includes the recently completed Park Point, by Qualex Landmark (which has a second tower in the works) and the soon-to-be-occupied The Royal by Bosa Developments which includes a Canadian Tire urban format store and Urban Fare (opening soon). The “new kid” under construction is Intergulf’s 11th+ 11thproject which, at 44-storeys will be the tallest building in the Beltline.