Financial details of the 50-50 joint venture were not released, but the development will be one of the largest in the city when construction begins, likely as early this spring.
“As one of the largest master-planned communities in Northwest Calgary, Glacier Ridge will be a flagship project for Anthem,” Anthem United CEO Eric Carlson said in the announcement Monday. “This investment reflects Anthem’s belief in and commitment to Calgary as a robust, growing and awesome Canadian city.
“Glacier Ridge is in a highly sought-after residential growth corridor and will accommodate a sizeable share of this growth.”
Glacier Ridge to include 4,135 homes, multifamily…
The future master-planned community will include approximately 4,135 single-family homes, 87 acres of multifamily and commercial land, and over 200 acres of environmental reserves, municipal reserves and open space connected by a network of pathways and trails.
Showhomes by Shane Homes, Jayman Built, Morrison Homes, Trico Homes and Cedarglen Homes are scheduled to open in spring 2022.
The Glacier Ridge property is in the westerly portion of the Glacier Ridge Area Structure Plan, along the West Nose Creek tributary. The site offers convenient access to Calgary’s Ring Road and close proximity to existing local services and amenities.
Anthem United and Ronmor earlier partnered on a series of developments including Silverado, Cougar Ridge and the adjacent communities of Nolan Hill and Sage Hill.
State of Calgary homes market
It comes at an interesting time for Calgary’s overall real estate market. Despite the ongoing effects of a downturn in the fossil fuels sector compounded by the COVID-19 pandemic, portions of the housing market have held up fairly well.
That’s particularly true for single-family type housing and the pandemic is actually buoying that sector.
In a blog post by Cardel Homes earlier this year, Carlson said residents whose jobs haven’t been adversely affected were suddenly looking at their surroundings and saying, “This place is too small — we have to move up.” The combination of work-from-home orders and low interest rates have them considering, or making, a move to a larger premises.
The Calgary Real Estate Board is also reflecting that trend in its 2021 outlook, predicting a moderate rise in both housing starts and prices (anticipating increases of about five per cent) this year. Housing prices overall were flat in 2020, as increases in popular single-family suburban neighbourhoods were offset by decreases in multifamily and the downtown.
About Anthem United and Ronmor
Anthem and Anthem United have invested in, developed or managed – alone or in partnership – more than 270 residential, commercial and retail projects across Western North America. Founded in 1991, the firms employ over 400.
Their residential portfolio includes 15,000 homes either completed, in design or under construction, from master-planned mixed-use residential and multifamily, to townhome and single-family communities.
Anthem and Anthem United co-own, manage or have previously owned over eight million square feet of retail, industrial, residential rental and office space across Western North America.
They’ve developed more than 60 communities across 6,100 acres of land in Alberta, British Columbia and California.
Ronmor is a private real estate company based in Calgary that has been operating for more than 30 years. The company owns and manages an extensive portfolio of shopping centres, office buildings, industrial properties and private land holdings.
Ronmor typically develops and then retains ownership of its projects.
Its ownership consists of two third-generation Albertan families who remain active in the direction and leadership of the company.