A prime development site in northwest Calgary, which has been approved as a master-planned mixed-use village, has been sold to two Alberta developers for $38.1 million.

The six-acre Riley Park Village property, at 1402 8th Avenue N.W., has been zoned for over one million square feet of density. 

The property was purchased by Calgary-based Bankside Properties in partnership with real estate company Sumus Property Group, which is based in Lethbridge. The previous owner was Northwest Healthcare Properties REIT (NWH-UN-T).

For Bankside Properties and Sumus, this is their second major property acquisition in Calgary in the past few months.

In November, Calgary Municipal Land Corporation (CMLC) announced the sale of two CMLC-owned development parcels in the East Village neighbourhood to Bankside and Sumus, with the intention of building two residential buildings.

CMLC said at that time the East Village project represented an approximate private investment value of $60 million. 

Cole Richardson, managing principal of Bankside, told RENX a development permit has just been submitted to the City of Calgary to build two six-storey residential rental buildings, each containing 81 apartments, at the East Village property. He said they are hoping to break ground in the second half of this year, with completion planned for the third quarter of 2026. 

Riley Park Village plan in the works

Richardson said detailed development plans for the just-acquired Riley Park site are now in the works.

“We’re just analyzing our options there right now in terms of what our phasing strategy is going to be, but the party line right now is we’re going to develop a multi-phased, mixed-use urban village that’s pedestrian-focused,” he said, adding they want to take advantage of the proximity to two nearby LRT stations, the Kensington neighbourhood, Riley Park, and the post-secondary institutions of SAIT and the Alberta University of the Arts. 

Richardson said they are hoping to break ground on Phase 1 in 2026. It will be primarily residential with a component of community-focused retail on the ground level. The plan will likely be different than what was previously in place for a master-planned, mixed-use urban village.

He said Bankside and Sumus are in discussions with the city about their vision for the site. The engagement process is just starting.

“We’re kind of long-term thinkers. We’re planning to build and hold these assets for a fairly long time period," Richardson explained.

"We just like the overall fundamentals in terms of population increasing, the affordability of Calgary from a residential perspective relative to the other major markets in Canada and the economic indicators are quite strong. The political winds are changing. So all those things add up to a positive investment environment."

Bankside, Sumus to grow development pipeline

Richardson said the Bankside and Sumus partnership hopes to continue expanding its development pipeline.

“We’ve launched the platform . . . this is our second acquisition and we’re looking for more. We’ll see where things lead us," he said. "We’re fairly selective. Funny enough, this Riley Park site I’ve been tracking for the better part of a decade.

"There are a few others we’d love to be a part of, but if they don’t come to market we’ll probably just focus on what we have.”

Harvey Russell, vice-president and principal of NAI Advent in Calgary, which listed the Riley Park Village site for sale with the help of Mark Goodman, principal of Goodman Commercial in Vancouver, said the property was put on the market in June.

The site is currently home to the Riley Park Health Centre, the former Grace Hospital, which is a 74,952-square-foot community medical centre.

The original master plan consisted of seven buildings - five six-storey buildings, one 11-storey building and one 15-storey building.

The site, at the northeast corner of 14th Street NW and 8th Avenue NW in the Hillhurst neighbourhood, is surrounded by greenspace.

“It’s a very good location. It’s very close to downtown. It’s an established area. It’s a 110-year area. There’s a park beside it. There’s just very few sites like this left in the City of Calgary,” Russell told RENX. “This site will accommodate about 1,250 (housing) units.”

"Blank canvas" for development

Goodman said what makes the site special, and highly attractive for potential buyers, was that it is a six-acre site that represents practically a blank slate.

“You can create something amazing from the site," Goodman said. "I know from people who are familiar with Calgary it’s a pretty high-profile site and there was a lot of interest. What made it special was having one six-acre parcel which was essentially a blank canvas and you can build a high density site.

“The location was one of the main selling features," he continued. "Hillhurst is a top neighbourhood and proximity to parks, amenities and shopping, it’s right by the trendy Kensington Village district. You’ve got it all. It’s abutting SAIT, that’s another plus. It’s steps to Riley Park and you’ve got the trail network, the community centre. You’ve got the C-Train right there. It’s an A-plus location.”