Edmonton-based ONE Properties is probably best known these days as a key partner in the development of the downtown ICE District. However, the company is also bullish on the Calgary market, with several projects on the go in the Southern Alberta city.
The company is currently constructing the Curtis Block in the Beltline neighbourhood, just outside of Calgary’s downtown core, which consists of three residential towers with 1,030 rental units.
“There’s a lot of things to be excited about the project,” president and CEO Darren Durstling told RENX in an interview, “but what I’m really excited about is that we’ve really expanded the amenity package in the offering.”
The first phase of the development is 650 suites in two towers of 34 and 37 storeys, with 16,500 square feet of retail space on the ground floor. There are also three levels of underground parking.
A third tower is planned for the future.
The Curtis Block in Calgary
The development features two storeys of amenities including a state-of-the-art gym, a yoga studio and an outdoor basketball/hockey court. Located on the roof level will be outdoor hot tubs, sky terraces and a lounge. The podium area, which is three storeys, will have an outdoor movie theatre. It will also include the main gym and a large outdoor gathering space.
“Without a doubt it’s going to be . . . the largest amenity space that we’ve put into any of our projects to date,” said Durstling.
He said the first phase of the development will be completed in about 18 to 20 months, adding the company will play it by ear regarding the timing of the development of the third tower.
“If this goes as well as we think, we’ll probably pull the trigger on building that reasonably soon thereafter,” Durstling said.
The mixed-use development features excellent access and exposure at the intersection of 12th Avenue S.E. and Macleod Trail S.E.
ONE Properties’ apartment focus
Durstling said ONE Properties is currently focused on Calgary’s rental market, as its condo market has slowed.
“We’re a big fan, obviously of Calgary, but the Beltline for residential growth in particular. It’s right next to the downtown core and the Plus 15 network,” he said.
“We’re excited about all the new developments that are happening to the east of us – the convention centre expansion, event centre, the Rivers revitalization piece (in Victoria Park, near Stampede Park), but we’ve also got the (future LRT) Green Line that is part of our front door. On our southbound street we’ve got the Green Line stopping right there.
“Rental across Canada is becoming a much more attractive thing for people. It creates a lot more flexibility. It creates affordability and they can also get into a home that is arguably in some cases better quality than some of the condos you’re seeing today.”
The company finished a project called VERSUS a couple of years ago: “it’s gone incredibly well,” Durstling said of the two-tower, 444-apartment complex located in the west end of the Beltline.
ONE Properties is an active developer in Calgary.
Stonegate a major development
For example, StoneGate situated just north of the Calgary International Airport is a massive mixed-use development the company has been constructing for the past few years.
“We’re just going to continue to keep building large footprint distribution there. It’s gone very well,” said Durstling. “StoneGate is going to continue. We’re excited about it. It’s really established itself without question as the premier industrial park in Calgary.”
At completion, Stonegate will accommodate about 12.7 million square feet of office and industrial space and one million square feet of retail space. The split between office and industrial will be subject to future demand, however, based on the current office market in Calgary this is likely to be mostly industrial.
To date, approximately 1.9 million square feet of industrial and 100,000 square feet of retail space has been constructed, which includes two car dealerships.
Key industrial tenants include: Alberta Health Services, Galaxy Produce and CanPar. Canadian Blood Services just completed a large industrial lab facility on land the agency purchased.
Key retail tenants include: Petro Canada, Gold’s Gym, A&W, Wendy’s, Tim Hortons, a Mercedes dealership and a Volkswagen dealership.
Other Calgary projects
Durstling said ONE is also planning a retail centre at the former Sunnyside greenhouse property at Sarcee Trail and the TransCanada Highway. The overall retail project comprises about 15 acres, 157,000 square feet and will be anchored by a Loblaws grocery store.
Durstling said there is a parcel of land at the site owned by another developer which will have a residential component, but the details have yet to be announced.
Another major future project for ONE is the old Metro Ford site on the west end of Calgary’s downtown core along 9th Avenue. It’s located at the western gateway to the core, at the intersection of 9th Avenue and 10th Street S.W.
Upon full build-out of the three-acre, two-phased development the project will feature 816 residential suites across two towers (approximately 1,225 residents).
It will also include with two floors of retail space, totaling 109,400 square feet. The ground floor will have 35,400 square feet of high-visibility, street-level accessible retail units and the second floor will include a 38,000-square-foot grocer in addition to 36,000 square feet of retail space.
About ONE Properties
Since 1987, ONE Properties has developed about 48 million square feet of office, retail, industrial, residential and mixed-use space. It currently has about 13-million square feet of assets under management and is growing its portfolio.
ONE Properties has offices in Edmonton, Calgary and Toronto, and operates its property management division out of Edmonton.