University of Calgary Properties Group (UCPG) and Truman Homes have formed a joint venture to develop a six-storey purpose-built rental building in the city's University District.

Named Scholar, the development is to be located on the southeast corner of University Avenue NW and McCaig Street NW. It is designed to feature 203 one- and two-bedroom rental apartments, 226 parking stalls and 13,000 square feet of retail space.

Ownership of the residential units of Scholar will be split 50-50 between UCPG and Truman. UCPG, an independent offshoot of the University of Calgary that is managing the development of University District, will own and manage the main-floor retail component.

Calgary-based homebuilder Truman will serve as the residential property manager.

Construction is scheduled to start later this year. Completion is planned for 2027.

Scholar will be joining Truman’s completed residential projects in University District named Esquire, Maple and Noble, and one additional building under construction, dubbed Academy.

“This collaboration with Truman marks an exciting step forward in the evolution of University District,” Novy Cheema, president and CEO of UCPG, said in the announcement Tuesday morning.

“The joint venture and this project reflects our ongoing commitment to providing high-quality housing options and more services on University Avenue that meet the needs of our growing community, while delivering long-term value to the University of Calgary.”

The University District

Sited on 200 acres of land close to the University of Calgary, University District is being developed as a multibillion-dollar project featuring a blend of residential, office and retail buildings with 40 acres of open space such as parks.

In a previous RENX interview with James Robertson, then-president and CEO of the organization that became UCPG, he told RENX the expectation is to have 15,000 to 17,000 residents and employees in the district upon full build-out.

The website for the project says it will have approximately 250,000 square feet of office space, 300,000 square feet of retail on nine blocks and 7,100 residential units upon completion.

Retail options include dining, lifestyle and fitness, and a movie theatre. Grocer Save-On-Foods is an anchor tenant on the retail portion, with a 38,000-square-foot store. The retail district has two more phases left out of four planned development tranches.

Office tenants include medical services, a Staples Studio, an architectural firm and an incoming venture capital firm.

Housing in University District

A mix of rentals, townhomes, condos and seniors living spaces make up the residential side of University District.

Builders include Gracorp Properties, which partnered with Harrison Street on three projects, including a 645-unit student and working professional housing project named Block 22; Homes by Avi behind the Autumn condo; and Crystal Creek Homes with its GUILD townhomes.

“We did all multifamily because given our location we’re surrounded by lots of single-family housing,” Robertson said, “and we believe there’s a need to create more density and more opportunity for people to have a different form of housing.”

Close to its namesake the University of Calgary, the district neighbours Alberta Children’s Hospital, Foothills Medical Centre and University Innovation Quarter for research and job opportunities.

University District is the first community in Alberta to achieve the sustainability standard LEED Platinum for Neighborhood Development.