Calgarians have a new option for rental living in the Beltline: VERSUS.
ONE Properties and Alberta Investment Management Corporation (AIMCo) partnered to build VERSUS, a mixed-use property with ground level retail, second floor office space, third floor amenity areas and two residential towers reaching to 17 and 34 storeys to house 444 residential units. The $102-million building at 917 10 Avenue SW offers studios, one-bedroom and two-bedroom suites with modern finishes in a variety of floor plans, most with a private terrace or balcony.
“It’s located in the west Beltline neighbourhood of downtown, which is the most vibrant and connected district in Calgary,” said ONE vice-president of multi-family development Tom Burr. “It has all the amenities of city living right on the doorstep, which is reflected in its Walk Score of 98.
“In our view, the building is the highest quality purpose-built rental apartment in Calgary. We believe there’s a depth of demand from Calgarians with good incomes who seek a very high-quality product that supports their urban lifestyle.”
Suite interiors and amenity spaces
Suite interiors include full-size washers and dryers, a minimum of nine-foot ceilings, roller shade window coverings, expansive windows and upgraded kitchens with polished quartz countertops, chrome faucets and stainless steel refrigerator, dishwasher, electric range with self-cleaning oven and over-the-range microwave.
Monthly rents start in the high $1,400s for the pet-friendly apartment building, which has on-site property management from Westcorp Property Management. VERSUS also features guest suites for visitors.
The third floor amenity space, open to all VERSUS residents for no extra fee, features: a well-appointed demonstration kitchen; private dining room/boardroom; media lounge; games lounge with a pool table; indoor and outdoor fitness facilities with cardio and strength training equipment; a dedicated yoga room with an outdoor Zen garden; and an outdoor deck with barbecues, a fire pit and city views.
There are plans for a variety of activities and events tailored to what residents want in order to maximize the benefits of the amenity spaces. Burr expects to invite guest chefs to give cooking classes and personal trainers for exercise classes.
Retail and office leasing
There’s about 8,000 square feet of retail space at grade and about 13,000 square feet of office space on the second floor.
“We’ve already agreed to terms with a fantastic local hospitality group and a very contemporary niche food outlet group,” said Burr. “We’ve also agreed to terms with a high-quality commercial user for about half of the office space.
“Leasing is going very well and the groups are working through their designs that will be unveiled in the next few weeks. All of the businesses are very complementary to the VERSUS lifestyle opportunities that the residents will experience.”
Despite the rocky economy in Calgary, Burr is confident that there will be long-term growth and demand for high-quality rental buildings.
“We partner with institutional investors and pension funds such as AIMCo who share the view that the fundamental demand for long-term, income-producing residences will remain strong in core locations like that of VERSUS. ONE Properties is committed to continuing our investment in the Beltline neighbourhood, which we consider to be one of the most important urban districts in Canada.”
ONE’s growing footprint
ONE is focused on creating value through the strategic acquisition, development and management of retail, office, industrial, residential and mixed-use properties. Its portfolio includes more than 10,000 units of multi-family and mixed-use developments in Calgary, Edmonton and Toronto, as well as properties in: Sherwood Park, Grande Prairie and Spruce Grove in Alberta; Kitchener, Ont.; and Glendale, Ariz. The company changed its name from WAM last year.
“All of our suppliers and customers seem to have embraced our name change very well,” said Burr. “It recognizes the growing evolution of our company.
“WAM stood for Western Asset Management and it was a great brand for many years, but ONE really reflects our growing pipeline of projects across the country.”
ONE is involved with the development of Edmonton’s ICE District and Burr said the company has “15 strategic projects or master plans in the markets we operate in.”