Vesta Properties, a major real estate developer headquartered in Vancouver, has made the strategic decision to shift its focus to Alberta amid what it considers a less business-friendly political environment in British Columbia. 

Company president Kent Sillars told RENX government policies in B.C. have led to rising uncertainty and a stagnating economy, prompting Vesta to reduce future investment in the province. The move highlights broader concerns among business leaders about the province's competitive edge, with Vesta now putting more emphasis on its Alberta operations, particularly in Calgary.

“We’ve made the conscious decision to reduce our investment in B.C. and focus on Alberta," he said.

The Alberta government has created a more conducive environment for development, where projects can move forward with less bureaucratic delay, lower taxes and a stronger focus on economic growth, Sillars said. 

This shift is especially evident as Vesta embarks on several large-scale projects in Calgary including Broadway on 17th, a three-tower development set to reshape the downtown skyline with over 1,000 residential units and 70,000 square feet of retail space.

"We're basically out of here"

Sillars said Vesta has traditionally been 50-50 between the Greater Calgary Area and the Greater Vancouver Area, but no more: “So we have right now more new projects starting in Calgary than we do in Greater Vancouver.”

B.C. voters just went to the polls in October.

“B.C.'s economy has been grinding to a halt, slowing down over a period of eight years of two NDP terms," Sillars said. "And we just voted-in a third. So, we're basically out of here. Us and many other businesses are leaving the province. They have done things to create a very unattractive business environment in B.C., so B.C. is suffering the consequences.

“So we're leaving. The money's leaving. We've moved a lot of staff to our Alberta operation . . .” 

Sillars said the business climate in general in Alberta is probably unique to Canada - with lower taxes than other provinces and less red tape.

“In Greater Vancouver, for example, to rezone a large project takes somewhere between three years and never, depending on how well you're connected with whatever council you're dealing with. Alberta, you can get it done in a year and it's fairly straightforward.”

Vesta has been developing in Alberta since 2000

Sillars said the company has had a presence in Alberta since 2000.

Vesta Properties has been around for 25 years and is a fully integrated real estate development company. Sillars said it assembles land, does all the zoning and development work, and has a construction division.

“We do everything, cradle to grave type thing, and we have our own sales department as well, and marketing,” he said. “We use consultants like most large developers, but we do everything from land acquisition all the way up to sales. And then we also have a post-customer-service department.”

The company focuses on large-scale projects, primarily residential though its large projects have commercial components to them. It has done some office and industrial projects, but that’s a secondary component of its business. 

Vesta has built more than 7,000 homes.

Broadway on 17th development

Sillars said what attracted the company to the Broadway on 17th site in Calgary was the location.

“It's one of the best locations in the downtown area . . . 4th Street used to be called Broadway. So we love that," he said. "So 4th and 17th in Calgary, it's considered to be an iconic corner. It's close to the Stampede, it's close to the transit, it's close to the entertainment area in the Beltline District there.

"You can also walk to the downtown core. It's a transit-oriented, key location on an iconic corner and it's also a big site. It was 2.1 acres. There's not a lot of sites in any city in downtown Canada that you can build more than one tower on.”

The 1,000 residential units over three towers will have about 300 rentals and 700 market for-sale homes. There’s also space for about 70,000 square feet of retail. One of the towers will be 47 storeys - the tallest residential tower in Calgary.

A southwest-facing plaza will enhance walkability and connectivity.

The residential options will include studio, one-bedroom, two-bedroom, and three-bedroom units, with penthouses also available. Residents will have amenities such as fitness facilities, lounge areas, pet-friendly spaces and co-working environments.

Sales for Broadway are to begin in summer 2025.

Vesta's other Calgary-area projects

In Greater Calgary, Vesta also has a 12-acre project in the Aspen area - a medium-density development with about 1,000 rental and market condo housing units. There will be about 60 per cent condos and 40 per cent rental over 14 buildings. The project will start this spring.

In Copperstone, in southeast Calgary, Vesta is in the last phase of a single-family development comprising approximately 400 homes.

In Airdrie, just north of Calgary, Vesta has two projects nearing completion: Coopers Crossing includes about 250 homes and the larger South Point development of about 650 single-family and multifamily homes.

At South Point Village, Vesta plans is developing a regional shopping centre adjacent to South Point.

“We are selling some of the other commercial lots beside it, so down the road it'll be a 38-acre commercial community," Sillars said. "We're doing the first phase, which is 10 acres. We're doing about a quarter of it, building it out. There's Starbucks in it. A daycare centre. There's a couple of quick service restaurants. We have a couple of local restaurants.

"It's just your typical regional shopping area that will open up starting this fall, actually.”