With $4.7 billion in building permits taken out last year, and total construction value up 29 per cent in the first two months of 2017 totaling $416 million, we continue to see interest in development despite the current economy.
“Calgary is enviable in that we continue to be seen as a growth area,” says Griffiths. “We are still a region that is considered prosperous and an area of opportunity. In 2014, we were growing at a rate equal to New York City. It’s natural that we have slowed down a bit.”
Building permit values 2007-2016
Crosstown, a mixed-use development directly across from the Erlton-Stampede LRT station, with an estimated construction value of over $78 million. It will feature four residential towers and a high street pedestrian-oriented area with a grocery store and other shops.
“We worked extensively with the community to develop the concept for Crosstown,” says Paul Faibish, vice president of development with Anthem Properties Group. “I think people are excited about what it will offer – it’s a very positive thing for the community. Right now, residents in that area have to walk over to Mission to get a coffee, pick up groceries and more. With Crosstown, those amenities will be right in Erlton.”
The project will also include a pedestrian connection across Macleod Trail to the LRT station.
Other developments that have taken out a building permit recently include Arris Towers, with a construction value of about $131 million, the Orchard at $57 million and Seton High School at $42 million.
Building a great city together
The City continues to work closely with industry partners to better serve our city and enable development that meets the needs of Calgarians. The Industry City Work Plan has identified opportunities to improve City processes to help get more projects to the construction phase. One example includes improvements on how The City processes several development permit application types, which has reduced the time it takes for developers to obtain decisions.
“Improvements such as these make Calgary a more attractive place for real estate investment as they create more certainty in the process. This can contribute to moving our economy in the right direction,” says Griffiths.
As part of the Industry City Work Plan, The City has significantly improved its review times on several key development permit applications types since March 2016.
Top 15 building permit applications in 2016 by construction value