The Calgary Municipal Land Corporation (CMLC) has announced the sale of two development parcels in East Village.

The deals signal continued private investment in the downtown Calgary neighbourhood, said city-owned CMLC. Sale prices were not disclosed.

Another CMLC-owned parcel has been conditionally sold, and two privately-held parcels are progressing in their respective development stages, said the company.

Under the two completed divestments, local developer Bankside Properties, in partnership with Sumus Property Group, purchased two parcels located east of the Central Library. The partnership plans to construct two six-storey residential buildings, each offering approximately 80 rental units in configurations of one-bedroom, one-bedroom-plus-den, and two-bedroom layouts, said CMLC. Ground-floor residential units will be designed for future conversion to commercial spaces.

Bankside and Sumus’ $60-million investment will bring more than 150 new homes to East Village. Development permits are expected to be submitted before the end of 2024, with groundbreaking for both buildings planned for the fourth quarter of 2025.

CMLC also confirmed the conditional sale of the parcel that currently houses the temporary Bounce Games Park to another unidentified developer. More details about the project are expected in early 2025.

“As steward of the East Village Master Plan, CMLC continues to seek out developers whose ambitions, expertise and projects align with our vision for a vibrant, diverse downtown community,” said Kate Thompson, CMLC’s president and CEO. “Bankside brings exceptional experience in urban mixed-use development to the neighborhood. These new projects mark 10 CMLC-owned residential development sales in East Village, and we are pleased to see a growing pipeline of development in the community.”

In addition to Bankside’s plans, further developments are taking shape in East Village:

• Trico Homes has submitted a development permit for a mixed-use project at 4th Avenue S.E. and Macleod Trail S.E., featuring 255 residential rental units, three commercial spaces, and a daycare with a rooftop outdoor play area. Construction is set to begin in spring 2025, with occupancy anticipated in late 2026.

• Triovest, which owns the parcel directly north of Studio Bell, is in the land-use pre-application phase with the City of Calgary for two mixed-use towers. The project could add 500 residential units across two phases. Depending on market conditions, a development permit may be submitted in spring 2025.

“The multi-family housing market has been challenged in recent years with rising construction costs and inflation pressures, so we are encouraged by the renewed interest in development in East Village,” Thompson added. “With Calgary’s growing population and housing demand, there is a huge opportunity – and need – for well-designed and smartly-delivered rental and condo products, and these exciting projects in East Village help to address that need.

“We anticipate the construction start of more than 400 units next year and a total of 900 homes to follow in the coming years.”

Several other projects are also nearing key milestones:

• Alston Properties is nearing completion of EV606, a 44-unit riverfront rental property with main-floor retail. Leasing is underway, with occupancy expected in the first quarter of 2025.

• Bosa Development has sold 177 condo units at Arris Residences and is actively marketing the remaining 200 units.

In late 2022, CMLC announced partnerships with ONE Properties for two mixed-use towers on Q Block and Minto Properties for a 100-unit development along RiverWalk, a promenade that reconnects East Village to the Bow River.