Vesta Properties’ major multi-family mixed-use project in Calgary’s Beltline district is starting to take shape.

The company has begun preselling condominium units in a 47-storey tower on the high-visibility corner of Fourth Street S.W. and 17th Avenue S.W. The high-rise is part of the first phase of Vesta’s three-tower Broadway on 17th project. (At one time, Fourth Street S.W. was known as Broadway.) The overall development will span approximately one million square feet and include condos, apartments and retail spaces, including a grocery store, shops and restaurants, when it is complete in the mid-2030s.

“This is the first time that a building taller than 13 storeys will be built fronting onto 17th Avenue,” said AJ Van der Linden, Vesta’s Alberta sales director, in an interview with Connect. “We’re breaking the ground on that side of things from a development standpoint. So, it’s a very unique community that we’ll be building here.”

The first phase of construction is slated to begin in 2026. It will include the condo tower and a 30-floor apartment building comprising market-rental suites and affordable-housing units.

Vesta has called Broadway on 17th a transformative new residential development. The development site is within walking distance of the downtown core and close to many retail outlets and other amenities, including the Stampede grounds and C-Train stations.

The condo tower will be the tallest residential community in the city. The project aims to redefine urban living by blending modern luxury with a historically significant location, says Langley, B.C.-based Vesta, which also has a Calgary office.

The total project’s condo component will consist of 700 units ranging from studio apartments to one-, two- and three-bedroom suites. Prices will range from $395,000 to about $1.6 million for penthouses.

As a whole, Canada’s condo market is struggling significantly with many projects converting to rental-apartment buildings and large amounts of new inventory going unsold. Meanwhile, many presale buyers have forfeited their deposits and surrendered their units due to higher interest rates, economic conditions and employment concerns and other factors.

But Van der Linden said Vesta is very positive about Alberta as a whole and Calgary especially.

“We’re still seeing a lot of migration into the Calgary region,” he said. “Our prices relative to other provinces are still affordable for the condos and most of the condo projects that have started over the last few years been more driven towards rental apartments. There’ve not been a lot of market specific condos that’ve been built.

“There are a couple of projects that are in progress right now, but their dollars per square foot are quite a bit higher than what we are trying to sell our units for. So, big picture, we are confident with Alberta and the market in Alberta.”

The condo tower will be the tallest residential community in the city. The project aims to redefine urban living by blending modern luxury with a historically significant location, says Langley, B.C.-based Vesta, which also has a Calgary office.

Of the project’s total 1,000 residential units, 300 will be rental apartments. Working in partnership with the city, Vesta will classify15% of the apartments as affordable housing. A project’s affordable-housing proportion is based largely on average annual income in the area. That means Broadway on 17th will have a larger-than-average affordable-housing component.

“There are going to be quite a few of them,” said Van der Linden. “We have a great spot. So it’d be a big draw for us from a rental standpoint.”

Marcon will construct the project. It will be the first Alberta project for the prominent Vancouver-area firm. Marcon will work out of Vesta’s office instead of setting up its own premises, said Van der Linden.

The retail component will comprise 70,000 sf of commercial space, integrating retail, dining, and public amenities to enhance walkability and community engagement.

“Fronting on 17th Avenue, we will have a signature restaurant, possibly two of them,” said Van der Linden. “Then, as you walk around onto the ground level into the plaza, there will be coffee shops, boutique stores, all those things as you go through it.

“And then, inside of the plaza, we’ll have an urban grocery store that is approximately 20,000 sf. Which is pretty unique, because there are no grocery stores in that close vicinity here.”

Vesta is negotiating a lease with a major national grocer.

The retail component will be included in the 30-storey building that features the apartments.

The third tower’s mix, slated to stand 37 storeys, could be subject to change, depending on market conditions in the early 2030s, said Van der Linden.

The first phase is slated for completion in 2030. The second phase, involving just the 37-story tower, is expected to conclude by 2035.

Pictured: Future Broadway on 17th project in Calgary.

Rendering: Courtesy of Vesta Properties.