Global developer confident in Calgary housing market

With files from Heather Ryan

If oil prices are putting the brakes on your home-buying plans, take a cue from someone who's been there, done that. Despite a lag in the economy, international property investor and developer Grosvenor is confident in the Calgary housing market with a keen eye on the Beltline, with two condos under construction and more on the way.

“I’ve been in the city for 25 years and seen the oil price cycle play out a few times. Each time the housing market lag going in and coming out is shorter, so we have confidence in the Calgary market,” says Robert Duteau, senior vice-president of development, Grosvenor Americas. “It takes two to three years to build a project and of our two projects under construction, Smith is scheduled to complete in late 2016, and Avenue is scheduled to complete in early 2017, so between now and completion, we have plenty of time to sell any remaining inventory.

“This is also a fantastic time to get positioned for our next big project,” Duteau says. “We’ve secured another premier site in the central Beltline, which is where we’re focused and will continue to build because a vibrant community that offers a tremendous urban lifestyle.”

In addition, Grosvenor has a site at 1520 4th St. S.W., which is slated for redevelopment in the future.

The company’s first condo project in the Beltline was Drake, a 17-storey highrise just off trendy 17th Avenue on the corner of 15th Avenue and 7th Street S.W.

RELATED READING: Tour Calgary's Beltline neighbourhood here.