University District has already become a smash hit as one of the latest mixed-use communities in Calgary and there’s still much more to come for both residential and commercial real estate in the popular community.
University District is a 200-acre community being spearheaded by the University of Calgary Properties Group.
Gregg Callander, Interim President and CEO, said the project is about 45 per cent committed with either completed deals or deals in process in relation to overall land development.
“We’ve got a lot happening,” he said.
“It’s been very well received. Growth in demand is still there. Look at our builders. Avi is three buildings in and pushing on their fourth. Brookfield is the same. Truman has three sites being built here. We’ve got two more builders coming into play that I can’t announce yet.”
Callander said full buildout for the massive project will be another eight to nine years. At full buildout, there will be 6,500 to 6,700 residential units from townhouses to condo units.
“The one thing that’s being questioned is the amount of office. We originally planned for about 1.5 million square feet that would encompass the (Alberta) Children’s Hospital, the surrounding part of it but given the office market and looking at the recent study we just had done we may have to convert some of that office into more either mixed-use or just residential,” he said.
“We’re just in the midst of doing that for next year’s business plan, deciding whether we need to cut back on our office and re-look at what we can offer.”
There’s also about 300,000 square feet of retail expected to be developed. More than 30 retail stores and restaurants are currently open with more to come in the near future.
Recently the Alt Hotel opened at University District and under construction right now is The Forge, a purpose built residential rental building, Block 15, another purpose built residential rental building, Autumn by Homes by Avi (condos) and Dean’s Landing by Rohit Communities (condos/stacked townhomes).
Coming soon to the development are UNA Pizza, Native Tongues, Easy Blink Optometry, Lagree YYC.
“We knew we had to get amenities in here first. Get the parks in place. Our first piece of retail had to have the amenities – the grocery store, the liquor store, the coffee shop, some quick fitness, quick food access. That was all built into our first phase of retail,” said Callander. “And then parking. Making sure our retail has sufficient parking. And given our land component we were able to put surface parking as well as underground parking in place to alleviate that issue. In retail people are used to the big malls, lots of parking.”
He said another key to the project’s success is how accessible it is just west of the main University of Calgary campus with major streets along the development. CF Market Mall is located kitty corner to it and the Brentwood shopping centre is nearby. Also the Alberta Children’s Hospital is on the site and the Tom Baker Cancer Centre and the Foothills Hospital are in close proximity.
Recently, University District announced there are limited leasing opportunities in Central Block, located above Retail Main Street and overlooking Central Commons Park, a three-acre oasis often activated with events and activities as the heart of the community.
Three new businesses have recently confirmed they will be joining University District: Foothills Primary Care, Omega 365 and Aspire Medical Group (Aspire Medical).
Foothills Primary Care is now open in Block 23 and is a locally owned and operated family medicine clinic. Both Omega 365 and Aspire Medical are anticipated to open in fall 2023 and will be located in the coveted Central Block.
Aspire Medical will offer healthcare services with specialty trained physicians enhancing the medical field.
Omega 365 is a software company that caters to clients in the oil, gas, energy, renewables, mining, utilities, healthcare, and infrastructure sectors throughout Canada, providing both new implementation and ongoing project support for their project management tools.
Office space in University District is completely customizable and can be designed in partnership with University District to perfectly fit the needs of any leasing business.
“We’ve seen tremendous activity since Retail Main Street launched in 2020 with a growing list of more than 30 retail shops, restaurants, and services and look forward to welcoming more as the community continues to develop,” said Callander.
Many businesses have opened office space in University District in recent months and are currently operating in their new space. Clara Optometry, Cloudbreak and Staples Studio coworking space have all opened their doors in University District and are making use of their fully customized offices.
Callander said also planned for University District is a self-storage facility.
