Real estate powerhouse Cadillac Fairview (CF) officially launched on Thursday its first residential rental project in Calgary, across the street from its jewel shopping mall CF Chinook Centre, as it continues to explore the possibility of a landmark residential development on the shopping centre land in the future.
The residential development includes 490 rental units across two towers, 20 and 19 storeys, respectively, connected by a multi-storey podium housing residential units as well as best-in-class amenities, including co-working spaces, lounges and wellness facilities. The project includes significant public realm outdoor spaces, four levels of parking and direct access to public transit. Designed as a transit-oriented development, the purpose-built rental project is strategically located a block from CF Chinook Centre and immediately adjacent to the Chinook LRT station, underscoring the company’s commitment to fostering vibrant and thriving communities across Canada.
“This groundbreaking residential development in Calgary is a testament to Cadillac Fairview’s vision for creating vibrant, connected communities,” said Sal Iacono, President & CEO of Cadillac Fairview. “Residential development is not new to CF and we are proud to bring essential housing to this important community as we continue to shape the future of urban living across Canada.”
He called the project a significant milestone for the company and a testament to Cadillac Fairview’s “unwavering vision for creating vibrant, connected and thriving communities” across Canada.
“Cadillac Fairview has a rich and enduring legacy in Calgary, exemplified by the success of CF Chinook Centre, a beloved destination that recently celebrated its 60th anniversary,” said Brian Salpeter, Executive Vice President of Development, Cadillac Fairview.
“The launch of our new residential building marks a significant expansion of our presence in this dynamic city and we are honoured to continue contributing to Calgary’s growth and long-term success by providing exceptional living experiences.”
This project marks CF’s fourth major residential rental project, following announcements of the Rideau Registry in Ottawa, Carré Windsor in downtown Montreal, and at CF Carrefour Laval in the Montreal Metropolitan Area.
Construction of the new building at 61st Avenue in Calgary is slated to start this month, with initial occupancy expected in summer 2028.
“We’re confident that this is going to serve to transform this entire area,” said Salpeter.
The site is also located near the Chinook LRT station and a pedestrian bridge connecting that station to Chinook Centre.
Salpeter said CF’s focus on the rental residential market is part of its vision of transforming communities and creating mixed-use communities around its retail centres. It’s also part of its strategy to have a balanced portfolio with retail, office, residential and industrial.
“We’ve been working on this for years. We want to do it thoughtfully and we have incredible opportunities at the sites we own like this one at our properties to continue to densify and create that great mix,” he said.
Salpeter told Retail Insider that CF continues to look at the potential for building residential on Chinook Centre property.
“These things take time. So this is a significant start right now with almost 500 units. We’re going to get this one under construction. At CF Chinook along with all of our centres across Canada we’re active in the pre-development. We continue to look, we continue to do the master plan. We have plans here at Chinook. We have plans in the GTA at Sherway, at Fairview, at Markville where we continue to advance our densification there,” he explained.
“It’s part of our program where we look across the country and advance the plan so we’ll be ready when the time comes but looking at each market specifically. For now we’re going to see how we do with this project in Calgary and we’ll continue to see where the opportunities are for us on site at Chinook.”
Salpeter said CF Richmond Centre in the Greater Vancouver Area has delivered 1,100 condominium units and CF has an 80-unit apartment complex there as well.
“We have the best shopping centres. We’re going to make sure we’re thoughtful about how we develop around them to make sure that they continue to be the best shopping centres. But when done appropriately it allows us to build great public realms, allows us to bring density to the centres. The residential supports the retail, the retail will support the residential. And it’s all part of building communities.”
Wholly owned by the Ontario Teachers’ Pension Plan, with assets under management of $28 billion, CF manages approximately 31 million square feet of leasable space at 57 landmark properties across Canada, including CF Toronto Eaton Centre, 160 Front, Toronto-Dominion Centre, CF Carrefour Laval, CF Chinook Centre and CF Pacific Centre.
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Great start to redevelopment of that area! There’s been some criticism that there isn’t going to be any retail in the podium but there’s so much retail in the immediate area that I don’t think it’s necessary here. However, it would be great to see a grocery store like Whole Foods or similar to take up some of the space vacated by Hudson Bay.