More rental units coming to East Village following latest groundbreaking

Officials gathered Monday as the latest groundbreaking ceremony was held for a new residential building in Calgary's East Village.

Construction on a project called EV606 is slated to begin this year.

The six-storey building will include 44 rental apartments, a mixture of one- and two-bedroom units.

Alston Properties is behind the project.

Bryce Alston, a director with the company, said EV606 will also feature retail ground floor development on all four sides of the building. However, that means the building will not include any underground parking.

"Because we wanted to have a 360 (degree) building, the requirements of having a parkade entrance really cuts into that and limits our ability to truly activate all sides of the building," said Alston.

"It's just a really tight site, so your yield on residential parking isn't great and it adds a number of complications to the building."

New public space, too

EV606 will be located on what has been a parking lot on the west side of the historic Simmons Building, which features several restaurant options.

Alston said their vision for EV606 includes creating a public space between the two buildings.

"We've got this high quality, public, hard-scaped plaza in herewhich we'll be activating with our lobby, bike storage space as well as retail," he said.

The Calgary Municipal Land Corporation, which is overseeing the redevelopment of the East Village, estimates the project is worth $18 million.

CMLC president and CEO Kate Thompson said it's a small but strategic site, located next to the Bow River.

Framed by roads on two sides, the Riverwalk to the north and the Simmons Building to the east, it's a unique property, she said.

"It's a complex little site to solve and I think Alston has done an excellent job of integrating into this neighbourhood," said Thompson.

Since 2007, more than $400 million has been invested in infrastructure in the East Village. She said that has attracted more than $3 billion in private investment to the area.

Market demand

Thompson said ongoing developments in the East Village are signsthere is still market interest in the community.

"There's conversations throughout our city about access to residential and new residential offerings, so we're happy to be adding to that as part of the solution," she said.

"The demand is stillthere."

Thompson said this will be a big year for starting construction on new projects.

In additional to EV606, she said construction is expected to start soon on a new Minto Communities site nearby with 100 units. As well, work on another new residential development is expected soon by One Properties on what's known as the Q Block.

It's anticipated tenants will begin moving into Bosa's second residential tower at the Arris development at Sixth Avenue and Fourth Street S.E. later this year. That 42-storey tower includes 300 new units.