If you’re doing business at the airport but don’t actually need to be there, a nearby business condominium may be the ticket.
Ed Dorosz of Avison Young Commercial Real Estate says Pegasus Landing Business Condominiums should be ready for occupancy this fall.
The condos are part of a 10-bay structure at 2235 Pegasus Way N.E., zoned for light industrial. (I can remember when condominiums first came to Calgary and they all seemed to be townhouses. You could even hear people referring to “rental condos.”
We’re more knowledgeable now, especially since many apartment buildings have been converted to condominium ownership, or have been that way from the start.) Dorosz is exclusive agent for the project being developed by Pegasus Landing Inc.
The property will be managed by Trico Property Management Inc. It’s located north of McKnight Boulevard and west of Barlow Trail N.W., near the Hilton Hotel and kitty-corner from the new Hopewell business park.
Pegasus Landing, part of a 10-bay structure located at 2235 Pegasus Way N.E., wll be ready for occupancy this fall.
Potential users include small warehouse operators, offices, service and light manufacturing. Dorosz and the vendors are looking for “clean and quiet users,” possibly stable-sized businesses looking for a home.
Total building area is to be 29,000 sq. ft., giving 2,900 sq. ft. for each unit. Ceilings will be about 20.5 ft. clear, leaving enough room for mezzanines if buyers want them.
There are still units available, says Dorosz. Prices could be in the range of $97 to $110 a square foot, the lower figure based on one open-span floor, he says. The data sheet for the building lists end bays at $290,000 and the interior bays at $282,500.
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Calgary’s population growth has benefited new subdivisions in the northwest and the far south.
The 15,770-person increase reported by the city takes the population to 876,519 as of April, up from 860,749 a year earlier. The growth rate was 1.83 per cent, down slightly from 2.18 per cent a year earlier.
A good chunk of the growth was in newer suburbs. Arbour Lake and Tuscany in the far northwest and Martindale in the northeast all grew by more than 1,000 people.
Some other communities grew by more than 100 per cent, including Cranston in the far south. The city also reported that net migration was 7,991, while the natural increase hit 7,779.
The housing stock found in the civic census is of direct real estate significance. There were 348,902 housing units in Calgary, either existing or under construction. Of these, 332,540 were occupied and 227,560 owner- occupied.
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The Prince Royal Hotel downtown has gained a franchise connection to Atlanta-based Hawthorn hotels. The 35-year-old building at 618 5th Ave. S.W. becomes Canada’s first Hawthorn Hotel & Suites.
It was previously an independent, says manager Ralph Miller. Hawthorn has a presence in the southern U.S. and good recognition in the U.S. oilpatch.
That’s one of the things that made it attractive, says Miller, who has been at the hotel since the end of 1996. The 28-storey hotel has 304 guest units. The hotel is ideal for corporate travel and long-term stay.
The original apartment-suite sized units have been kept, giving generous space for hotel accommodation – 750 sq. ft. for two bedrooms, 600 sq. ft. for one bedroom and 450 sq. ft. for studio units. Many of them still have kitchens, he says.
“We have completed the impossible,” adds Miller. “We’ve put air conditioning in the old girl.” Hawthorn Hotel & Suites offers a complimentary daily hot breakfast buffet and an evening social hour, plus an array of guest amenities and business services. Room features include work stations, modem jacks and voicemail.
Hawthorn hotels are independently owned and operated.
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Large transactions for large tenants have been moving the downtown office real estate market, says Avison Young Commercial Real Estate.
The number of transactions is down, but their size in square feet is up, the firm says in its market report for the second quarter of the year. Avison Young puts the downtown office vacancy rate at 7.5 per cent, and absorption for the quarter at 400,000 sq. ft.
The half-year absorption is 900,000 sq. ft. Most of the absorption was in Class A buildings. The second half should see stable occupancy and rental rates with slightly slower absorption. If the pace continues, rental rates will likely rise as overall vacancy nears five per cent.
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The Bank of Nova Scotia has added mortgage features to its online banking services.
Scotiabank’s move, the first for a bank, will let residential mortgage customers make changes including prepayments, changing their payment frequency, and increasing their regular principal and interest amounts, which can save significant amounts of money.
Web Watch: www.avisonyoung.com www.hawthorn.com
