Calgary’s downtown doesn’t have many skyline landmarks visible from a distance — distinctive buildings that stand out amid a sea of skyscrapers.

But if plans go according to schedule, the city’s more unusual-looking buildings such as the Bankers Hall towers and the Petro Canada building will be joined by a stylish new face – a project resembling New York’s famous Chrysler Building. It would be yet another coup for the trendy Eau Claire area, which is now in the throes of an area revitalization.

Models of the double office tower project – a joint venture of Cadillac Fairview and Aspen Properties – resemble classic 20th-century skyscrapers. The intention was to give them a stand-out image, says Bryan Walsh, office group vice-president for CB Richard Ellis Alberta Ltd. in Calgary.

The project is proposed for an area between 2nd and 3rd Avenue and 2nd and 3rd Street S.W., east of the Canterra Tower and south of Eau Claire Market. The four buildings planned for the block are two office towers, a residential block that will likely be condominium development, and also a hotel.

Larry MacDougal, Business Edge
Bryan Walsh views a model for the Eau Claire complex.

From recreational pathways along the nearby Bow River and the green space of Prince’s Island Park, the area offers a sought-after mix of residential buildings and office space.

“For the foreseeable future, it’s going to be the place to be,” says Walsh. “There is so much going on in Eau Claire, it’s more than just a place to work.”

A development permit has already been issued for the smaller office tower, and construction will begin as soon as a major tenant is secured. There has been some interest from professions such as law and accounting, he adds.

The 16-storey tower is now a parking lot, so it’s already at grade. The building backs from west to east on floor plates of 21,000, 19,000 and 15,000 square feet. The development would take about two years to complete.

The larger tower would take a proportionately larger tenant to start work. Its floor plates are 21,000 sq. ft. now, but the building could still be widened to take them up to 25,000 sq. ft.

The two office towers and hotel would work out to about a million square feet, with parking levels at one stall for every 1,400 sq. ft., says Walsh.

“But at the end of the day, Eau Claire will sell it.”

The project architects are Zeidler of Toronto and BKDI in Calgary.

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A city hall proposal to build affordable housing in a commercial section of downtown has drawn strong criticism from two business groups.

The site, across from the old post office on 9th Avenue S.W. and next to the historic Grain Exchange Building, is now a surface parking lot.

There are better places for housing in the core, say both the Calgary Downtown Association and the Building Owners and Managers Association (BOMA).

There is no late-night convenience store near the 9th Avenue site, and no green space. It’s behind the Palace and King Henry VIII nightclubs.

CDA president Larry Clausen says city land at 4th Avenue and 9th Street S.W. would be a better choice. It’s near Eau Claire and there is already an apartment building nearby. A site next to Mewata Armouries would be near other residential development and Millennium Park.

Bill Partridge, executive vice-president of BOMA Calgary, notes that the site is isolated from other residential uses. If a commercial use were similarly proposed for a residential area, it would be rejected as an incompatible intrusion.

“This is the right thing in a bad way,” said Partridge. “We should do the right thing the right way.”

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Calgary-based real estate investment manager International Properties Group Ltd. is moving forward after refocusing on its main business.

“It’s a company that lost $20 million last year and it’s striving to get back to profitability,” CEO and CFO David Heaberlin told Business Edge.

The company made a small profit in its first quarter after being caught in the bitter harvest of Internet-based business last year.

Expansion to the U.S. lost most of the money. The concept was ahead of its time in terms of buying real estate online, Heaberlin said.

The company has finished reorganizing and is seeking sustainable profits, which will be the focus for the second half of the fiscal year starting this month, he added.

IPG now uses the ’Net to facilitate business. Its virtual apartment building concept lets investors put together portfolios of diversified fee-simple multi-family properties.

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