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With golden shovel in hand and a broad smile on his face, Ryan Bosa declared that September 13th was “a great day for our buyers and for the rejuvenation of East Village.” Then he officially broke ground on FUSE, Phase I of Embassy Bosa’s Evolution project of mixed-use condominiums. It was the first housing start in East Village in a decade. “We’re off to the races,” Bosa says.
FUSE has a 25-29 month construction timeline, which means that Embassy Bosa is targeting late 2014 to welcome the first new residents into East Village. “We’ve been working toward this day for five years,” says Mike Brown, president and CEO of Calgary Municipal Land Corporation (CMLC). “Infrastructure improvements like RiverWalk, 4th Street Underpass, St. Patrick’s Island and Bridge are bringing consumers into the area and they are choosing to make the neighbourhood their home because of the residential lifestyle being delivered here.”
FUSE, along with FIRST, a residential tower by developer FRAM+Slokker, went on sale just six months ago in East Village. Both are steps from the Bow riverfront and both initial phases are more than 50% sold. The groundbreaking of FUSE marks the start of construction on a 21-story, 203-unit residential tower representing about 220,000 sq. ft. of development. The three-phase Evolution project will result in 730,000 sq. ft. of mixed-use development – some 600+ units.
Bosa says that Calgary is a great market. “After our initial launch, we had sufficient buyer interest to trigger development start,” he says, “and since that time we have been aggressively working through our permitting processes to ensure we could break ground this fall.”
Bosa engaged renowned Vancouver architect James Cheng to design Evolution, and Calgarians clearly like what they see: the 2-bed, 2-bath, 981 sq. ft. show suite in the EV Sales and Experience Centre has already sold out, as have the townhomes in phase I. The team is now refining design details on PULSE, their next tower, to ensure it responds to the needs of the Calgary marketplace. The 33 story mixed-use project is expected to launch in 2013.
Bosa Development Corporation and its family of companies has a history of success in Calgary: they’ve built Riverwest, Marquis, Axxis and Liberté. On October 5, 2010, Embassy Bosa became the first developer to buy land from CMLC, committing to the East Village master plan and vision for a new way of life downtown.