THE RIVER, Calgary’s luxury residential development, announced today that a luxury condo has broken the city’s real estate record. Selling for an astounding $8.3 million, the 5,260 square foot unit is surprisingly not the most expensive residence in development.
THE RIVER is expected to start construction in early 2012, offering 38 luxury residences in the development. $30 million has been purchased on the property, a total of 8 units that were sold via exclusive preview. THE RIVER, once finished, will be a 15 story tower that will include 11 Riverhomes and 27 units, each ranging from 2,600 to 3,800 square feet. Residents will be able to take advantage of THE RIVER’s amenities which include 24-hour security, concierge service, private elevators and outdoor spaces that can be up to 2,950 square feet.
"On one of the last waterfront properties in Calgary, THE RIVER is a 10 minute walk from downtown, located steps away from Calgary's 4th Street community and tucked in next to the Elbow River. We are offering this special piece of real estate to only 38 home buyers,” said Ledcor Properties CEO Chris Bourassa.
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Calgary residents looking for a more private lifestyle will also enjoy the development’s available space as THE RIVER is being developed upon acreage that allows for a 205,000 square foot construction but the complex is only utilizing 132,000 square feet.
Although the real estate market has been in a recession, Calgary has proved otherwise, especially with this recent purchase. “Arguably home to the most reliable oil source in North America, employment and population growth is forecasted to lead the nation, largely driven by energy companies. THE RIVER caters to these executives who are looking to trade in their detached homes for estate condominiums,” stated THE RIVER’s official statement.