The River is a residential condo development that is making headlines as the most expensive condo ever sold in Calgary’s real estate history selling for $8.3 million. But it’s not just the price tag that has our attention. The River has introduced a brand new concept of luxury estate condominiums that has never been done in Calgary before, and that has our interest.
“Luxury estate condominiums encompass all the good of an estate home such as size, privacy and exclusivity, but with the convenience of a condo lifestyle. I envision this as a concept that is going to simplify the lives of our 38 residents,” says Chris Bourassa Chief Operating Officer of Ledcor Properties Inc. “This enables a lock-and-go lifestyle, meaning they can travel for weeks without being bogged down by yard maintenance or security. In fact, our concierge service can prepare for their return, by booking out the dog grooming space so that Fido can get a haircut while the homeowner is relaxing in a private yoga session with their instructor on-site.” Thoughtful considerations such as these have put The River on a prestigious level of its own, which offer much more than bricks, mortar and a highly sought after location.
Typically, if consumers are in the market for a high-end piece of real estate, they are essentially limited to the top five per cent of the market as a whole,” says Bourassa. He goes on to explain that this five per cent represents the handful of penthouse units that are mixed in with the 95 per cent of standard units. This is a typical mix of residential building.
While some enjoy being the King of the Hill, this can get problematic when the homeowner of an entry suite, who has invested only a fraction of what the penthouse owner has, may have differing objectives but an equal amount of rights. Alternatively, The River offers 100 per cent large penthouse units, and can be better described as a collection of estate condominiums. With only 38 units in the entire project, this is a decidedly boutique building. High-end finishings and a thoughtful space design also attract buyers who expect only the highest quality.
Although zoning allowed for five times the site area (205,000 square feet) only 132,000 square feet will be built. This allows for larger units ranging above 5,000 square feet with additional outdoor living space up to 2,950 square feet. “Research showed us that downsizing buyers still wanted three to four thousand square feet of space or bigger and we didn’t want to build a property where buyers had to compromise their wants. We want to deliver everything they desired and more,” says Bourassa.
So why Calgary? Calgary is arguably home to the most reliable oil source in North America and has employment and population growth that is forecasted to lead the nation. With this growth largely driven by energy companies, The River caters to these executives who are looking to trade in their detached homes for estate condominiums. Unlike Toronto and Vancouver that has garnered much international investment, Calgary’s high-end condo market has yet to be serviced adequately. The River uniquely caters to locals and will serve as their primary residence as many already own homes in sunnier parts in the world such as Phoenix, Palm Desert or Hawaii.
While many properties are built each day, only a handful is game-changing. The River is well on its way to being an iconic project in Calgary and we look forward to seeing it lead the way.