serious shopping Mustard seed Chinook Centre amongst top 10 malls
New project adds 224 housing units
commercial A12
municipal A15
Nose Hill Feature A11 FREE mar 14 to mar 20 2014 issue 04-10 www.crebnow.com facebook.com/crebnow twitter.com/crebnow
real estate news from industry experts
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s costs keep increasing to provide infrastructure to new communities, the City of Calgary is considering re-evaluating the feasibility of creating new communities. A proposed plan was announced by the city’s finance committee recommending that Calgary concentrate new infrastructure between 2015 and 2018 to two undeveloped sectors in Calgary’s northeast and deep southwest. Contained within the City of Calgary’s Municipal Development Plan, the phrase “The city will face significant capital and operating shortfalls over the next 10 year period if it continues to provide the same services, in the same way, with the same revenue” sets the stage for a significant debate. Rudy DeCiancio, communications strategist for the City of Calgary development and building approvals, explained that the proposal does not limit new development, but rather allows
capital budgets to meet the City’s land supply strategy. “The proposed 10 year capital budgets will include investment in nine brand new communities, continued investment to build out nine more recently started communities, as well as investment in nine developed communities to support intensification,” said DeCiancio. While, the City is looking at ways to get their spending in check, developers are seeing some concerns with the land development proposal. “To be clear, the City wants to tie development to its capital and operating budgets. While this is wise in theory it doesn’t take into account the desperate need for growth and development as the City continues to grow at its accelerated pace,” said Guy Huntingford, CEO of Urban Development Institute. “Therefore solutions other than the traditional ones (where the city controls the pace of new infrastructure for development) need to be explored; failure to address this issue will mean a severe housing shortage in the next few years.
Area Redevelopment Plan (ARP) GLENMORE TR
Special Study
NOTE: This map identifies lands where Council has authorized Administration to undertake preparation of local area plans. These plans are either in progress or on hold. Changes to this map will be made along with consideration of the 3 Year Corporate Land Use Policy Work Program, or upon the direction of City Council. Local area plans will be removed from the Map once they are completed and adopted.
Source: The City of Calgary Municipal Development Plan, Growth and Change
land A3
SINGLE FAMILY 48 40
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Encana selling contents downtown news briefs properties market
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43 42 43 41
39 37 37 37 38
37 34 31 31
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couple downtown properties, owned or jointly-owned by Encana have been put on the market for sale. The two properties are the Le Rocc building and former CUPS building. Located at 149 5th Ave. SE, the 18,000 sq. ft. Le Rocc building has been owned by Encana since January 2007 is listed for sale by Cushman & Wakefield, and is being sold by submission. The former CUPS building, located at 128 7th Ave. SE has been jointly owned by Encana and Cenovus since January 2009.
*All statistics based on monthly data compiled by CREB® via MLS® activity.
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arrested development?
City proposes putting land development on hold to not break the bank
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test your knowledge A6 2014 Alberta budget
renovations
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Fraud prevention month
construction
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Housing permits increase
mortgage rates map open houses
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