Calgary Takes a Step in the Right Direction
By Don R. Campbell
Sears has recently entered into a binding agreement with Concord Pacific Group to develop the 12-acre site at the North Hill Shopping Centre at 16th Avenue and 14th Street N.W. into a set of residential highrises with the potential of retail space.
The North Hill location in Calgary is a perfect fit for the future demand curve in the city.
As Calgary continues to grow in population and density, it is attracting a younger than average cohort from across the country. This younger cohort has different demands than the city has been used to.
More urban, more local’ and more accessible. The location of this development fits this growing trend.
The new Calgarians will be demanding access to transit and local walking distance to restaurants, stores and services, which North Hill has the beginning of.
This tower development should ripple out into a revitalization of other commercial and residential neighbourhoods around it. Being close to University of Calgary and SAIT is also a plus for property demand in the area.
You combine this demand curve with the geographic fact that it is out of potential flood zones, on a hill that will provide future mountain, valley and city views and, frankly, I am surprised this hasn’t been built before.
If and when this gets approved, a strategic investor will be searching the neighbourhoods around it for opportunity.