So, what is it that makes the Beltline such a popular spot for new high-rise construction and strong resale apartment activity?
Well, Mohammed Esfahani, president of Qualex-Landmark, a Vancouver-based developer with a long and successful track record in Calgary, sees it this way.
“The urban lifestyle is becoming increasingly attractive, with walkability and the convenience of access to amenities. We are achieving success by tapping into the growing trend of New Urbanism as an increasing number of Albertans opt for downtown living,” he says.
Rob Duteau, senior vice-president of development for Grosvenor Americas, which is also racking up successes with its properties on and near the trendy and busy 17th Avenue corridor, says pretty much the same.
“Young people are being drawn to the condo lifestyle,” he says. “They want to be part of the fabric of the city — and they really want to live there.”
While the older set also has an interest in living close in, there is little doubt the younger buyers is the marketing focus of developers.
Duteau says the average age of people buying in the Grosvenor properties is about 33, but has also captured the appeal of downsizes and empty-nesters looking for a change in lifestyle.
“For the most part, you don’t have to convince people to live in the Beltline,” he says.
There is a specific flavour to the Beltline, from the people who live there, the look and feel of the condos being built and bought, to the businesses that make this part of the city their home.
Charron Ungar, president of Avi Urban, has been a Beltline resident for 25 years or so and has been actively adding Avi’s unique flavour to the community.
He says that as a residential developer, Avi Urban has a “support locals” initiative that promotes neighbourhood businesses.
“By doing this, we want to ensure prospective home buyers recognize why we chose to develop in a particular community and why they should consider calling it their new home,” Ungar adds.
Whatever the reason for its popularity, Beltline construction seems immune to the economic downturn for the first six months of this year compared with the same period in 2015.
For the January-June period, the Beltline tallied the highest number of condo possessions in the city as counted by Canada Mortgage and Housing Corporation — 421 of them. Next on the list was the northwest quadrant with 417 and then came the downtown core with 353.
“It’s likely due to the units that were available this year compared to last year,” Richard Cho, CMHC’s Calgary-based principal of market analysis, says in a news release. “For the first half of this year we have had a lot more apartment completions compared with the previous year.”
That being said, Cho also reports that the number of units under construction was lower for the first half of this year. To the end of June this year work was ongoing on 1,022 condo units from almost 1,300 in 2015 in the Beltline.
But Cho also sees the continuing popularity of the Beltline because of nearby shops and services, and its next-door neighbour location to the downtown core of the city.
“I think there are a lot of buyers who are definitely interested in living in the Beltline, and the downtown, as well,” he says.
