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Grosvenor recently unveiled their latest Beltline proposal, called 1520. Named after its location at 1520 4th Street SW, which is on the northeast corner of the busy Beltline intersection of 17th Avenue and 4th Street SW.
This would be their third development in the Beltline district after Drake and their second project Smith, which was just recently.
The proposal calls for a mixed-use development of three towers — one office tower and two residential towers — as well as retail along 4th Street. The project is planned to be built out in three phases.
The first phase involves the renovation and re-cladding of the existing office building on the southwest corner of the block. With the office market in a condition of high vacancies, Grosvenor believes it's a good time to do the renovate the building.
Phase Two will be a 32-floor residential tower, followed by Phase Three, a 38-floor residential tower on the east side of the parcel. Timelines for phase two and phase three are not defined yet, as it depends on the market. Grosvenor is looking to get started on phase one in 2018.
The project was designed by Calgary architects McKinley Burkart with Stantec involved in planning and engagement, and is currently at the public engagement phase. The development permit stage is targeted for next month in March.
Along with the existing office building, the two-storey building to the north will be renovated and re-clad as well. Retail will span the entire block along 4th Street while the 15th Avenue side of the development will feature townhouses at street level.
Stay tuned for more updates on this project is they come. There are still a few more stages to go through, including a land use zoning change with the City of Calgary, and approval of the development permit. You can also join the discussion in our related Forum thread.
