Plaza

Developer: Cantiro
Architect: GEC Architecture
  
Address: 621 4 Ave Southwest, Calgary
Category: Residential
Status: Pre-ConstructionCompletion: TBD
Height: 372 ft / 113.50 mStoreys: 33 storeys
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Plaza | 113.5m | 33s | Cantiro | GEC

Spring2008 said:
Decent tower, I guess this will be the little red area with this, the peace bridge, and cidex's proposal. There was a large excavator still sitting there when I drove by the other day, likely from the demo but I think they would haul it out if they weren't starting soon. Prob not cheap to rent those long term without planning to start.

There's also a couple drillers at the nearby Lacaille site, Cidex development may start soon and the two office conversions are happening nearby. This had to be the ugliest stretch of downtown for years, and now it looks like it's all getting redeveloped at once with about 2,000 new residents in a small area.
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What’s the cidex proposal?
 
Spring2008 said:
Decent tower, I guess this will be the little red area with this, the peace bridge, and cidex's proposal. There was a large excavator still sitting there when I drove by the other day, likely from the demo but I think they would haul it out if they weren't starting soon. Prob not cheap to rent those long term without planning to start.

There's also a couple drillers at the nearby Lacaille site, Cidex development may start soon and the two office conversions are happening nearby. This had to be the ugliest stretch of downtown for years, and now it looks like it's all getting redeveloped at once with about 2,000 new residents in a small area.
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Haven’t seen you for a while Spring, I thought maybe you moved away or something. Good to see you back.
 
Albertasaurus said:
Little bit of an update on this one in this article about Cantiro, looks like they anticipate construction starting in the summer.

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Further to this for those that don't want to click:

a 30-storey, 315-unit luxury rental tower with main floor retail podium in the downtown core at 4 th Avenue and 6 th Street S.W., complete with a rock-climbing wall in the lobby and Nordic steam rooms and ice plunge pools. One of the uppermost floors will be dedicated to an additional resident amenity space with outdoor areas with stunning mountain and river views and work-from-home spaces, while the third floor will be outdoor entertaining spaces with fire pits and barbecue areas, and dog park amenities. The land is already primed and construction is expected to begin this summer with residents taking possession sometime in 2028.

Chris Johnstone, director of multi-family, expects to have boots on ground in the Calgary area and region in the next few weeks sourcing out further potential sites for future multi-family projects.
 
Hmmmm, so but why can't I move in there tomorrow? Sounds pretty friggin awesome! 😅
 
Id be surprised if we see many high rise rental developments start in the next year. Can't see any of them making any sense. Wouldn't want to be an investor in this project
 
Most growth is from international immigration and i suspect interprovincial migration will slow. High rise hard costs are ballpark $100/sf more. A lot of risk going forward with high rise rental right now
 
heritageguy said:
Most growth is from international immigration and i suspect interprovincial migration will slow. High rise hard costs are ballpark $100/sf more. A lot of risk going forward with high rise rental right now
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It’s still going to grow regardless. As Albertasaurus has said in another thread, most sources still anticipate growth of 30-50k a year even with the lower immigration numbers.
 
International immigration is essentially going to 0 because they are removing a lot of temporary residents. For the past few years about 60% of Calgary growth has been international immigration and they are mostly renters so that is a drastic change. That coupled with record starts in 2024 means more supply and lower demand pushing rents down. Vancouver and Toronto have seen more of a decline in rent and house prices so far so there may be less of an incentive to move to Alberta chasing affordability. Unless there is strong job growth i don't see growth being more than 30k. Regardless it isn't a great outlook for rental developers so starts should come down quite a bit especially for high rise rental
 
heritageguy said:
Id be surprised if we see many high rise rental developments start in the next year. Can't see any of them making any sense. Wouldn't want to be an investor in this project
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Population growth will slow and residential high-rise construction will slow, but that doesn’t mean we’re never going to see a high-rise building built again.
With the city’s incentive program for downtown residential construction, this has a better chance than some of the others.
 
JWhite said:
Population growth will slow and residential high-rise construction will slow, but that doesn’t mean we’re never going to see a high-rise building built again.
With the city’s incentive program for downtown residential construction, this has a better chance than some of the others.
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I was referring to the next year. Isn't the incentive program primarily for office conversions? I’d expect most of those projects to move forward.

In 2024, there were 11,505 multifamily starts, a 27% increase over 2023. Given that, I expect 2025 starts to moderate closer to 2022/2023 levels—which is still a significant number. That said, I could be completely off and overestimating the impact of the immigration policy.

But if you're a rental developer, how do you underwrite apartment rents two years out? What interest rate do you assume for your takeout mortgage? Rents have already dropped about 10% in the past six months, and bond yields remain highly volatile, with significant uncertainty around where the economy is heading. Right now, there aren’t a lot of strong indicators or incentives for developers to build more rentals.

I've spoken with several developers, and opinions are mixed. Many are moving forward, assuming they'll achieve rents similar to today, while others—myself included—are taking a more defensive approach and scaling down.
 
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