Just when Calgary's East Village looked to be slowing down, construction of the previously postponed tower at 5th and Third project by Embassy Bosa appears to be back on track. Thus continuing a 7-year run of non-stop construction in East Village encompassing 11 projects, including The Hat and M2, news of the imminent construction of the long-planned 27-storey east tower of their 5TH and Third project has renewed local confidence in the future of the neighbourhood.
Embassy Bosa's 5TH and Third project was originally planned as two condominium towers atop RioCan's Shops at Arris, a multi level retail plaza in East Village. Construction of the podium went ahead, however the towers above the podium were temporarily placed on hold due to Calgary's slumping condo market.
Rumors had surfaced that one of the towers was going to be going ahead, and now recent photos show the installation of a tower crane, thereby bearing this out. Construction personnel at the site also confirmed that the east tower of the two-tower project is indeed going ahead. Word is that the east tower will be built as purpose-built rentals, after which Embassy Bosa will consider starting construction on the 42-storey west tower as a condominium project.
The construction is good news for the reinvigorated neighborhood which is still evolving. It's also good news for the retail outlets set to occupy the podium. Some of those tenants include a Loblaws City Market, the neighborhood's first grocer, as well as a Shoppers' Drug Mart, and a Winners.
SkyriseCalgary will be sure to return to this project as progress continues. For more information, check out the associated Database file and Forum thread, and as always, feel free to join the conversation in the comments section below.
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