Vancouver-based Concord Pacific has launched a high-end residential development on the banks of Calgary’s flood-prone Bow River.
The Concord will be the best engineered flood and emergency prepared residential building ever designed in Canada, according to Concord, which plans to sell the residential units at record-breaking prices.
“Prices effectively start at $1 million to $2 million, with the top estate penthouse close to $13 million,” according to a Concord release. The release notes that there will be a “limited selection” of two-bedroom condominiums priced from a mere $700,000.
The complex, on the edge of downtown Calgary, will include 200 luxury homes anchored by a 105-suite, 14-storey tower.
“The Concord will be the first uncompromised answer to luxury living in Calgary,” said Peter Webb, senior vice-president of development at Concord Pacific, which re-developed the former Expo lands on Vancouver’s False Creek. “The high level of detail that has gone into every area of this project is unparallel to any development in Calgary’s history.”
The current average price of a Calgary condominium is $341,000, according to the Calgary Real Estate Board. Year-to-date condominium apartment sales have totaled 2,020 units, a 21% increase over the first five months of 2013, the Board notes.
The Concord site was not affected by the 2013 Calgary flood that caused an estimated $1.7 billion in property damage, but Webb said the complex “has been designed to be Canada’s top flood and emergency-prepared residential development.”
The infrastructure, designed by Associated Engineering, is said to include:
- a building design engineered to withstand an episode twice as significant as the 2013 flood;
- a perimeter system which includes above-grade fortification walls with floodgates for pedestrian access;
- waterproof foundation with self-sealing capabilities to prevent underground water seepage;
- stormwater backup prevention management; and
- emergency backup power for building and suite systems designed to run indefinitely.
The City of Calgary has endorsed Concord Pacific’s first Alberta development.
“The Concord’s location next the Bow River overlooking the Peace Bridge is one of the most beautiful in Calgary,” said Deputy Mayor Druh Farrell. “The Arthur Erickson-inspired design will add a global flavor to our downtown.”
