More development expected for Calgary's East Village

The Calgary Municipal Land Corporation says development is booming in the East Village, with more city-owned property being sold to developers eager to bring more housing to the downtown core. (Supplied/CMLC)

Two more parcels of land, which are expected to host two new residential towers, have been bought by a developer, the City of Calgary said Monday.

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The Calgary Municipal Land Corporation (CMLC) says Bankside Properties bought two parcels of land just east of the Central Library with the intent to build two six-storey residential buildings.

Each one will contain 80 rental units consisting of one-bedroom, one-bedroom-plus-den and two-bedroom apartments.

"As steward of the East Village Master Plan, CMLC continues to seek out developers whose ambitions, expertise and projects align with our vision for a vibrant, diverse downtown community," said Kate Thompson, CMLC’s president and CEO, in a news release.

"Bankside brings exceptional experience in urban mixed-use development to the neighbourhood."

With the Bankside purchases, 10 CMLC-owned residential development sales have taken place in the East Village, Thompson said.

Other East Village developments

The CMLC says a conditional sale is in place for the site of the temporary Bounce Games Park and Trico Homes has submitted a development permit for a mixed-use tower at Fourth Avenue and Macleod Trail S.E.

That building will bring 255 residential units and three commercial units, including a daycare with a rooftop play space, to the area.

In another proposal, Triovest is in the land-use pre-approval stage in relation to two mixed-use towers on a parcel of land it owns directly north of Studio Bell.

Those developments aim to bring another 500 residential units to downtown Calgary over two phases.

"The multi-family housing market has been challenged in recent years with rising construction costs and inflation pressures, so we are encouraged by the renewed interest in development in East Village," Thompson said.

"With Calgary's growing population and housing demand, there is a huge opportunity – and need – for well-designed and smartly-delivered rental and condo products, and these exciting projects in East Village help to address that need."

(Supplied/CMLC)

Bankside has until the end of this year to submit development permits for the new buildings and the company expects to break ground sometime during the fourth quarter of 2025.