A third major development deal has been inked for Calgary's East Village. ((CBC))

The announcement on Tuesday of a hotel project marks the third major land development deal for Calgary's emerging East Village neighbourhood.

U.S.-based Widewaters Group plans to build a $75-million Hilton complex at Fourth Street and Seventh Avenue S.E.

The 208,000 square foot, 14-storey project will be dual-branded as a Hilton Garden Inn and Homewood Inn and Suites, officials with the Calgary Municipal Lands Corporation announced on Tuesday.

Featuring 315 rooms, the project will boast a south facing rooftop terrace, a library and convention services with two levels of underground parking.

"We chose to invest in East Village because we could see its' potential as both a tourist destination and a new commercial core for Calgary; we're thrilled to be part of the team," said Ed Shagen, director of development for Widewaters Group.

Two residential projects are already planned for the area with Vancouver-based Embassy Bosa Inc. and Ontario-based FRAM+SLOKKER both slated to build condominium towers.

The CMLC, an independent development company the city created to help revitalize the East Village, has spent millions of dollars putting in new roads, sewer and water lines, and streetlights to prepare the area for redevelopment.

The East Village is approximately 20 hectares in downtown Calgary, between the historic Fort Calgary and the business core.