Calgary approves density deal for 1st rental building in East Village
City approves transfer of density from Simmons warehouse site
Thanks to a density swap with another development in the area, the East Village will get its first residential rental building,
Calgary city council has approved a transfer of unused density from the Simmons building site to allow a 221 unit rental building on Seventh Avenue near Fifth Street southeast.
The developer, Cidex, says the building will include one, two and three bedroom units, something that's not currently available in the condominiums of the East Village area.
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The redevelopment of the East Village area is being overseen by Calgary's Municipal Land Corporation. CMLC's Susan Veres says the addition of a rental building to the area was a priority.
"You could buy a unit in the East Village but you couldn't rent so it was pretty important for us to bring that into the community," she said.
Transferring density from the Simmons building allows the developer to build 64 additional units in the rental tower and Coun. Druh Farrel likes the idea.
"It's a creative solution to a neighbourhood. It brings in a use that's desperately needed in the core," she said.
The rental units will be available at market rates. There are currently no plans to build subsidized or affordable housing in the area.