$110 Million Downtown Calgary Condo Project Breaks Ground

dHz Media Client Releases, Park Point, Qualex-Landmark

Market responds to Qualex-Landmark™’s vision of urban living at PARK POINT

Calgary AB. Qualex-Landmark™, the developers of PARK POINT, hosted a groundbreaking ceremony today to mark the start of construction on its 34-storey residential condo tower. PARK POINT features 289 homes and is located in heart of Calgary’s rapidly evolving, amenity rich, centralized and diverse urban City Centre, on 12th Avenue and 2nd Street S.W.

Mohammed Esfahani, president of Qualex-Landmark™, councillor Evan Woolley, lead architect Tony Wai, IBI Group, and Mike McDonough, senior vice president of Axiom Builders, were on-site with hard hats and shovels for the groundbreaking ceremony.

“We are thrilled to begin construction on our sixth condo tower in Calgary,” says Mohammed Esfahani, president, Qualex-Landmark™. “Considering the economic climate, we’re pleased to see that the market has responded accordingly to our first-class residential offering within the heart of an amenity-rich downtown community. Now that we’ve broken ground, construction is in high gear to enable us to deliver to our home buyers their dream home so they can start to enjoy downtown urban living at its best.”

PARK POINT’s uniquely designed high-rise tower features one, two and three bedroom condos, street-level live-work townhomes and penthouses and will further diversify Calgary’s centralized, higher-density, mixed-use residential neighbourhood. Conceived by globally renowned and award winning architectural firm IBI Group, PARK POINT will be another landmark tower project in the Beltline Community. Representing the tallest building in the immediate vicinity, PARK POINT will permanently alter Calgary’s skyline.

Photo caption (from left to right): Mohammed Esfahani, Mike McDonough, Tony Wai and Evan Woolley gathered for the groundbreaking ceremony
Photo credit: Robert J. Ryan

PARK POINT has sold more than $50 million worth of units and more than 40 per cent of the tower since its launch in March 2015. The groundbreaking indicates positive real estate activity in Calgary’s residential condo sector, as Qualex-Landmark™ still has strong faith in Calgary and continues to set its sights on the continued long-term growth of the city.

According to a report released by Royal LePage on October 14, “Calgary and Edmonton’s housing markets continue to hold firm, maintaining stability amid continued economic uncertainty.” According to a Q2 Market Update report released by Altus Group Limited, high-rise condo sales improved by 57 per cent from Q1 to Q2 (206 units). New condo sales improved by 173 per cent from Q1 to Q2 (1,430 units), representing a glowing light in a dull market.

Qualex-Landmark™ is contributing to Alberta’s economy by boosting Calgary’s economic growth by providing an average of 150 full-time jobs (that will peak to an average of 250 full-time jobs in 2017) on-site every day for local Calgarians during the construction period, as well as long term revenue streams for city. That is equivalent to more than 820,000 man-hours of employment over the duration of construction. At full build out PARK POINT represents $110 million in downtown Calgary real estate sales. According to ATB Financial’s Q3 Economic Outlook, MLS sales and prices in Alberta’s real estate sector have not been dormant during the slowdown. The report states that despite the downturn, more people will continue to move to Alberta, but not as many as previous years.

“As the most active residential condo developer in the Beltline for the past 10 years, the Qualex-Landmark™ group has reached another major milestone with the groundbreaking of its 6th condo tower in the Beltline Community. It’s a testament that we keep our promise to our homebuyers to finish what we start and it further demonstrates our commitment to renewing the vibrancy of Calgary’s Beltline Community,” says Esfahani.

PARK POINT’s location across from the historic Central Memorial Park, one of Canada’s oldest urban parks, offers an active and carefree lifestyle in a thriving and evolving City Centre. Residents will enjoy first-class views toward the Rocky Mountains, Central Memorial Park and the striking downtown skyline and beyond.

PARK POINT offers an exclusive range of premium indoor and outdoor amenities. Located atop the tower podium on the third floor, PARK POINT will host nearly 9,000 sq. ft. of sophisticated, owner-accessed upscale building amenities. The outdoor amenity space includes a Zen Terrace with seating and water feature, social air lounge seating with fire-pit, bbq area with large harvest table, and a yoga / Pilates sundeck overlooking Central Memorial Park. Indoor amenities include a fully equipped fitness facility with state-of-the-art exercise equipment, park facing yoga / Pilates Studio, steam room, sauna and his/hers change rooms with showers and a private owners social lounge club with kitchen and fireplace for entertaining. 

Responsible for the construction of more high-rise residential communities in Calgary’s Beltline Community than any other developer, Qualex-Landmark™ group projects account for $400 million in real estate value with over 1,000 homes in the Beltline in the last ten years. Previous projects by Qualex-Landmark™ in Calgary include Stella, Nova, Luna, Calla and Mark on 10th (completion early 2016). Its recipe for success includes its ability to innovate and its dedication to customer satisfaction.

Construction on PARK POINT is expected to be complete by mid-2018.