- What A 6-acre property in Calgary’s Hillhurst neighbourhood is in play
- Why Northwest Healthcare Properties REIT is selling the property
- What next The property has basic approvals from the city for a mixed-use development
A development site in Calgary’s Hillhurst neighbourhood is up for grabs and could fetch more than $40m, Green Street News can reveal.
The property, at 1402 8th Avenue NW, is zoned for up to 1m sq ft of space. An existing 75,000 sq ft medical-office property on the site has a demolition clause in place. It generates net income of $1.15m, which marketing materials tout as providing a buyer financial stability while redevelopment plans are finalized.
Vancouver-based Goodman Commercial and Calgary’s NAI Advent Commercial Real Estate are partnering on the marketing assignment. Northwest Healthcare Properties REIT is the seller.
The site is close to downtown, the Bow River and Southern Alberta Institute of Technology. A light-rail station is nearby, as are Highways 1 and 1A (Crowchild Trail).
A development concept for the site calls for several six-storey buildings, an 11-storey building and a 15-storey building.
It’s estimated that concrete condominiums at the location could sell for $900/sq ft and wood-frame units for $700/sq ft. A developer could also build for-rent residential buildings that could fetch rents of $3.50/sq ft.
