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Grosvenor Americas and Cressey Announce Partnership to Build 319-Unit Two Tower Development in Downtown Calgary's West End

Mar 26 2013 12:00AM

Marketwire

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CALGARY, ALBERTA -- (Marketwire) -- 03/26/13 -- Editors note: There is a photo associated with this release.

Adding to Downtown Calgary's West End skyline for the first time in nearly a decade, Grosvenor Americas and Cressey Development Group today announced plans for a new residential two tower development with 319 suites.

The partnership between Grosvenor, a privately owned international property investment and development group and Cressey, an experienced residential and commercial development company, will redevelop the corner of 5th Avenue and 10th Street SW into a landmark development that will add two contemporary towers to the Downtown skyline. The new West End development, aptly named "Avenue", marks a commitment from two experienced and trusted names in the multi-family development industry to offer an unrivaled addition to Calgary's Downtown condo market.

Designed by renowned architect James Cheng, the iconic development will be located on one of the few remaining parcels of land in Calgary's West End and will boast functional, spacious interiors and significant views of the Bow River, mountains and City.

"The partnership is a strategic match," says Michael Ward, Vice President of Development for Grosvenor Americas. "In developing one of the final parcels of land in this established downtown Calgary neighbourhood we set out to create a best in class development. Grosvenor and Cressey's proven track record of superior design and longstanding history of building quality homes will bring a truly unique product to the area."

"We are honoured to work along side one of the most internationally respected names in development. With almost 20 years of history in Calgary, Grosvenor brings the kind of local and international knowledge we value," adds Hani Lammam, Vice President of Development and Acquisition for Cressey.

Grosvenor's most recent Calgary residential offering, Drake, is a collection of 135 condominium homes located on the city's Beltline. The company has also started plans on Smith, a new multifamily project located adjacent to Drake. Together, the three projects will add new housing to the ever-growing demand of the Calgary condo market.

For more information and updates on the development visit http://www.avenuewestend.com or @AvenueWestEnd on twitter.

About Grosvenor

Grosvenor Group is a privately owned property group with offices in 18 of the world's most dynamic cities. The Group operates and invests in three areas; direct proprietary investment in real estate through our Operating Companies in Britain & Ireland, the Americas and Asia Pacific; indirect proprietary investment in real estate managed by other, which is the responsibility of the holding company; and our international fund management Operating Company- Grosvenor Fund Management- which manages capital on behalf of investors. As of December 31, 2011 the Group had total assets under management of US$19.4 bn. Unusually for a private company, Grosvenor publishes a full Annual Report & Accounts available at: www.grosvenor.com

About Cressey

Cressey is a privately owned, fully integrated project development, construction, marketing and property management company with over 40 years of experience. With over 200 projects to date, Cressey has earned a reputation for constructing landmark developments of unparalleled quality, making them one of Western Canada's most recognized and celebrated builders. www.cressey.com

To view the photo associated with this release, please visit the following link: http://www.marketwire.com/library/20130325-gr325ful.jpg



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Source: Marketwire


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