10th Avenue SW, Calgary’s Next Big Thing?
Posted by Joel Gwillim on Wednesday, April 24th, 2013 at 2:35pm.
Calgary Urban Dwellers are always about the hot spots, whether it’s a new condo development, bar/lounge, restaurant or coffee shop. The idea of new and fresh gets people out and about, especially if it involves revitalizing an area of the city. 10th Avenue may be the next sector to flourish, or should at least be one to keep your eyes on. Let me tell you why I think this region could amass big things in Calgary’s downtown lifestyle:
Restaurants / bars / lounges
Craft Beer Market opened its doors in August of 2011 and has been a busy, upbeat location ever since. Craft is a premium casual restaurant with fresh local food made in house, classic music and Canada's largest selection of draft beer - over 100 different options on tap! Located at 345 10 Avenue SW
Commonwealth Bar & Stage is an old warehouse converted to a trendy night destination in Calgary’s downtown that is the only venue to feature two distinct floors of sound and a vintage fashion-forward aesthetic for the simple purpose of delivering a good time with good music. Located at 731 10 Avenue SW
National on 10th has just recently opened up their second location on 10th Ave on April 18th, 2013. In a vast space that used to occupy The Whiskey, it’s obvious National has hit a homerun with this new location! Boasting a bourbon room, ping pong tables and a bowling alley [coming soon], National will attract more patrons than just the ones that already enjoy their food and drink menu. Located at 341 10 Avenue SW
There is also a new restaurant/lounge in the works at the old location of the Mansion, on the corner of 4th Street and 10th Avenue. Knowing the individuals behind this venture, it will be certain to carry on a solid tradition of delicious food and impeccable ambiance. Coming Winter 2013/2014.
6th and Tenth // Brad Lamb is definitely no rookie to the condo development game. Having been around 20+ years selling, investing and building real estate, I feel pretty confident on his approach to this soon to be Toronto style condo project, right here in Calgary. This development is currently around 65% sold out and is expected to rise in the fall of 2015.
Mark on 10th // Qualex Landmark are a Vancouver based company but they have sure sunk their teeth into the Calgary market over the past few years. With previous projects like Stella, Nova, Luna and Calla [possessions this summer], Mark on 10th will undoubtedly be another successful high-rise to put in the win column. This development just passed the 50% sold out number and is expected in the fall of 2015.
There are also solid rumblings of a major Calgary developer with a current offer on the development site just west of Mark on 10th. [Previously the 'Astoria' condo] Want the scoop? Well, you will just have to message me for that!
Offices and retail
Centre 10 // Two attempts had been made by others to build two high-rise condo towers on the site of the former Gaslight Square retail strip at 10th Ave and 4th Street SW. Centron decided after lengthy due diligence, and a third times a charm attitude, to buy it and changed the concept to a single building, mixed-use office retail development. The site is set to house 335,000 sqft office and 20,000 sqft retail. I wonder where all the employees will venture for lunch and happy hour?
Bridging the Gap
It’s inevitable; 10th Avenue will be soon connected to the downtown core with plus 15s. This will allow office workers easy access, and warm access in winters, to their favorite spots on up and coming 10th Avenue. The location is also right smack dab in the middle of the office core and already popular 17th Avenue. Count it out if you want, but it’s best if you trust me. A thriving metropolis will always find a way to bridge the gap between all its major and central destinations.
Can’t Push North
The last time I checked we can’t build or walk on water, unless our initials are JC or we live in Dubai. So where does the infrastructure lead us? Well, from Eau Claire and the downtown core we must work our way south of the river. And with land and development sites at a premium in the heart of the core, don’t you think some employers might start moving a little past 9th Avenue towards the sunshine?
Established community already with amenities in place
People talk about East Village taking off, but let’s be honest here Calgary, East Village is a long ways away. It will be a grueling, drawn out process for years. Add to the fact that some of the new condo development towers are currently asking for Eau Claire pricing? It’s a bit of a stretch, and a very long term thinking investment approach. With pre-sale condo construction on 10th Avenue, you can get in with affordable pricing, hope for some appreciation during the build and you’re off and running. Rents will undoubtedly be strong in towers like 6th And Tenth and Mark on 10th because of their quick access to the working core of downtown. Foot traffic at its finest…finally Calgary is evolving into a pedestrian first city. By continuing to build up our core, it should only pose as positive for all aspects of property values, accessibility and maybe most importantly, convenience! Don’t we all want more time in our lives to do the things we love? Amen!
Now I know what you’re thinking, what about the train that runs between 9th and 10th Avenue? Yes, the train line is sort of a loud nuisance at times, but it will be a small factor in the grand scheme of things. Eventually there will be retail, office, etc along the north side of 10th Avenue, so that should have filter in some of the noise. Having lived on 10th Avenue years ago, I can vouch for the fact that you do get used to it. People tend to adapt to their surroundings. It’s also part of living downtown in the heat of the action. Once 10th Avenue is booming, the huge concerns of the train will be [like the picture above] another thing of the past, just you wait.
Apologies to any businesses or addresses I missed. I merely wanted to convey some of my top reasons and soon to be hot spots in the area, without going on and on with endless dribble. I think the main thing to focus on here is long term, much like real estate investing. To make the returns we dream about, we must be willing to sit through the good and the bad, and be patient. Remember, it’s the end goal that matters, not the waves or fluctuations in between.
If anyone is interested in long term investment projections for any of these new condo developments, or any others in the city, simply contact me and I would be more than happy to sit down and go over why investing in central Calgary condos will be a wise and safe lengthy venture.