Controversial Calgary condo tower tops off
September 23, 2017
A luxury condo high-rise that started in the depth of Calgary’s recent downturn is nearly complete—and sales have defied the doubters.
Developer Qualex-Landmark announced September 13 that the final ceremonial concrete pour for the top floor of Park Point had concluded. The 34-storey, $110 million Beltline tower is expected to be finished construction and move-in ready by the summer of 2018. The construction is being handled by Axiom Builders.
Construction began at the Park Point tower in the fall of 2015 shortly after oil prices had dropped by more than 40 per cent, plunging Calgary into a housing downturn. Many had questioned the timing of starting a 289-unit high-end condo development as Calgary home sales had fallen 26 per cent from a year earlier.
However, the Park Point construction milestone comes as Calgary residential sales are recovering. According to the Calgary Real Estate Board, year-to-date total residential sales were 11,957 as of July 2017 up 9 per cent from 10,946 as of July 2016.
Park Point is now more than 70 per cent pre-sold, meaning about 205 of its condos have been purchased.
The remaining condos at Park Point include about 80 units. They range from 560 to 1,340 square feet. The current starting price is in the $280,000 range, or around $500 per square foot for the smallest units.