Nov 8, 2010, Calgary condo project sells out first two towers

The University City new highrise condo project, planned for the Brentwood LRT station, has completely sold out the first two phases of the development.

Now registration has begun for the next two phases of the transit oriented development across from the University of Calgary.

On the weekend, Phase 1 of the project, a 216-unit, 18-storey residential tower, and Phase 2, another 216-residence, 18-storey tower, sold out. As of today the project’s website shows no availability of units in the first two phases.

It also invites potential buyers to register for sales for phases 3 and 4.

Zee Zebian, marketing manager for the project, said all sales have been halted “because we need to catch up on the paperwork.”

“If any units come back, they’ll come back (for sale),” he said. “But right now we’re completely sold out.”

He said he expects interest to be high for the other phases of the project as well.

The University City project, a master-planned new community located across from the University of Calgary at the Brentwood LRT Station, will eventually consist of five buildings with a total of 600 to 700 residences.

The first building will be ready for occupancy about late December 2012.

Phase 1 and Phase 2 of the project will be 18-storey towers followed by 12 and 14-storey towers in Phase 3 and Phase 4, and four storeys in Phase 5.

Studio units are priced from $159,900; one bedroom units from $175,900; and two bedroom units from $189,900.

The project is being developed by Metropia, Knightsbridge Homes Ltd., and RioCan.

University City is considered a Transit Oriented Development with the City of Calgary.

As of September, there were 976 condo apartment starts so far this year in Calgary compared with 184 for the same period a year ago.

The number of complete and unoccupied units in September was 707, up from 342 units in September 2009.

By Mario Toneguzzi, Calgary Heral