CALGARY, Alberta, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Minto Communities (Minto), a division of Minto Group, is pleased to announce that it was the successful purchaser of the Viscount Bennett property following an advertising sale by the Calgary Board of Education (CBE) earlier this year. This project, within Calgary’s Richmond Knob Hill community, will now be referred to as 2501 Richmond (its municipal address) throughout the application and redevelopment process.
Minto Communities is reimagining how 2501 Richmond will continue to serve the community of Richmond Knob Hill for future generations. Redevelopment of the site presents a unique opportunity to deliver enhanced public amenities and housing options that are not currently available in the area. The vision for this site is to incorporate multi-unit residential buildings, with distinctive open green spaces that will connect to the existing community. This ensures that buildings and spaces in-between coalesce into a place of comfort, convenience, usability and enjoyment.
Minto’s proposed redevelopment plan is based on the belief that diverse and connected places contribute to resilient communities and neighbourhoods. Introducing a greater variety of housing types will attract different demographics and create more housing options during a time when residential housing in Calgary is more urgent than ever.
With Alberta leading the nation in population growth, Calgary is expected to outperform the province, with its growth rates ranging between two to 2.5 per cent through 2026. Calgary is set to gain around 68,000 new residents this year alone, translating into a demand for approximately 22,000 residences¹. 2501 Richmond aims to offer 2,500 residences.
“At Minto, we see the 2501 Richmond redevelopment as an opportunity to enhance the community green space, while bringing much needed housing to Calgary during such a crucial time,” says Greg Mills, President, Minto Communities Calgary.
“Calgary’s estimated population is growing at the fastest pace among major metropolitan centres with a 4.7 per cent increase compared to this time last year,” says Jackson Cornelius, Lead Economist, M3 Development Management Ltd. “The year-over-year increase of rental rates is substantial. The proposed redevelopment of 2501 Richmond aims to provide a solution. It provides a structured plan to bring a substantial amount of desperately needed units to the market, with convenient access to primary employment and education hubs. Projects like this have impacts that extend beyond affordability as they work to inject diversity, energy and commerce to local businesses.”
Minto envisions three distinct and connected open spaces for the redevelopment, providing versatile space that supports year-round use. The spaces are intended to encourage community connections and gatherings, while offering a range of opportunities to promote physical activity, creativity, and social interaction. Successful placemaking in this context can help ensure economic prosperity, social well-being and a sense of community, which Minto believes are fundamental elements in evolving urban environments.
Future residents will be conveniently connected to downtown, Mount Royal University, University of Calgary, and major hospitals through the transit network. There is a focus on enhancing and expanding places to walk, run and cycle to enable a more sustainable urban environment. Many desirable shops, eateries and essential services are also located within walking distance in Marda Loop, just across Crowchild Trail.
“The 2501 Richmond site is one of very few re-development opportunities of this scale within Calgary’s established communities and is centrally located along a transit route,” says Kathy Oberg, BEDs, MEDes, RPP, MCIP and Managing Partner with B&A Studios. “It’s exciting to be part of the Minto team and the applicant on this meaningful redevelopment opportunity for our city.”
Minto submitted the land use re-designation today, November 15 to the City of Calgary and expects to begin site work in 2024. Minto will be meeting with community groups throughout the land use re-designation process that concludes with a Public Hearing of City Council prior to a Council decision.
For more information about Minto, visit www.minto.com.
For more information about the 2501 Richmond project, visit 2501Richmond.com.
About Minto Communities
A division of the Minto Group established in 1955, Minto Communities is a family-owned, fully integrated real estate development, construction and management company with operations in Ottawa, Toronto, Calgary and South Florida, and has been instrumental in the design and construction of 100,000 homes. An industry leader, Minto Communities is known for high-quality and sustainable urban developments. A testament to its outstanding leadership in sustainable practices and innovative construction methods, Minto Communities has been recognised as the BILD and DHRHBA Green Builder of the Year (Lowrise), GOHBA Production Builder of the Year and the Avid Diamond Award for Customer Experience.
Media Contact:
Rebecca Hurl Brookline Public Relations, Inc.rhurl@brooklinepr.com
¹ City of Calgary Economic Forecast Q3-2023, Alberta Migration Dashboard (Q3-2023)
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