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A lofty condo project planned for the edge of Westmount is now destined to be a seniors housing complex. Brokers say the change reflects the ongoing decline of condo sales in Edmonton.

Clifton Place, a high-end 260-unit condo building proposed by One Properties, was set to be built on a lot west of 124th Street and south of 102nd Avenue, overlooking the North Saskatchewan River.

At the end of June, real estate broker CBRE helped sell the 45,800 sq. ft. site for $9 million to seniors housing operator Revera, which plans to turn it into a rental property.

Bradley Gingerich, a senior VP at CBRE, said at a cost $1 to $2 million for a 2,000 sq. ft. unit, One Properties only sold a handful in two years.
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At Clifton Place south of 102nd Avenue, Revera said it plans to build a tower to accommodate 290 residential suites offering a range of lifestyle and care options and seniors apartments, Mike Brcko, VP, Property Development said in a statement to CBC News.
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http://www.cbc.ca/news/canada/edmonton/edmonton-condos-1.4769268
 
ONE Properties and Revera Enter Joint Venture to Develop New Retirement Communities in Key Urban Markets Across Canada
Nov 20, 2018

Edmonton, Alberta/Mississauga, Ontario (November 20, 2018) – ONE Properties, a dynamic real estate development company and Revera Inc., a leading owner, operator, developer and investor in the senior living sector, announced today that they have agreed to enter into a joint venture partnership to develop new retirement communities in key urban markets across Canada.

As their first project, Revera and ONE Properties will bring an exciting, best-in-class senior living residence to Edmonton. Clifton Place, a spectacular location overlooking the North Saskatchewan River, will be built near 124th Street and 102nd Avenue.

The Clifton Place project is designed to include up to 290 residential retirement suites offering age-in-place residential living options for the senior, independent living, memory care and assisted living markets.

Located in a mature neighborhood, the project offers numerous amenities, services and boutique shops in the vicinity. Clifton Place is a unique urban node, which blends the best of city living, with the elegance of Edmonton’s beautiful river valley. Construction is expected to begin in 2019.

ONE Properties will act as the developer of the project and conduct the approval process along with overseeing the development’s construction. Revera will design the project and manage the marketing and operations for the residence going forward.
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http://oneproperties.com/one-proper...mmunities-in-key-urban-markets-across-canada/
 
@archited there is one floor hiding behind the podium I think :)

I love the new design! I love the changing shape throughout the building.
 
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