Knightsbridge development to break ground in East Village

The Calgary Municipal Land Corporation (CMLC) has sold two East Village land parcels near the St. Louis Hotel for a new multi-family development.

In a release, the CMLC said the development is designed with Generation Y in mind, the two projects will add 300 condos to the area. The homes will average $225,000 and are tailored to the 20-35-year-old age bracket.

Dubbed N3 to reflect New Attitude, New Living and New Vision the development will have parking for bicycles and "microcars" only. The space will also include social open spaces for entertaining and WiFi throughout. With a marketing platform of "No car, No parking, No problem", each N3 buyer will receive a $500 credit for Car2Go and an urban bicycle.

"We are extremely excited about N3," said Michael Brown, president and CEO, CMLC. "The East Village master plan vision places enormous emphasis on the pedestrian experience. you can see this focus demonstrated across the neighbourhood with pedestrian-only streets, pedestrian bridges, wide sidewalks and public parks designed for resting and visiting. East Village is a neighbourhood for all ages, designed to bring residents together at the street level day and night."

* Read more in next week's edition of the CREBNow real estate news.