The project was advertised as ‘Calgary’s best condos at Calgary’s best prices‘ requiring a buyer to make only $16/hr and payments from $686 per month. Prices ranged from $159,900 to $259,900.
“We were unsuccessful in getting the presales that were required — and so, we are unable to complete it as a condominium,” said the project manager for The Gala, which is located at 17th Avenue and 68th Street S.E. (Source)
Was it the proximity to the East Calgary Landfill site or being located along 17th Ave SE that stifled sales?
In any case, deposits are to be returned to the buyers.
What will become of The Gala?
“There are various possibilities, from finding financing from another lender, turning the project into a rental project instead of condos, or waiting until the market changes a bit.”
The Gala promo
About East Hills
A new retail centre – East Hills – is scheduled to open in late 2013 or early 2014 and is located on the NE corner of Stoney Trail & 17 Avenue SE just east of The Gala. Will it be the boon the project needs?
Some tenants of East Hills will include (preliminary):
- Empire Theatres
- LA Fitness
- Bulk Barn
East Hills is located within the area known as Belvedere where the City of Calgary is preparing an Area Structure Plan.
The Plan Area comprises lands on the east side of Calgary from Stoney Trail to Chestermere. The majority of these lands were annexed from Rocky View County in 2007. The Plan Area is bound to the north by 8 Avenue SE (at boundary of Rocky View County), east by 116 Street SE (at the boundary of the Town of Chestermere), south by 26 Avenue SE and west by Stoney Trail.
To download the plan draft from the City of Calgary, click here