$8.3 million condo breaks real estate history in Calgary

THE RIVER defines Calgary as the New West

CALGARY, Jan. 25, 2012 /PRNewswire/ - THE RIVER, a luxury residential development, has broken real estate records in Calgary as the most expensive condo ever sold in the city. The 5,260 square foot unit sold for $8.3 million. It is not the most expensive residence in the development. Over $30 million in real estate has been spoken for, representing the first eight units which were sold in an exclusive preview. The development is worth more than $130 million. THE RIVER presents a brand new concept known as luxury estate condominiums that offers all the exclusive benefits of an estate home without the challenges of security and maintenance, allowing a lock-and-go lifestyle.

Slated to start construction in spring of 2012, THE RIVER has only 38 residences including 11 Riverhomes and 27 units in a 15-storey tower. The tower homes range from 1,400 square feet to 5,626 square feet and the three-storey Riverhomes range from 2,600 to 3,800 square feet. Amenities include 24-hour security, a concierge, private elevators and outdoor living spaces up to 2,950 square feet.

THE RIVER, developed by 26th Avenue River Investments Inc., is an affiliate of Ledcor Properties Inc. Chief Operating Officer Chris Bourassa believes that the appeal is due to its exclusivity and exceptional location. "On one of the last waterfront properties in Calgary, THE RIVER is a 10 minute walk from downtown, located steps away from Calgary's 4th Street community and tucked in next to the Elbow River. We are offering this special piece of real estate to only 38 home buyers."

Along with the large unit size and location, THE RIVER provides for an exclusive and private environment. Zoning allows for five times the site area (205,000 square feet) but only 132,000 square feet will be built.

Calgary has continually defied the global economic gloom. Arguably home to the most reliable oil source in North America, employment and population growth is forecasted to lead the nation, largely driven by energy companies. THE RIVER caters to these executives who are looking to trade in their detached homes for estate condominiums.

Previews are by appointment only. Contact Anne Clarke, [email protected], 403.263.5133.

ABOUT THE RIVER:
THE RIVER is redefining luxury living on one of the last remaining waterfront properties in Calgary. Presenting a new concept known as luxury estate condominiums, THE RIVER offers only 38 units of estate living with the convenience of a lock-and-go lifestyle. Construction slated for spring 2012. http://therivercalgary.com/

SOURCE THE RIVER

Image with caption: "THE RIVER Calgary (CNW Group/THE RIVER)". Image available at: http://photos.newswire.ca/images/download/20120125_C6583_PHOTO_EN_9177.jpg