Ground was turned and construction began Oct. 16 on the Qualex-Landmark Park Point condo project in the Beltline at 12 Ave. and 2 St. S.W.
“We are thrilled to begin construction on our sixth condo tower in Calgary,” says Mohammed Esfahani, president, Qualex-Landmark. “Considering the economic climate, we’re pleased to see that the market has responded accordingly to our first-class residential offering within the heart of an amenity-rich downtown community. Now that we’ve broken ground, construction is in high gear to enable us to deliver to our home buyers their dream home so they can start to enjoy downtown urban living at its best.”
Park Point will have 289 homes, including one-, two-and three bedroom condos, street-level live-work town-homes and penthouses.
More than $50 million worth of units and 40% of the tower have been sold since its launch in March 2015.
The groundbreaking indicates positive real estate activity in Calgary’s residential condo sector, demonstrating Qualex- Landmark’s strong faith in Calgary and the continued long-term growth of the city, says Esfahani.
“Qualex-Landmark is contributing to Alberta’s economy by boosting Calgary’s economic growth by providing an average of 150 full-time jobs, that will peak to an average of 250 full-time jobs in 2017, on-site every day during the construction period,” he says. “That is equivalent to more than 820,000 man-hours of employment over the duration of construction.”
At full build-out, Park Point will represent $110 million in downtown Calgary real estate sales.
“As the most active residential condo developer in the Beltline for the past 10 years, the Qualex-Landmark group has reached another major milestone with the ground- breaking of its sixth condo tower in the Beltline Community,” says Esfahani. “It a testament that we keep our promise to our home buyer to finish what we start and it further demonstrates our commitment to renewing the vibrancy of Calgary’s Beltline community.”
Construction on Park Point is expected to be complete by mid-2018.
Author: Myke Thomas for Calgary Sun
Published: Saturday October 24th 2015