University of Calgary Properties Group (UCPG), the lead developer of University District, has announced a first-of-its-kind joint venture with builder partner Truman for a purpose-built rental residence called Scholar. Read More
It will offer 203 one- and two-bedroom rental units above 13,000 square feet of retail space at street level, and 226 parking stalls
It will offer 203 one- and two-bedroom rental units above 13,000 square feet of retail space at street level, and 226 parking stalls
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University of Calgary Properties Group (UCPG), the lead developer of University District, has announced a first-of-its-kind joint venture with builder partner Truman for a purpose-built rental residence called Scholar.
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The agreement includes a 50/50 ownership split between UCPG and Truman of the residential units, with UCPG owning and managing the main floor retail platform and Truman serving as the residential property manager. Scholar, the first development under the joint venture, is a six-storey mixed-use rental residential building on the southeast corner of University Avenue and McCaig Street N.W.
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It will offer 203 one- and two-bedroom rental units above 13,000 square feet of retail space at street level, and 226 parking stalls. Construction is anticipated to start later this year, with a planned completion date of early 2027.
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“This collaboration with Truman marks an exciting step forward in the evolution of University District,” says Novy Cheema, president and CEO of UCPG. “The joint venture and this project reflect our ongoing commitment to providing high-quality housing options and more services on University Avenue that meet the needs of our growing community, while delivering long-term value to the University of Calgary.”
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Truman has completed three residential projects in University District — Esquire, Maple and Noble — and Academy is currently under construction. At the corner of Kovitz Avenue and McLaurin Street N.W., it will offer 222 one- two- and three-bedroom units, and provide tenants with amenities including residents’ lounge, pet spa, fitness centre and bike storage room. Truman believes people need and want parking.
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“We’re thrilled to be a partner with University of Calgary Properties Group on this project to help deliver affordable, innovative housing solutions that support Calgary’s continued growth,” says George Trutina, founder of Truman.
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University District has certainly lived up to its promises since 2010 when the bold, new vision was created as a master-planned community to develop 200 acres of land adjacent to the university campus.
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Main Street, along the central corridor University Avenue, is 100 per cent leased to a classy choice of retailers and services. They include majors such as Save-On-Foods and Staples, and eateries that have been joined these past few months by Charcut in Hotel Arts, Native Tongues Taqueria, Seed N Salt, Una Pizza + Wine, and Pho Pham.
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People are already residing in 1,500 units and, including Scholar, there are around 1,350 under construction. The list of developers who have chosen to build there besides Truman include some of Calgary’s best — Jayman Built, Homes by Avi, Crystal Creek Homes, Rohit Homes, Graycorp Properties and Brookfield Residential.