March 16, 2010
Construction has begun on Qualex-Landmark Investment’s condo project Luna [map] in Calgary [development map]. This 30-storey condo tower (located at 12th Avenue and 10th Street S.W.) will complete the Vancouver company’s block-long development, which will sit next to the completed 21-storey Stella and 27-storey Nova towers.
According to the Calgary Herald:
Marketing for Luna first began in late 2008 and Colbeck says he had around 25 pre-sales before the company decided to put a hold on the development due to the unstable economy. But since that time, Qualex-Landmark has been busy negotiating construction costs and 100 per cent of the savings have been passed on to the buyers.
Pretty amazing to see the savings being passed onto the purchaser, but it obviously worked with a retention of all sales.
It is also great to see developers re-investing in Calgary. Qualex-Landmark owns the strip mall at 10th Avenue S.W. (current location of Luna). It has also worked on designs for two more towers on the former Alberta Boot property it purchased at the northwest corner of 10th Avenue and 5th Street S.W.