University District is a new vibrant community in the NW of Calgary. Situated on the leased land next to the University of Calgary campus and within walking distance to some of Calgary’s major facilities such as Foothills Hospital, Alberta Children’s Hospital, Market Mall, and McMahon Stadium.
As a young professional myself, I have chosen to call University District home. My girlfriend, Regan and I recently purchased a condo there and are looking forward to the continued development of the area. What sold us on U/D is the convenience of having everything we need within walking distance, such as groceries, local shops and restaurants. Another advantage is the close proximity to Regan’s work at Tom Baker Cancer Center where parking can be a bit of a nightmare! Her commute to work is a simple walk or bike from U/D.
The other neighbourhoods immediately adjacent to Foothills Hospital are older neighbourhoods, such as University Heights, Parkdale and St Andrews Heights, with very little choice for a more modern condo. All of U/D is multi-family (condos and townhomes, not single-family).
Leasehold:
University District is built on leasehold land. A leasehold property is where the owner owns the home but not the land it sits on. The land is rented from the University to the developer. In this case, it is a 99-year lease. Similar to University of British Columbia, University of Calgary’s leased land provides an exciting opportunity to combine the campus lifestyle with proximity to desirable local shops, restaurants and resources.
The other example of leased land that Calgarians may be familiar with is the community of Redwood Meadows, near Bragg Creek. This was also a 99-year lease originally but has just been renewed with the TsuuT’ina Nation in 2021.
99 years is a long time and the buildings there may be at the end of their life cycle when the lease comes due. However, something to consider is that property values may decrease and it may be difficult to get mortgage financing as it comes closer to the end of the lease. The West Campus Development Trust (lessee) has the option to negotiate an extension to the lease or purchase the land for fair market value at the end of the lease.
Price Range:
University District has a wide range of homes to buy:
- 1-3 bedroom apartment style condo’s starting from the low $200,000’s to the upper $500,000’s
- Estate single-level residences from the upper $600,000’s up to $1,500,000
- Townhomes from the mid $400,000’s to the upper $700,000’s
- 55+ independent seniors condo living from the $330,000’s to $540,000
U/D homes are built by some of the biggest names in the industry, such as Truman Homes, Brookfield Residential and others. The stylish exteriors, luxurious finishings, and convenience make U/D a very sought-after inner-city location for young professionals, students, and even people looking to downsize without sacrificing quality of life. When you purchase in U/D you gain immediate access to walking paths, off-leash dog parks, the Bow River and quick commute to downtown, while still having the convenience to escape to the mountains via the Trans Canada Highway.
Some of the great businesses in the area are listed below – Amie and I have already been taking advantage of the excellent coffee at Monogram for some of our meetings 🙂
To find out more about University District or to take a look at some listings, drop me an email at parker@riverliferealestate.com!
-Parker
What is here:
- Save-on-Foods
- Bar Burrito
- Clever Daycare
- Curious hair salon
- Five Guys
- Freshi
- Market Wines
- Monogram
- Osmow’s
- Pet Planet
- Scotiabank
- Sesame
- University District Dental
- YYC Cycle
Coming Soon
- OEB Breakfast
- Orange Theory Fitness
- Canadian Brewhouse
- Cineplex VIP Cinemas
- Cobs Bread
- Plant Life
- Shoppers Drug Mart
- Staples
- The Alley
- The Banquet (Bar/Bowling Alley)
- Village Ice Cream
