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episode # 24

The Theodore in Calgary by Graywood Developments with Heather Lloyd and Patrick Briscoe

A landmark building is coming to Calgary’s Kensington neighbourhood – The Theodore by Graywood Developments. 10 storeys, 115 units, with 8,000 sq.ft. of new commercial space in an amazing location. The building offers 2 bedroom, 1 bedroom and junior 1 bedroom homes boasting quality finishings, great amenities, and incredible city or river valley views for all units. Just steps from Riley Park, the Bow River pathways and the Sunnyside CTrain Station, the area provides an eclectic mix of shops, restaurants and services, with amazing access to downtown, the Southern Albert Institute of Technology and the University of Calgary. Get in touch to find out about Graywood’s Very Big Deal Package that offers amazing incentives for investors and end users alike. Completing Spring of 2022!

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Episode Summary


 

About The Theodore in Calgary:

The Theodore is a mixed-use condo development in the neighbourhood of Kensington in Calgary. Kensington is a vibrant community located North West of downtown Calgary that is home to an eclectic mix of businesses, shops and residential condos.  The Theodore is a 115 unit development that is 10 storeys tall. It will house 8,000 sq.ft. of commercial retail space along 10th street NW.  Very walkable with medium rise developments. Close to the Bow River pathways and many parks and amenities.

On the demographics of the neighbourhood:

The area is one train stop from the Southern Alberta Institute of Technology, so there are students who live in the community. The community has a lot of older homes that are 100 years old as well as newer homes that are starting to be developed. There are young families and people that have lived in the community for 50+ years. The area is diverse and eclectic. The area is going through a bit of a resurgence right now. The condo buildings are mid-rise instead of high-rise and people like this about the area.

On prices:

The building has a range of units with nice large units on the top floor – 2 bedrooms, 1 bedrooms, junior 1 bedrooms. The starting price is in the $260,000 range. This is great value because of the amazing location and the great finishes and quality the building has to offer. At this time, Graywood is offering a great incentive package called the “Very Big Deal Package”. Some of these incentives include: up to $6,000 in home furnishings, a gradual deposit program, $500 towards closing costs, $1,500 towards moving expense, $3,000 towards helping people sell their existing home.

On who has been interested in The Theodore:

There has been a mix of people interested. We have seen a fair number of first time home buyers. There have also been some downsizers that live in the community and are interested in moving to a condo. There have also been some investors as well that love the location, the transit and the neighbourhood.

On rent that could be expected for investors:

The incentive package also includes an investor program that offers a 1 year membership to the Graywood rental program where Graywood would cover the fees associated with putting a tenant in the unit and the first year of fees for property management. The rents in the area are approaching the $3.00 mark on some of the smaller units, which is great.

The vacancy rate in the area according to CMHC is 4%, but Kensington is closer to the 3% mark. This is due to millennials in Calgary that are renting over purchasing and moving to the area.

On expected completion dates and the deposit structure:

Graywood expects to break ground on the project in Spring 2020. The expected completion would be Spring 2022 when the keys are turned over to the new purchasers. The deposit structure is 10%, 5% in the first 10 days and another 5% after 180 days.

On Graywood Developments:

Graywood Developments is a Toronto based private investment management company that specializes in real estate development. The company has been around for 30 years and they have approx 45 staff. They handle everything including site acquisitions, underwriting, development approvals, marketing and sales and construction. They focus in Toronto in the GTA and they also work in Calgary and Dallas. They currently have 3,500 units under development.

On what is exciting about Calgary:

Calgary provides a lot of opportunities with emerging communities and neighbourhoods in one of the top cities to live in the world. There is a lot of growth in Calgary right now, but it continues to be affordable. This was very attractive to Graywood for investment.

On why someone should purchase at The Theodore:

The Theodore is the best location for a new condo in downtown Calgary. It is right on a high street filled with hundreds of shops, right across from a Grocery store, walking distance from the Bow River pathway system and steps from the Sunnyside C Train station. The finishes are on par or higher than the majority of projects in Calgary and every unit has a city view or a river valley view with no obstruction. The suite layouts have been designed to accommodate various types of buyers and the price points are very affordable. This is a beautiful building that will add to the community. Graywood also has a great incentive program for purchasers!

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