Chicago-based Harrison Street announced it has broken ground on “Block 15”, a multi-unit property targeting young professionals and students in Calgary’s University District. The 300-unit project is being undertaken with Gracorp Properties, and once complete, will be managed by Campus Living Centres. With this acquisition, Harrison Street now owns the two residential assets nearest the University of Calgary campus, a prestigious research university home to more than 35,000 students.

“We are thrilled to expand our presence at the University of Calgary with this investment in Block 15, a luxury development that will be located across the street from our previously acquired asset, ARIA,” said Jonathan Turnbull, Head of Transactions and Business Development, Canada of Harrison Street. “The University District is one of the premier communities in the entire Calgary market and continues to attract new residents at a fast pace. That growth has been coupled with an increased demand for high-quality housing options close to the University’s campus. We believe Block 15 will serve as an attractive housing option to young professionals and students, who will be able to walk to campus or their job and have easy access to food, entertainment, and outdoor space.”

Equipped with high-end, shared facilities and design features such as a gym, keyless entry, communal rooftop patios, a fire pit/grill space, in-suite laundry, indoor lounge space and secure bicycle storage, the building is also on track to achieve the Built Green Gold certification and is expected to exceed the current National Energy Code by 20 per cent in energy and emissions savings.

“Block 15 further reinforces the synergistic partnership between Gracorp and Harrison Street,” said Novy Cheema, Vice President Real Estate, Gracorp Properties. “Gracorp’s experience building industry leading projects coupled with Harrison Street’s proven investment management philosophy provides the right partnership to bring another amenity rich, tenant focused multi-family development to the University District.”