Vesta Properties’ Aspen Village in Calgary is proving popular with buyers in part because it is being developed around a cluster of needs-based commercial and retail amenities, the company's Alberta sales manager says.

Housing sales at the 13-acre master-planned development have launched, with plans to market approximately 1,200 units across 15 six-storey condo buildings over the life of the multi-phased project. Almost all the housing in the Springbank Hill neighbourhood community will be multifamily units, with a handful of two-storey townhomes.

For the “urban village” component, developer and builder Vesta has drawn up plans for 60,000 square feet of commercial space “right at the heart of the community” which is to consist of dining, retail, grocery, day care and medical offices.

“That’s something that’s definitely lacking in the Springbank Hill area right now,” A.J. Van der Linden, Vesta’s sales manager for Alberta, said in an interview with RENX Homes.

The retail and commercial component has helped create strong initial sales momentum, he said, a trend Vesta hopes will continue as the first phase of housing approaches completion in 2027.

Condos, apartments, townhomes at Aspen Village

Vesta, based in Langley, B.C., acquired the land for Aspen Village two years ago and broke ground over the summer, Van der Linden said. The developer looked to apply what it learned from Latimer Village in British Columbia, a dense project also built around a large commercial space, and other greenfield projects.

Of the 1,185 multifamily units, 739 will be for sale and 446 available for rent. Approximately six townhomes will be located on the ground level of three of the buildings.

Vesta chose to defy the market’s push toward small apartments, Van der Linden said. Instead, it “wanted to make sure that the units were livable.”

The smallest condo and apartment units at Aspen Village will be a one-bedroom, 640-square-foot model. The two-bedroom units will range from 800 to 1,200 square feet; three-bedroom units vary from 1,200 to 1,400 square feet.

A one-bedroom unit starts around $350,000, Van der Linden said, with the three-bedroom units starting in the low $700,000s. The two-bedroom townhomes are priced from the $600,000s.

Phase 1 of Aspen Village, which will comprise the first two buildings, is scheduled to be complete by the summer of 2027. The first residents are anticipated to begin moving in that year as well.

The project is expected to be built out over five to seven years across seven phases.

An urban village anchoring the community

Since a soft opening in July and the formal launch of sales in September, Vesta has sold 17 units to date – 16 multifamily units and one townhome. “A lot better than what we anticipated,” Van der Linden said about the activity.

He believes the emphasis on community is the driving force behind the sales. There are few communities or apartment complexes in Calgary which are integrated into an urban village, Van der Linden said, where local commercial amenities are within walking distance. Vesta is in talks to have a 15,000-square-foot boutique grocer at the community, he added.

The buildings on the east side of Aspen Village will each have small amenities such as a hotel-style lobby, a party room and a gym.

But the main amenities will be located on the west side in a 12,000-square-foot space called the Aspen Club, which will be exclusively accessible to its residents. The club will have a full-sized gym, a games room with golf simulators, a party room and co-working spaces.

In addition to the urban village, Vesta is a draw for having three-bedroom options which are not common in the local market, Van der Linden said. He also highlighted the community’s close proximity to the 69th Street light-rail station, which offers a route into downtown Calgary.

So far, Van der Linden has seen local downsizers, investors and first-time buyers taking an interest in living or owning units in Aspen Village.

Vesta confident in Alberta

Given the uncertain economic footing and a volatile political environment, Van der Linden acknowledged the risk of launching a new project today. But Vesta is “confident in Alberta,” he said, citing the province’s population growth and many newcomers looking to own their first home.

“It’s always fun to launch projects when the market gets a little shaky.”

Also in Alberta, Vesta is developing its luxury urban low-rise community Monarch condos in Airdrie, Alta., north of Calgary.

Another Vesta project in the province to watch out for is Broadway on 17th, Van der Linden noted.

A three-tower master-planned community being developed in Calgary, it is the company’s first tower in Alberta. A mix of studio, one-, two- and junior three-bedroom condo units are expected to be offered, as well as sub-penthouse and penthouse units. Pre-sales will be launching in October.