CALGARY, TORONTO -- A Calgary developer is betting that the high end of the city's real estate boom is far from bust.
Arcus Developments Inc. unveiled plans yesterday to build a $125-million, 35-storey luxury apartment building, called the Astoria on Tenth, in the west end of the downtown core.
While the building's crown jewel will be an opulent penthouse suite, only the uber-rich need apply. Arcus has slapped a $10-million price tag on the property, making it easily the most expensive condo ever seen in Alberta.
"Calgary has really come into its own from an economic perspective," Gerry Mendyk, president of Arcus Developments, said in an interview. "The environment here is very strong, with oil and gas prices where they are at. While North American [real estate] markets are struggling, Calgary's is very robust."
