CALGARY -- The final piece of financing for Calgary's landmark new Bow tower provides a much-needed vote of confidence to a city struggling with thousands of layoffs and a frozen real estate market.
H&R Real Estate Investment Trust HR.UN-T, the firm building the $1.5-billion Bow tower, said late Wednesday night that it has secured $425-million in financing from a consortium of six Canadian banks.
With that in hand, H&R said it now has sufficient money to complete the 58-storey, two million-square-foot "trophy" that will be the tallest Canadian tower west of Toronto.
"It comes at a very good time simply because we have been barraged with continuous bad news about many aspects of the economy," said Stephen Carruthers, the Calgary managing partner for Zeidler, the architecture firm that teamed with Foster + Partners to design the tower. "People consider it a talisman of continued confidence in the western economy."
