Grosvenor Americas and Cressey Development Group have announced plans for a new two-tower residential development in downtown Calgary.

Grosvenor, a privately owned international property investment and development group, and Cressey, an experienced residential and commercial development company, will redevelop the corner of 5th Avenue and 10th Street Southwest.

“The partnership is a strategic match,” says Michael Ward, vice-president of development for Grosvenor. “Grosvenor and Cressey’s proven track record of superior design and long-standing history of building quality homes will bring a truly unique product to the area.”

The new 319 suite development, aptly named “Avenue,” will be the first in the city’s west end in nearly a decade. It will be located on one of the few remaining parcels of land in Calgary’s west end.

“We are honoured to work along side one of the most internationally respected names in development,” says Hani Lammam, vice-president of development and acquisition for Cressey. “With almost 20 years of history in Calgary, Grosvenor brings the kind of local and international knowledge we value.”

Grosvenor’s most recent Calgary residential offering, Drake, is a collection of 135 condominium homes located on the city’s Beltline. The company has also started plans on Smith, a new multi-family project located adjacent to Drake.

Together, the three projects will add new housing to the ever-growing demand of the Calgary condo market.