Vancouver-based real estate firm Integral Strategic Real Estate is moving ahead with two rental housing projects in Calgary in partnership with Porte Communities as it expands its development pipeline in the city.

The firm, led by founder and managing director Andrew Tong, is developing a project of nearly 160 rental units at Currie Barracks and another rental building at 121 17th Ave. S.W., a few blocks from the BMO Centre.

Both projects are expected to be completed in 2028. Tong said the sites were selected for their proximity to downtown, established amenities and neighbourhoods undergoing significant change.

Together, the $115-million investment will provide 285 rental homes across more than 225,000 square feet of gross buildable area in four- to six-storey wood-frame buildings.

The two Calgary projects are the first for the partners.

Growing a presence in Calgary 

Tong said Porte Communities, which is also based in Vancouver, is an exceptional partner for these projects. Porte has more than five decades of experience in development, construction, leasing and property management.

“Calgary continues to stand out as a market where we see significant long-term opportunity,” said David Porte, President of Porte Communities, in a news release.

“The city continues to attract people, businesses and investment, and we believe there is a strong need for thoughtfully designed, well-located rental housing. Breaking ground on these communities is another exciting milestone for our partnership and an important step in growing our presence in Calgary.”

Integral Strategic Real Estate has two additional projects in the approval stage in Calgary and is pursuing multiple other residential projects, all planned as rental developments, as well as industrial opportunities.

Tong said the firm is focused on infill sites of roughly 100 to 150 units, typically within 10 to 15 minutes of downtown, and sees Calgary’s population growth, job creation and relative affordability as key factors supporting continued investment in the city.

Before venturing on his own, Tong was the chief investment officer at Concert Properties. Today, with his new company, he focuses on asset and portfolio management work, typically for high net worth families and he invests in real estate projects with Porte, with whom he has been friends for about 25 years.

“Currie Barracks, we think, is an exceptional location," Tong said, of the 195-acre community in southwest Calgary, which was formerly CFB Calgary. Canada Lands Company purchased the land in 1998. "We think that area is primarily (attractive to) young professionals, families, downsizers," Tong said.

"It's an exceptional area that's got lots of great amenities and connections, great parks, great green space. What Canada Lands has done in that Currie Barracks area, I mean, it's been a long time coming.

“We saw a really good opportunity to build almost 160 units on that site and do a four-storey, wood-frame building there.”

The second project the partners are undertaking is on 17th Avenue S.W. near the C-Train, which Tong referred to as a transitioning area.

“The BMO Centre, and that whole area with the Stampede grounds, is also in transition mode," he said. "We have the benefit of having 17th Avenue, which has an historical retail strip."

He added: "We like all the transit upgrades that have happened, we're in the path of change. This location is the path of change. So it's an excellent rental building. It's so close to downtown, but it's not downtown.”

Occupancy for both rental projects is expected in 2028.

"We want to be in communities that are in either exceptional communities already or communities that are in transition," Tong said. "And so you can see that with Currie Barracks, you can see that with 17th.”

'Can-do tone' in Calgary and Edmonton

Integral Strategic is pursuing other projects, both on the residential side and also on the industrial side, and Tong said the main cities in Alberta have a "can-do tone" when it comes to development approvals.

“We think both Calgary and Edmonton are superb markets to be in," he said. "We really like Calgary, but we also like Edmonton. The way we look at it is, number one, the population growth, job creation and affordability. Calgary is a cut above other cities across Canada when it comes to this."

He added: "There you have the planning departments and the building departments that want to see development, they want to see housing, and they are trying to be a help in the process. We see the city as a partner.”