The developers of two connected downtown highrise towers have filed notice of their intent to make a proposal to dozens of creditors who claim they’re owed almost $38 million on the project that was to include residential condos and the new offices of Shaw Communications.

The insolvent company, 3 Eau Claire Developments Inc., filed the notice on April 11 and has 30 days to file a proposal with the official receiver or within any further extension of that period that may be granted by the Court of Queen’s Bench of Alberta, said Deloitte Restructuring Inc. in a letter to creditors. Deloitte is acting as official trustee under the proposal. All proceedings against the insolvent have been stayed.

Once a proposal has been filed, a meeting of creditors to consider the proposal will be held within 21 days.

The list of creditors includes Toronto-based ComputerShare Trust Co. of Canada ($20.6 million); Korean Exchange Bank ($8.5 million); Bosa Properties ($2 million) and a numbered Calgary company ($3.4 million).

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Calgary is becoming a magnet these days for hotel operators - particularly unique and different brands on the market.


The latest addition is Aloft Calgary University, which will open its doors April 24 along Motel Village on Banff Trail N.W.


It is the first Aloft in Western Canada and only the third in the country, joining Aloft Vaughan Mills (in the Toronto area) and Aloft Montreal Airport as part of the Starwood Hotels and Resorts group of brands, which include the Sheraton, the Westin, and the Four Points.


The new hotel, located along the LRT line near the University of Calgary and McMahon Stadium, will have 143 guest rooms, 4,000 square feet of meeting space, a spin studio, a spa, an indoor pool, a restaurant and the W xyz bar featuring local musicians and DJs.

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The formal submission to the City of Calgary for the massive mixed-use development of Currie Barracks is almost complete and developers are holding a public open house next week to present it to the public.

The new plan by Canada Lands Company and Embassy Bosa Inc. calls for 5,600 residential units on the site, up from 3,200 originally planned. There will eventually be 11,000 residents in the community which has increased from the 7,000 in the original plans.

The public open house is scheduled for Monday April 14 from 5 p.m. to 8 p.m. at the Currie Barracks Sales Centre at 2953 Battleford Ave. S.W.

The third open house in the process and the developers hope to submit an application for land-use re-designation in mid-May.

Canada Lands is a Crown corporation that redevelops property no longer required by the federal government.

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Calgary’s buoyant economy, healthy population growth and excellent affordability will keep sales of existing condominiums rising over the next few years, says a new housing report released Wednesday.

The latest Conference Board of Canada condo report, released by Genworth Canada, said good demand will also lift condo starts in the city following a pullback in 2013 that was at least partly due to flooding in the summer.

The Winter 2014 Metropolitan Condo Outlook forecast Calgary to see the best growth in prices this year, for eight cities studied, for the resale condo market with median prices rising by 3.2 per cent to $260,523.

The report said they will rise a further 3.4 per cent in 2015 to $269,508.

Affordability in Calgary is a factor. The city has the highest average household income among the report’s eight cities and Calgary’s apartments are not particularly expensive with a median price below Montreal, Toronto, Ottawa, Victoria and Vancouver.

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