Fish Creek Exchange

Challenge: Due to changing market conditions the Client desired to modernize zoning of several sites to match new housing product better suited to buyer preferences of their Fish Creek Exchange land holdings. The 7 acres of multi-family site, originally envisioned as a vertical mixed-use retail and multi-family did not match market demand for stand alone retail and multifamily parcels in this TOD area. This resulted in a stalled project and no new multifamily parcel sale transactions for the Client. The Client’s desire was to adjust these land uses in the TOD area for similar intensity and reformat retail to a higher and best use to match preferred market desires.

Result: Situated was retained to conduct a market study for residential, coordinate technical consultants and architects, engage with City staff, and deliver a community engagement program to cast a clear vision of the challenge and opportunity to rezone the property and gather feedback. This strong understanding resulted in a successful rationale for a land use application to modernize the land uses for multi-family parcels and a new dedicated retail site. The land use was approved by Calgary City Council in 2020 and subsequent parcel sales were obtained by Graywood based on these new land uses to meet demand.