- What Harrison Street and Gracorp Properties will develop a student-housing property in Calgary
- Why The project, Block 22, will provide 645 beds
- What next The development is expected to complete in 2027-2028
Harrison Street and Gracorp Properties have launched the development of a purpose-built student-housing property in Calgary.
The project, dubbed Block 22, is Harrison Street’s third investment in Calgary’s University District. The firm previously teamed up with Gracorp to build Block 15, now known as Encore.
Block 22 is less than 300 m from the University of Calgary. It will have 645 beds and aims to achieve Built Green Gold certification.
Jonathan Turnbull, head of Canada for Harrison Street, said the company has used another of its assets in the university district, the Aria, as a guideline for determining what rents will be at Block 22.
“I would imagine that, as we’ve underwritten this, we’ve looked at that as our base,” he told Green Street News.
Rent for one-bedroom units at Aria starts at $2,000 for a 532 sq ft apartment, peaking at $2,275 for a 763 sq ft unit.
Turnbull said the population growth of Calgary, which the province reported at 6.2% last year, has made the city an appetizing choice in which to invest.
Block 22 is in a vibrant hub, close to entertainment, shopping and restaurants.
“We’re attracted to the market because the University of Calgary is an outstanding institution,” Turnbull said. “The reason we love it is for the lack of … affordable and available options for students close to campus.”
The development is underway and is slated to be completed in time for the 2027-2028 academic year.
