Calgary, AB – Gracorp, a subsidiary of Graham Construction, is pleased to announce the groundbreaking of a new rental housing development in Calgary’s University District. Block 22 (“The Project”), which will add 322 units and 645 beds to the local housing market, is designed for students, faculty and professionals. This is Gracorp’s third development in the area and the second completed in partnership with Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, that combine for a total of almost 1,000 residential units and 74,000 square feet of commercial/retail development. The Project has already commenced construction and is scheduled to begin welcoming tenants in advance of the Fall 2027 University of Calgary semester. The Project is designed to achieve the Built Green Gold certification and is expected to exceed the current National Energy Code by over 40% in energy and emissions savings.
“Gracorp is excited to commence construction on this next project with Harrison Street. This is one of the most coveted locations in Calgary, with the university and nearby amenities providing high-quality housing options for students, faculty and residents, alike.” said Trevor Dickie, Vice President of Real Estate Alberta for Gracorp. “The project and partnership are supported by the construction expertise of our parent company, the Graham Group. Together, this is the Graham’s Group’s fifth project in the growing University District. Gracorp is thrilled to continue its partnership with Harrison Street, furthering the success of this thriving neighborhood.”
“We are thrilled to expand our presence at University District and look forward to continuing to provide much needed purpose-built student housing to the market,” said Jonathan Turnbull, Head of Canada for Harrison Street. “University District has become one of the premier communities in Calgary and we believe this investment will be a welcome addition for students looking to live near the university and be surrounded by fantastic community amenities. We are also excited to grow our partnership with Gracorp, who has been an excellent partner on our nearby Encore development.”
Novy Cheema, President and CEO for University of Calgary Properties Group said, “We look forward to continuing our successful partnerships with Gracorp, Graham Construction and Harrison Street on the development of Gracorp’s third purpose-built rental project in University District. Block 22 embodies our shared values and is set to become a highly desirable place to live in a premium location within walking distance to the University of Calgary’s main campus, Retail Main Street, the Alberta Children’s Hospital and Central Commons Park.”
Graham Construction has a strong track record of delivering successful projects in the University District with this being the fifth project completed in the area. These five projects include the three residential developments noted above along with two other commercial projects completed on behalf of University of Calgary Properties Group (“UCPG”) as the client. In total, they will have constructed close to 1,000 residential rental units and 221,000 sq.ft. of commercial/retail space. This new project further solidifies Graham’s position as a leading builder in the community for both residential and commercial product.
Groundbreaking – November 2024
About Gracorp
Gracorp is a subsidiary of Graham Construction, a leading Canadian construction company. Gracorp is a real estate development company with a focus on creating sustainable and vibrant communities. They specialize in residential, commercial, and industrial projects, offering comprehensive services from development and construction to property management. With a commitment to excellence and innovation, Gracorp strives to build strong relationships with clients, partners, and the community. Their vision is to be a leading developer of sustainable and innovative real estate projects that contribute positively to the cities they serve. gracorp.com
About Graham
Graham Construction and Engineering is a leading Canadian construction company with a rich history spanning nearly 100 years. As an employee-owned firm, Graham is committed to delivering exceptional projects that meet the highest standards of quality, safety, and sustainability. Their diverse portfolio includes a wide range of projects, from complex infrastructure initiatives to iconic commercial developments and sustainable residential communities. Graham’s vision is to be the preferred choice for construction services, recognized for their expertise, innovation, and commitment to building a better future for their clients and communities.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the Firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The Firm has invested across senior housing, student housing, build-to-rent, healthcare delivery, life sciences and storage real estate as well as social, utility and digital infrastructure. Headquartered in Chicago and London, with offices throughout North America, Europe and Asia, the Firm has approximately 290 employees and approximately US $56 billion in assets under management on behalf of institutional investors across the globe. Harrison Street was awarded Best Places to Work by Pensions & Investments for nine years (2014-2020, 2022, 2023) and since 2019 has won 15 awards from PERE, including three for the 2023 Awards: Alternatives Investor of the Year – Global, Data Centers Investor of the Year – North America, and ESG Firm of the Year – North America. Harrison Street did not pay any compensation in exchange for the aforementioned awards. For more information, please visit harrisonst.com. Assets under management (“AUM”) reflects AUM for the Firm’s investment advisory and asset management clients.
About University of Calgary Properties Group
University of Calgary Properties Group Ltd. (UCPG) was created by the University of Calgary to oversee the development and management of university land projects. With a financial model that provides an innovative approach to land development, residual profits from UCPG are directed back to the University to fuel its academic mission. Setting a high standard for sustainable and progressive neighbourhood design, UCPG is dedicated to creating amazing places where people can thrive.
About University District
To the west of the University of Calgary and overlooking the Bow River and Rocky Mountains, University District is a comprehensive 200-acre award-winning community with a bold new vision for urban life in Calgary. Through a collaborative, people-first design process, the Master Plan and thorough engagement program forged strong respect between local community members and University District Trust. The neighbourhood applies the best ideas in urban design and incorporates the wants and needs of surrounding legacy communities–weaving current aesthetic, technology, and lifestyle options into the strong social fabric of the city.
