CALGARY, Nov. 26, 2015 /CNW/ - The YWCA of Calgary (YWCA) and Great Gulf Group of Companies are pleased to announce the successful completion of a sale/purchase transaction for the full city block at 320 5th Ave S.E, Calgary, Alberta.
This landmark deal is one of the largest downtown transactions in recent history and represents notable long-term investment into the Calgary market.
"The sale of this property is a significant milestone as we work towards ensuring the YWCA remains vibrant and ready to adapt to the needs of women in our community well into the future," says Sue Tomney, Chief Executive Officer of the YWCA.
A non-profit organization committed to empowering vulnerable women, the YWCA made the strategic decision in 2014 to leverage the rare land asset and chart a course to support the organization with new facilities as well as to establish long-term funds to enable program innovation, financial stability and nimbleness in the future.
"YWCA's legacy of land ownership provided an immense opportunity to change the model for non-profit organizations," says YWCA Board Chair Patricia McLeod, QC. "Through this sale, we're strengthening our financial position and will redistribute resources to best deliver on the YWCA's mission and vision."
Selection of a future YWCA hub site and development partners is underway and expected to be complete in early 2016. Programming at the YWCA Sheriff King Home location in Inglewood is ongoing and services at the downtown site will continue through the interim period thanks to the flexibility of the purchasers.
"Calgary is an exciting city and this property will provide a perfect opportunity for Great Gulf, one of North America's leading real estate developers, to establish itself as a premium builder in Western Canada. We have a long-term development strategy with a focus on design, technology and experience, and are enthusiastic to become part of this rapidly growing cosmopolitan city," said Christopher Wein, President, Great Gulf. "We would like to support the vision of the YWCA and have provided a rent free lease for a minimum of two years to ensure a seamless transition for the organization."
For 105 years the YWCA has been an integral part of the Calgary landscape. The YWCA acquired the downtown site in 1969, opening the current facilities in 1971. In the 44 years since, the YWCA has supported hundreds of thousands of women with shelter and short-stay accommodations, employment and language training, childcare and parenting programs. Prior to the flood of 2013, the downtown location was home to the fitness centre, YWCA Fitness on 5th.
About the YWCA of Calgary:
The YWCA is the largest and longest serving women's organizations in Calgary. Through its 105 year history, the organization has touched hundreds of thousands of lives and evolved its programs to meet the changing needs of women. The YWCA offers programs that create a continuum of service for women and families who are struggling with poverty, homelessness, family violence and isolation. www.ywcaofcalgary.com.
About Great Gulf Group of Companies:
Established in 1975, the Great Gulf Group of companies including Great Gulf, Ashton Woods Homes, First Gulf Corporation, Tucker HiRise Construction, H+ME Technology and Taboo Resort Golf and Spa, is one of North America's premier real estate organizations. With major projects in Canada and the United States, the company's fully-integrated activities span the entire real estate spectrum. www.greatgulf.com
SOURCE YWCA of Calgary
Image with caption: "YWCA of Calgary (CNW Group/YWCA of Calgary)". Image available at: http://photos.newswire.ca/images/download/20151126_C5718_PHOTO_EN_553804.jpg
Image with caption: "Great Gulf (CNW Group/YWCA of Calgary)". Image available at: http://photos.newswire.ca/images/download/20151126_C5718_PHOTO_EN_553802.jpg
For further information: Carla Link, Manager, Marketing & Communications, YWCA of Calgary, Phone: 403.705.5779, Cell: 587.228.8663, Email: email@example.com; Madeline Zito, Vice President, Public Relations, Great Gulf, Phone: 416.744.2222 Cell: 647.938.1851, Email: firstname.lastname@example.org