CALGARY, May 16, 2012 /CNW/ - On Wednesday, May 16th, PRISM Developments (a subsidiary of PRISM Group of Companies) broke ground on 11th Avenue Place, the first LEED® GOLD certification candidate building in the Beltline district.
Known as PRISM Place through the investment phase of the project, the building will be marketed as 11th Avenue Place.
The ultra-modern 200,000+ square foot, 10-storey building will include an Executive Area Penthouse and two outdoor terraces sits on over half an acre of land opposite the IBM Corporate Park Building on 11th Avenue SW. It will feature a LEED® GOLD Core and Shell and energy-efficient construction including high-efficiency HVAC and controls, additional insulation in walls and roof, ultra efficient washroom fixtures and landscaping and highly reflective (TPO) roofing. Windows are sealed and double glazed with argon gas, featuring reflective glass with low 'E" coating. The south elevation includes "sputter" glazing and fixed window shading to improve energy efficiency.
"This day is a testament to the patience, confidence and discipline of our valued and trusted investors," said Ricky Arshi, President of PRISM Investments, the investment arm of PRISM Group of Companies. "Prior to when the market turned in 2009, we had just purchased this land. The fact that an IMPARK parking lot existed here made it possible to ride out the downturn, and even to generate some cash flow for our investors while we waited for the market to be ready for a LEED® GOLD certified commercial real estate development."
With more than 60% of the space already committed to a Calgary Environmental Consulting firm, PRISM is confident that the remaining space will be snapped up quickly. "We are confident that the commercial office real estate market in Calgary is rebounding and that there are a significant number of tenants who will enjoy the amenities offered at 11th Avenue Place, including its access to transit and major commuting arteries and energy-efficient design," added Arshi.
"The mission of PRISM is to provide our clients with environmentally-friendly, high quality and strategically located commercial, retail, office and industrial real estate," said Ali Ghani, CEO of PRISM Group of Companies. "We are proud that 11th Avenue Place will achieve each of those criteria."
About PRISM Developments (a subsidiary of PRISM Group of Companies)
PRISM Developments specializes in pioneering real estate development of high quality commercial, retail, office, industrial and mixed-use condominium buildings primarily in and around the Province of Alberta. With over 11 years of proven success, and a management team with over 75 years of combined real estate experience in Alberta, PRISM Group believes that real estate is the most assured way to earn substantial rewards, and they are driven to reward their clients.
Image with caption: "L to R: Ali Ghani, CEO and Dr. Abdul Ghani, CFO, PRISM Group of Companies are joined by Jim Clement, Operations Manager, Graham Construction and Ricky Arshi, President, PRISM Investments to break ground on 11th Avenue Place in the Beltline District in Calgary. (CNW Group/PRISM Developments)". Image available at: http://photos.newswire.ca/images/download/20120516_C8264_PHOTO_EN_13827.jpg
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Lisa Rushka, APR