Friday, August 16, 2013

CALGARY TOPS IN GROWTH


Calgary leads country in housing market price growth
Prices up nearly 7% from last year
By Mario Toneguzzi

Calgary Herald August 15, 2013

CALGARY — Calgary led the country in July with the best year-over-year price growth in the resale housing market.

The Canadian Real Estate Association’s MLS Home Price Index, released Thursday, indicated prices in Calgary were up 6.79 per cent — more than doubling the national aggregate of 2.66 per cent price growth.

The index measures the rate at which housing prices change over time taking into account the type of homes sold. Nine major Canadian centres are surveyed.

“Our market is trending towards a selling market. Listing inventory is 20 per cent lower than this time last year and pricing is approximately seven per cent higher overall,” said Tanya Eklund, with RE/MAX Real Estate (Central) in Calgary. “The Calgary floods created a short-term surge in house purchases in certain areas. People who could afford to buy have purchased, so their families were not displaced. Due to the very low vacancy rate, rental inflation and difficulty in finding rental accommodation, this made some consumers turn to purchasing instead of renting.

“We are seeing many inner-city communities flourish with sales, however I am seeing certain suburb markets higher in inventory in the plus $1 million, so sales have not been as abundant as other communities closer to the interior of the city. Overall, it appears to be a great time to sell. Buyers have less time to think about their purchases with hopes of not losing out on their ideal home. I am confident we will continue to see a stable real estate market as we enter into the fall.”

CREA stats indicated Calgary MLS sales in July of 2,976 were up 18.9 per cent from last year while the average sale price jumped by 7.0 per cent to $438,192.

Across Canada, sales were up by 9.4 per cent to 44,829 units and the average price rose by 8.4 per cent to $382,373.

In Alberta, transactions increased by 17.8 per cent to 6,853 units while the average price was up by 4.3 per cent to $379,696.

“Canadian home sales have staged a bit of a recovery in recent months after having declined in the wake of tightened mortgage rules and lending guidelines last year, but the numbers for July suggest that national activity is levelling off at what might best be described as average levels,” said Gregory Klump, CREA’s chief economist. “Sales dropped sharply in August last year, so we may see some year-over-year increases in sales and average prices next month that would reflect weakness in the rear view mirror.”

Sales and prices in Calgary are continuing their upward trend in August. According to the Calgary Real Estate Board, month-to-date until Wednesday, total MLS sales of 945 were 32.17 per cent higher than the same period last year and the average sale price was up 13 per cent to $455,688.
In another report released Thursday, Canada Mortgage and Housing Corp. forecast MLS sales in the Calgary census metropolitan area to rise to 27,800 transactions this year from 26,634 in 2012. Sales are expected to jump to 28,300 in 2014.

The agency forecast the average MLS sale price in the Calgary region to rise from $412,315 in 2012 to $435,000 in 2013 and to $445,000 in 2014.

Nationally, the CMHC’s point forecast is for MLS sales across Canada to decline from 453,372 in 2012 to 448,900 this year and then rise to 467,600 in 2014.

The national average sale price is expected to see year-over-year growth of 2.7 per cent this year to $374,800 followed by an increase of 2.1 per cent in 2014 to $382,800.

Thursday, August 15, 2013

THE UGLY TRUTH

Hiding an Ugly Garage Door


Q. There’s an ugly garage door that dominates the front of my house. Is there anything I can do to give it more curb appeal?
A. You’re right to be concerned about how your home looks from the street.
“Curb appeal is everything,” said Ed Feijo, a vice president at Coldwell Banker in Cambridge, Mass. “When people come to the house, this is going to be their first impression.”
That could influence their perception of the home before they ever step inside.
As he put it, “You’re selling a lifestyle,” and potential buyers want to think they would be proud to own your home.
The simplest, least expensive solution may be to paint the garage door slightly darker than the rest of the house.
“You’d want to do it a few shades darker, in the same color,” he said. One of Mr. Feijo’s clients did just that, he added, and “we were all taken aback by how it really worked” to minimize the visual impact of the door.
Similarly, Ellie Cullman, president of the New York design firm Cullman & Kravis, suggested taking the emphasis off the garage door by brightening up the front door.
“You could paint your front door a wonderful color, so that it takes the eye away,” she said, noting that red is often a good choice. “You grab the attention.”
And putting planters next to the front door, filled with boxwood trimmed into geometric shapes like spheres or squares, could help to soften the facade, she said. But to really make a difference, she recommended tackling the garage door head-on. The best option might be to replace it.
“Instead of having a regular unsightly garage door,” she said, “a carriage door would look so much better.”
Or you could install a pergola in front of the garage door, with supports on either side of the driveway.
“It could be small and go two feet out from the building, or larger,” she said, covered with climbing plants. “The nice thing about that is that it would put the door into shadow,” she said. “And if you can grow things on it, it adds to the curb appeal.”
If budget isn’t an issue, “the most effective thing would be to do surgery,” Ms. Cullman said, and move the garage entrance to the side of the house.
“Then you would no longer have the door, and you could either have windows or a flat wall with ivy planted up the side of the building,” she said.
Ms. Cullman has done that kind of operation, she said, but she conceded it’s “probably way too expensive for most people to even think about.”
Speaking of grandiose gestures, she offered another idea. “Park a red Ferrari in the driveway,” she said. “That’ll add to the curb appeal.” 

PASSIVE BUILDING



The Passive House: Sealed for Freshness 
By SANDY KEENAN 
NEW YORK TIMES August 14, 2013 

SEATTLE — When you visit Sloan and Jennifer Ritchie’s new passive house in the Madison Park neighborhood here, it takes a while to notice all the things you’re not hearing.

Look out the living room windows and you can see a gardener wielding one of those ear-piercing leaf blowers in the yard, but you would never know it inside.

There is no furnace or air-conditioner clicking on or off, no whir of forced air, and yet the climate is a perfect 72 degrees, despite the chilly air outside.

Then there are the things you’re not feeling. In one of the most humid cities in the country, you aren’t sticky or irritable, and the joints that sometimes bother you are mysteriously pain-free.

The air inside the house feels so fresh, you can almost taste its sweetness.

On paper, at least, the Ritchies’ home sounds too good to be true: an environmentally responsible house without traditional heating and air-conditioning systems that will be an airy 70 to 74 degrees on the coldest day of winter and the hottest day of summer, but use only a fraction of the energy consumed by a typical house.

And yet it’s not some experiment or futuristic dream. Nearly 30,000 of these houses have already been built in Europe. In Germany, an entire neighborhood with 5,000 of these super-insulated, low-energy homes is under construction, and the City of Brussels is rewriting its building code to reflect passive standards.

But in the United States, since the first passive house went up 10 years ago, in Urbana, Ill., only about 90 have been certified. Why aren’t they catching on here?

Part of the problem is the cost. Higher fuel prices and energy taxes in Europe provide a major incentive to embrace passive standards, which are complicated and make construction more expensive. In this country, it could be a decade or more before the energy savings someone like Don Freas enjoys in his 1,150-square-foot passive house in Olympia, Wash., offsets the extra $30,000 or so it cost to build.

“But those are such non-sexy ideas,” said Mr. Freas, 61, who is a sculptor and poet. “What matters is that I have never lived in such a comfortable house.”

Proponents of passive building argue that the additional cost (which is estimated at 5 to 20 percent) will come down once construction reaches critical mass and more American manufacturers are on board. And there are a few signs that day may be coming. More than 1,000 architects, builders and consultants have received passive-house training in this country; at least 60 houses or multifamily projects are in the works; and Marvin Windows, a mainstream manufacturer based in Minnesota, recently began making windows that meet passive certification standards.

For all that, there are plenty of people who aren’t buying it — even some of those who support passive principles.

Martin Holladay, 58, a respected voice within the building industry, writes the Musings of an Energy Nerd blog for greenbuildingadvisor.com and lives off the grid in Vermont. He doesn’t believe passive houses are right for the American market.

“What I’m worried about,” he said, “is that the current halo around the passive-house standard will result in its being incorporated into the building code. That would be unfortunate because they are unnecessarily expensive houses, from $300,000 to $500,000 on average, that cost more than will ever be justified by lifetime energy savings or carbon reductions.”

Mr. Holladay favors a more flexible formula called the Pretty Good House, which promotes modest improvements in insulation coupled with renewable energy from solar panels — an approach, he said, that achieves similar energy savings without the additional expense.

BUT COST IS NOT the only hurdle. The very idea of a passive house is counterintuitive. And when just explaining what it is remains so difficult, proselytizing is that much harder.

As Mr. Freas said, “It’s like trying to describe an environment that we, as Americans, have no experience with.”

The basic idea is that these houses are so airtight that warm air won’t leak out in the winter, and cool air won’t leak out in the summer. Windows are three panes thick, and there is far more insulation than you would find in a standard American home.

Stale indoor air is exchanged for fresh outdoor air without altering the internal temperature by mechanical systems you would not find in a conventional house: things like heat-recovery ventilators, which draw the heat from outgoing air and mix it with incoming air from outside in the winter, and do the opposite in the summer. (In high-humidity climates, an energy-recovery ventilator is used instead to strip moisture from incoming air.)

Vents that look like small, round audio speakers are placed throughout the house to exchange fresh air. These devices have prevented the formation of mold, which plagued the passive-solar movement of the 1970s and 1980s.

This system is based on a complex formula devised in the early 1990s by the German physicist Wolfgang Feist, which has been used for residential and commercial projects of various sizes, including a college dormitory recently completed in Virginia.

To be certified, a project must meet three crucial benchmarks. The first is a certain level of airtightness, as determined by a “blower door test.” The other two are measures of energy use: the annual energy consumed by heating and cooling the space cannot exceed a certain amount, and neither can the energy consumed by a range of other things, like heating water and powering electronic devices. Failure to properly meet these three markers (while also paying attention to variables like climate and orientation to the sun) means a building may not achieve optimum performance. Nor will it receive approval from either of the passive certifying bodies operating in the United States, which can charge thousands of dollars in fees.

To make things more complicated, no two passive houses are likely to be built to exactly the same specifications. Thousands of variables, including the architectural design, the size of the house, how many people will live there, and longitude and latitude, are taken into consideration by the sophisticated software created by Dr. Feist and his Passivhaus Institute in Darmstadt, Germany.

The first time Mr. Freas’s design team tried the computer modeling, it took them 100 hours. Now they have it down to 6.

And that’s before the real work begins. During construction, special fog machines and infrared cameras are often brought in to detect the smallest air leaks. Special tapes, gaskets and sealants are used on the wall seams to ensure they won’t break down over time and result in drafts.

And the more extreme the weather, the more insulation is needed. In a place as cold as Minnesota, a passive home’s walls would have to be 18 inches thick, but even in the more temperate Portland, Ore., 12 to 14 inches is typical.

This kind of meticulous construction results in big energy savings, but just how much is a matter of some dispute. Passive House advocates claim their buildings require 10 to 35 percent as much energy as standard buildings, while others, like Mr. Holladay, put that at closer to 50 percent.

Either way, getting it right is tricky, which is why 32 builders, architects and consultants recently gathered for a four-day training session in Seattle run by the Passive House Institute United States, which is based in Urbana. Many had beginners’ horror stories. One representative of Habitat for Humanity in Washington State introduced himself by saying, “I’m here because the passive house we built failed, and I need to understand what went wrong so it never happens again.”

Katrin Klingenberg, 44, the German-born architect who leads the institute, has been at the forefront of the American movement. As far as she is concerned, “Washington and Oregon are a piece of cake for passive house design,” she said.

More than a third of the certified passive houses are in the Pacific Northwest, probably because the conditions are perfect, she said. “It doesn’t get too cold in the winter or too humid in the summer. It’s most similar to Europe.”

Figuring out how to make the model work in the hot, humid Southeast is a bigger challenge, something the Europeans have not had to deal with. With this in mind, Ms. Klingenberg’s organization is working to develop American standards, taking into account variations in energy use and leakage rates from one climate zone to another; they are expected to be released this fall.

As Joseph Lstiburek, an engineer with the Building Science Corporation, a research facility in Boston, put it, “there’s a really big difference between Minneapolis and Miami.” The German model doesn’t take that into account, he said. “The Germans don’t know how to do air-conditioning or humidity.”

Those differences have contributed to a two-year stalemate between the German and American passive house institutes, which have stopped collaborating on software, testing and certification. That puts designers here in an awkward position.

The Artisans Group, in Olympia, Wash., which designed and built Mr. Freas’s home, has decided to split its six new passive projects, collaborating with the Germans on some and the Americans on others, said Tessa Smith, a co-owner of the firm. “That way we will learn more,” she said.

But for those who are hoping to push the industry forward in this country, the split is disheartening, said Sam Hagerman, president of the Passive House Alliance, an association of passive house professionals, and the owner ofHammer and Hand, a construction company in Portland. Particularly, he said, when “we’re still trying to show proof of concept.”

WHILE THEIR BLACK, fiber-cement-paneled house was going up in a neighborhood of traditional million-dollar homes, the Ritchies couldn’t help noticing the openly hostile stares. Mr. Ritchie, 42, a wireless engineer turned sustainable builder and developer, speculated, “They probably wanted something Craftsman here.”

Ms. Ritchie, 39, who owns a public relations firm, said: “We could have toned it down. Our architect came up with six color schemes for the exterior.” Instead, they went with the boldest option, black.

They also put out a sign explaining in simple terms how the house is so energy-efficient that it will run on the same amount of power it takes to operate a hand-held hair dryer. After that, Mr. Ritchie said, “the negative feedback went back to almost zero.” An elderly woman gave him a big thumbs-up. Others stopped to chat.

But not everyone was won over. One man walked up to Mr. Ritchie and said, “I really don’t like what you’re doing with your house.”

Later, Mr. Ritchie realized what his comeback should have been: “And I don’t like what you’re doing with your furnace.”

Early passive houses were boxy, with few windows and even less style, but as designers have grown more comfortable with the modeling software, homes have become more elegant and inventive. In the Ritchies’ house, everything feels textured and substantial, like the metal-framed windows from Lithuania, the skylights from Poland, and the touches of spruce throughout, which came from a tree on the long, thin lot that had to come down.

Building it has been a learning experience for Mr. Ritchie, one he intends to continue, he said. But now he plans to build passive houses to sell.

“To me, the saddest thing is taking apart a building from the 1950s and realizing, ‘Is this all we’ve done in 60 years: added an inch or two of insulation?’ ” he said. “We can do better.”



http://www.nytimes.com/2013/08/15/garden/the-passive-house-sealed-for-freshness.html?pagewanted=1&ref=style

Tuesday, August 13, 2013

SHAPING UP


Calgary leads nation in building permit growth

June value up 16.6% from May


CALGARY — Calgary saw the country’s largest increase in June in the total value of building permits, according to Statistics Canada.

The federal agency reported Wednesday that estimated building permit value was $537.7 million for the Calgary region, up 16.6 per cent from May and a year-over-year hike of 36.0 per cent.

“Following a 41.0 per cent decline in May, the value of permits issued in Calgary advanced largely as a result of higher construction intentions for commercial buildings and multi-family dwellings,” it said.

Tom Dixon, business development manager for real estate and logistics with Calgary Economic Development, said there has been an increase in activity recently in the non-residential sector in Calgary.

“The principal factor is there is a very low vacancy rate and there’s low availability in both the industrial portfolio and in downtown office space. The Class A office space in particular is in very short supply,” said Dixon.

According to Statistics Canada, the residential sector in Calgary saw a 3.7 per cent increase in building permits from May to $344.5 million while the non-residential sector was up 49.65 per cent to $193.2 million.

In Alberta, total building permits of $1.4 billion were down 0.4 per cent on a monthly basis but up 24.3 per cent year-over-year.

The residential sector in the province saw a monthly decrease of 10.4 per cent to $757.9 million. However, that was up 15.8 per cent from last year.

The non-residential sector in Alberta jumped to $645.4 million, up 14.7 per cent from May and a hike of 36.1 per cent from June 2012.

Todd Hirsch, chief economist with ATB Financial, said a dip in residential permits in June in Alberta was almost exactly offset by a rise in non-residential permits.

“Residential building in our province has been consistently strong in 2013, so a small pull-back, as occurred in June, is neither unusual or cause for alarm,” he said. “The steady inflow of job-seeking migrants to the province this year has kept the demand for housing at a healthy level.”

He said non-residential building permits are much more volatile month-to-month but in June developers in the province continued to find market opportunities in office buildings, stores and restaurants.

“Building permits are an excellent forward-looking indicator of the actual construction activity that can be expected in the coming months,” added Hirsch. “The overall message . . . is that Alberta’s construction sector remains in excellent shape.”

Across Canada, contractors took out building permits worth $6.6 billion in June, down 10.3 per cent from May and the first decrease in six months. It was also off 4.8 per cent from June 2012.

After three consecutive monthly increases, the total value of permits in the residential sector declined 12.9 per cent to $4.0 billion in June. That was also down 10.8 per cent from a year ago.

In the non-residential sector, the total value of building permits decreased 6.1 per cent to $2.7 billion in June. But that was up 5.8 per cent from last year.

FLOOD POLICIES


Inner-city river communities say flood policies unfair 
Neighbourhoods band together 
BY ERIKA STARK 
CALGARY HERALD AUGUST 13, 2013

Concerned with maintaining the integrity of their communities, a group of inner-city residents are hoping the provincial government will review what they feel are punitive flood mitigation policies.

The Calgary River Communities Action Group formed last month after a jam-packed community meeting July 24 at the Glencoe Club. There, residents expressed their concern and anger over the province’s disaster recovery program and required flood mitigation standards, said founding member Tony Morris.

Morris and four other community members representing inner-city neighbourhoods including Sunnyside, Erlton, Mission, Elbow Park and Rideau-Roxboro started the group to have a “constructive dialogue” with the government about their concerns. More than 100 people have signed up to volunteer, and there are more than 500 people on the group’s subscription list.

“That their first policy seemed to be very punitive of people who lived in the floodway and people who lived in the flood fringe was very upsetting,” said Morris, a Roxboro resident and local lawyer.

One of the group’s chief concerns is the province’s announcement it will place a notice on a person’s land title if the property is in the floodway or flood fringe, if that property owner used disaster recovery program funding to rebuild or repair their home. According to the province, the notice will be removed for property owners in the flood fringe who have completed the necessary flood mitigation measures.

Emma May, a realtor and fellow founding member, said these notices are unnecessary, and wrong. 

“Anything that sets you up for ineligibility for future disaster funding — we just think that’s fundamentally wrong and we don’t think that’s the direction the government should go in,” she said, adding that flood maps are publicly available and rules around disclosure of flood mitigation measures already exist.

“Homeowners already have huge burdens.”

Some of the group’s other concerns surround the types of material allowed and prohibited for flood mitigation and whether the province will undertake any upstream flood mitigation or prevention measures. 

Morris said upstream flood mitigation is the “only solution” to a future flood disaster.

Looking forward, the group also plans to explore whether overland flood insurance should be adopted in the province.

The group has met and spoken with provincial officials a number of times since the flood to address its concerns, and May said the response has been encouraging.

“They’ve really come forward and stepped up,” she said. “They’ve sent the right people to meet with us.” 

The group met last week with Municipal Affairs Minister Doug Griffiths as well as Andre Corbould, the chief assistant deputy minister for the Alberta Flood Recovery Task Force. Corbould said the meeting helped the province understand some of the community’s concerns.

“It was a productive dialogue from my perspective,” said Corbould, who added that provincial staff will consider the concerns as they review their policies. He will meet again with the group later this month.

“We’ll certainly consider what they’re asking us to consider,” he continued, noting that the province is doing the same in “almost every community” affected by the floods.

May said the group’s efforts will continue as more information emerges about flood recovery. She worries that some of the province’s policies might discourage people looking to move to the riverside neighbourhoods, and that some existing residents will want to leave.

“The biggest thing we want to accomplish is just the preservation of our communities as we knew them,” she said.

Thursday, August 8, 2013

SMOKIN' HOT

Calgary real estate industry heading for $9-billion plus year

MLS sales and average prices continue to rise


CALGARY — Calgary’s residential real estate market is on pace to record one of its highest ever yearly total dollar volume for MLS sales.

As of Tuesday, the local industry reached just over $6.8 billion in year-to-date transactions. That is more than $800 million ahead of last year’s pace which was just short of $6 billion as of Aug. 6, according to the Calgary Real Estate Board.

In 2012, total dollar volume for the entire year was slightly over $9.1 billion — only the third time in history it eclipsed the $9-billion mark. The other times were in 2006 at just under $9.9 billion and the record year of 2007 at $11.3 billion.

Christina Hagerty, a realtor with Sotheby’s International Realty Canada, said it’s been a busy real estate market in Calgary this year.

“We anticipated this activity in the beginning of the year with vacancy rates as low as one per cent in the inner core. Limited rental supply and increased rental rates, continued low interest rates with a positive influx of people transferring to Calgary, have made it an extremely buoyant real estate market,” said Hagerty.

“Inner-city condo prices in newer buildings are between $500 to $600 per square foot. There are competing offers from buyers ready to make a purchase when something of quality hits the market. This has caused a ripple effect into inner-city homes from both empty nesters downsizing, transferees, and condo sellers moving up. Many of our clients are renters moving into the buying market simply due to rental prices, investors seeing an opportunity or a significant amount of people moving here from across the country.”

She said home builders are picking up lots where they can find them and there have been several situations where lots are bidding for $100,000 to $200,000 above list prices in inner-city neighbourhoods.

“Alberta fundamentals remain sound and confidence in Alberta’s economy remains strong. It’s a testament to Calgary’s spirit and resilience that the post-flood cleanup has continued at its remarkable pace. Calgary has been leading the nation for the past few years and continues to grow,” added Hagerty.

According to CREB, there were 21,326 MLS sales in Calgary in 2012 with an average sale price of $427,912. In 2007, there were 26,709 sales with an average price of $423,145.

As of Wednesday, year-to-date, there have been 15,001 MLS transactions in Calgary, up 7.06 per cent from the same period a year ago and the average sale price has risen by 6.88 per cent to $457,499.
Becky Walters, CREB’s president, said pent-up demand is contributing to the continued rise in residential real estate sales in the city.

“This past year we saw 30 some thousand net migration to the city,” she said. “We’re getting more and more people moving here ... We’ve got fabulous job availability here.”

Another factor is that Calgary consistently rates high as one of the most affordable housing markets in the country due to its high level of personal income.

“People are seeing that there’s not a ton of inventory. So they’re getting out there making sure they get what they want,” added Walters.

Thursday, July 11, 2013

SKY, CALGARY


New Telus Sky tower in downtown Calgary will feature office, retail, residential and arts space
By Jenna McMurray

Calgary Sun, July 04, 2013

Calgary’s skyline is growing up.

On Thursday, Telus announced its plans to construct a $400-million, 58-storey tower on the corner of 7 Ave. and Centre St.

Telus Sky, scheduled for completion in 2017, will be a mixed-use development, with office, retail and residential space.

“We are super excited to announce a new next generation tower that will undoubtedly transform Calgary’s skyline with one of the most beautiful and avant-garde architectural structures in the entire world,” said Telus president and CEO Darren Entwistle.

Included in the 750,000 sq.-ft. building will be 430,000 sq.-ft. of office space, with the telecommunications giant occupying 155,000 sq.-ft. of that.

There will also be 341 residential rental units and, with the building overtaking Art Central’s current location, it will include 5,500 sq.-ft. of public gallery space.

The tower will be built to LEED Platinum standards and once complete, is expected to use 80% less energy than some similar-sized developments, said Entwistle.

Sky will be 221 metres tall, shy of Calgary’s tallest tower, The Bow at 236 metres.

The building was designed by Copenhagen and New York-based Bjarke Ingels Group (BIG) and Dialog, along with their partners: Developer Westbank and real estate investment trust Allied Properties.

It will incorporate gargyoles from the old Herald building.

Architect Bjarke Ingels said the building’s mixed use dynamic is intended to help Calgary grow the energy in its downtown core.

“I think a lot of North American cities have suffered from the downtown becoming a corporate core where people only work and then they go home to the suburbs,” he said.

“As a result you get empty streets in the evenings and sleepy suburbs during the day and what the Telus Sky is doing is trying to provide a balanced program ... that gives you a much more 24/7 lively city.”
Ingels is hoping the tower will becoming a defining piece for the city.

“Calgary has so many very strong identity-defining elements, but they’re probably more in the landscapes and the culture of the city than they are in the architecture of the city,” he said,

“I think Calgary is maybe at a time right now where the very prosperous economy lends itself to a moment where Calgary can better define what kind of a city it is and wants to be.”

The development is expected to create 250 jobs for Calgarians.

On Thursday, Telus also announced another $250,000 through its Calgary Community Board and Community Action Teams in Alberta for local flood recovery efforts, bringing its total contribution so far to $2 million.


CHECK OUT THE VIDEO:
http://www.calgarysun.com/2013/07/04/new-telus-sky-tower-in-downtown-calgary-will-feature-office-retail-residential-and-arts-space