First Residential Real Estate Project in Calgary's Downtown West End in Over a Decade Commences Construction, Leading Redevelopment Charge

CALGARY, ALBERTA--(Marketwired - July 3, 2014) - Leading the recent residential real estate development surge in Calgary's downtown west end, Grosvenor Americas and Cressey Development Group's newest project, Avenue, is commencing construction following a successful pre-sales campaign. Creating a first-class solution to Calgary's often noted housing shortage, this iconic two-tower development has now begun construction.

As the first to develop in the area in over ten years, Grosvenor Americas and Cressey Development Group have helped to re-focus attention on the potential of the west end.

Today, Calgary's downtown is in the midst of a major growth cycle: with at least seven new condominium developments and eight new office projects proposed or under construction in the city centre, the new buildings will create space for a projected 30,000 employees and thousands of new residents. Recognizing what this surge in development means for the expanding area, the city of Calgary has further intensified its focus on improved transit and walkways for the downtown west end.

"A re-focus on development in downtown Calgary's west end is a significant milestone for the City that signals a shift towards urbanism," says Michael Ward, Senior Vice President for Grosvenor Americas. "Together, Grosvenor and Cressey's proven track record of superior design and longstanding history of building quality homes will bring a truly unique product to the area and set the benchmark for future development. Commencing construction on Avenue now sends the market a strong message that Grosvenor and Cressey are committed to executing in a timely and high quality manner."

Avenue, the two-tower, 319-suite project designed by renowned Canadian architect James Cheng, is a stunning addition to the Calgary skyline. From the outside, these modern steel and glass buildings make for a scenic landmark; from the inside they boast views of the distant Rocky Mountains, the Calgary cityscape and picturesque Bow River. Spacious, functional and with first class amenities, Avenue elegantly occupies one of the final parcels of land in Calgary's west end.

For more information please visit http://www.avenuewestend.com or follow @AvenueWestEnd on twitter.

About Grosvenor

Grosvenor Americas is a privately owned property group with offices in 18 of the world's most dynamic cities. The Group operates and invests in three areas; direct proprietary investment in real estate through our Operating Companies in Britain & Ireland, the Americas and Asia Pacific; indirect proprietary investment in real estate managed by others, which is the responsibility of the holding company; and an international fund management Operating Company - Grosvenor Fund Management - which manages capital on behalf of investors. As of December 31, 2011 Grosvenor Americas had total assets under management of US$19.4 bn. Unusual for a private company, Grosvenor publishes a full Annual Report & Accounts which are available at: www.grosvenor.com.

About Cressey

Cressey is a privately owned, fully integrated project development, construction, marketing and property management company with over 40 years of experience. With over 200 projects to date, Cressey has earned a reputation for constructing landmark developments of unparalleled quality, making them one of Western Canada's most recognized and celebrated builders. www.cressey.com.