Stealth wealth is making its mark in Edmonton.
The term, applied to the fashion sector and also known as quiet/silent luxury, is also entering Edmonton’s real estate scene with a new luxury condo development nearly 50 per cent sold.
That development, , is being embraced by buyers despite the fact that the project hasn’t really hit the open market until about now and its marketing campaign is just beginning.
Located just west of downtown and set between Old Glenora and High Street, The Clifton is a 12-storey, 20-unit condo tower expected to begin construction in early 2024; based on that date occupancy would be spring 2026.
The $80-million project from Edmonton’s Autograph Group — formerly Edgar Development — is targeted at higher-end empty nesters and, according to officials, is being well received.
The building’s smallest units start at $2.5 million for just over 1,700 square feet. Larger units, like a 2,686-square-foot, three bedroom, 3.5 bathroom, fifth floor offering is going for $4.46 million.
“Our purchasers are people who can buy homes anywhere in the world and they’re choosing our city,” said Henry Edgar, Autograph’s president. “It’s a testament to the product and what we’ve offered.”
Stating that they’re offering exclusivity, Ryan Debler of Ryan Debler & Associates, one of two sales agents for the project, said buyers have been “blown away” by what they’ve seen and have told him they’ve been looking for something like this in Edmonton.
These estate-like units also add a degree of privacy as at most there will only be one other owner per floor. In some instances, aside from the two full floor penthouses, buyers are looking at combining suites. Debler said one buyer has already combined two units on one floor and he wouldn’t be surprised if it happens again as the larger units are selling first.
Lower floors are divided into two. Floors 2 through 6 are split equally to create two units while floors 7 through 10 also house two units, however, one occupies two-thirds of the floor and the other the remaining one-third. Each unit comes with an enclosed balcony — one that doesn’t jut out from the building.
Some include a library space, others have media rooms or both. Balconies are generally off the kitchen to allow more light in. Larger units are close to 4,500 square feet — this doesn’t include exterior square footage. For example, the Estate B, which comes in at 4,476 interior square feet also includes 983 square feet of exterior space, bringing the overall size of this three bedroom, four bathroom offering to 5,459 square feet.
Finishes are modern and top of the line, said Edgar as it’s all about giving the buyer what they want. While The Clifton offers two main design options for finishes, Debler notes if buyers prefer different options, they’re flown to Vancouver to meet with the project’s designers once they’ve made the purchase.
The tower itself provides its main views overlooking the river valley. The front of the building will be primarily clad in limestone with minimal windows or views looking east, while a canopy of trees and a covered driveway provide a hidden look. The other side of the building, however, reverses the cloaked effect with extensive floor-to-ceiling windows providing expansive views.
“It is the right building at the right time,” said Edgar. “There’s still a large segment of our city that maybe doesn’t need their home anymore but they have kids, grandkids or business interests and they need a postal code here, however, they don’t want to live in a large building with a lot of units. The Clifton is different from anything else that’s being offered in the market.”
Meanwhile, the building’s first floor will be amenity driven. It starts with a generous lobby and a concierge. Then there’s a dedicated servery — to take advantage of the lobby’s large event space and allowing for catering staff — a state-of-the-art fitness room, a secure bike room as well as personal parcel storage. Outside, there’s a courtyard, fire tables and a kitchen. The amenity level also will have a guest suite finished to the same standards as other units.
Development Hot Spot
The Clifton is one of a number of new residential offerings in the 124th Street and 102nd Avenue area.
Just across The Clifton is the recently opened , a 22-storey senior’s residence. Autograph is also constructing the and Mercury Block II at 123rd Street and 102nd Avenue, both mixed-use buildings with residential components. Another developer, Cantiro, is building the , 11 premiere infill townhomes, nearby.
West Oliver, said Edgar, is becoming one of the most desirable places to live in Edmonton, noting it’s walkable, near downtown, and its restaurants, retail, and art galleries make it one of the city’s most sought after residential addresses.