Calgary Municipal Land Corporation Unveils Ambitious 2026 Development Agenda
The Calgary Municipal Land Corporation (CMLC) has officially launched its 2026 business plan with a ceremonial sod-turning event for a new residential rental development in the city's East Village. This marks the beginning of what promises to be the corporation's most significant investment year in the area since the COVID-19 pandemic.
Major Capital Projects and East Village Focus
CMLC President and CEO Kate Thompson announced that the corporation will oversee progress on more than $700 million in capital projects throughout 2026. The plan specifically highlights five new developments in the East Village neighborhood, alongside continued work in the Culture and Entertainment District, as well as the Arts Commons and Olympic Plaza transformations.
"With every groundbreaking we have, it shows notable progress towards realizing the East Village master plan," Thompson stated during Monday's announcement. "As our city's demand for housing and hotel rooms continues to grow, so too does development confidence in East Village."
Library Square: The First Project of 2026
The initial development to commence construction this year is Bankside Properties' Library Square, a six-storey building that will replace two surface parking lots directly east of the Central Library. This $60-million project is scheduled to deliver 162 purpose-built rental units, with construction formally beginning in February.
Cole Richardson, managing principal for Bankside Properties, confirmed the two buildings are slated for occupancy by late 2027. He emphasized that the development is not being branded as luxury, with rental rates designed to be "mid-market" and the majority kept under $2,000 per month.
"What attracted us to this location was its access to downtown and East Village amenities," Richardson explained. "If you think about shops, restaurants and all the natural amenities already here — things like parks and the river walk — that was a big part of it."
Additional East Village Developments
Four other major projects are scheduled to launch in East Village this year, collectively delivering approximately:
- 600 housing units across multiple developments
- 132 hotel rooms in a new Truman-led property
The residential projects include:
- Ayrshire Group's Lyric: A six-storey building with 208 units
- Slokker Homes' Vibe: 218 units plus 1,100 square meters of commercial space
- The Edgewater by Trico Communities: 170 units across nine storeys
The hotel project will feature 132 rooms spread across a five-storey property, further enhancing the neighborhood's hospitality offerings.
Strategic Urban Renewal and Future Outlook
This comprehensive development plan represents a strategic push to revitalize Calgary's urban core while addressing the growing demand for housing and accommodation. The East Village master plan continues to guide these initiatives, with 2026 positioned as a pivotal year for transforming surface parking lots and underutilized spaces into vibrant, mixed-use communities.
The coordinated approach between CMLC and private developers like Bankside Properties demonstrates a shared commitment to creating sustainable, accessible urban environments that balance residential needs with commercial vitality and public amenities.
