A new development is set to take over from the stalled second phase of the Riverside Quays projects in Inglewood.

Named for it’s location along banks of the Bow River in southeast Calgary’s, M2i Development Corp’s mixed-use SoBow development will include a 120-unit residential building dubbed 1912Cross.

Encouraged by rising sales in Calgary’s multi-family sector, M2i’s development program manager Eileen Stan said that now was the time for the project to move forward.

“I think the timing is right, in terms of the market. We’ve seen some recovery in the last year-and-a-half or so, and positioning this project in the marketplace seemed a good thing to do.”

October numbers released by Canada Mortgage and Housing Corporation (CMHC) show plenty of Calgary developers are of a similar mindset, with multi-family starts increasing to 6,063 through the first 10 months of 2012 compared to 3,043 during the same period of last year.

“Calgary’s expanding economy has provided buyers an opportunity to either purchase their first home or move-up in the market. As a result, many of these buyers continue to turn to the new home market to satisfy their housing needs,” said Richard Cho, CMHC’s senior market analyst for Calgary.

Comprised of both condominiums and town homes, the project is designed to deliver open plan/loft style living that offers choice, flexibility, quality and comfort for the urban lifestyle in one of Calgary’s most historic communities.

“SoBow is key to the ongoing evolution of this Calgary community,” said Eileen Stan,. “Inglewood is an established, sought-after, eclectic neighbourhood with a strong sense of place and offers the residents of SoBow and 1912Cross a direct and immediate connection to one of this city’s most desirable urban places.”

1912Cross’s name draws on the history of the area, referring to A.E. Cross, one of Inglewood’s most active and generous residents. Renowned as one of Calgary’s “Big Four” – the group of prominent businessmen who joined forces in 1912 to lend their support to the first Calgary Stampede – Cross established the Calgary Brewing and Malting Company in 1893.

Constructed of concrete, the sixstorey building will incorporate historic accents like wide-plank wooden floors, exposed concrete columns and industrial-style sliding slab doors help complete the authentic loft ambience.