A major housing project set to build homes on a site near Canmore, Alberta, has been inching ahead near the scenic Three Sisters Mountains thanks to the perseverance of a group of developers who have cleared several hurdles to get the project on track.
The transformative project that started in 1982, once completed, aims to provide 5,000 homes on 600,000 square feet of land, in a project that stands to double the population of the town of Canmore.
In addition to housing the project includes a sizable commercial component located at the intersection on Three Sisters Parkway and Three Sisters Boulevard within the Three Sisters Mountain Village. The new highway commercial development is intended to support residents, visitors and workers throughout the Bow Valley.
The Gateway at Three Sisters project is led by Three Sisters Mountain Village Properties and Edon Properties, after the ownership of the company changed hands several times before settling on the pair of owners who have remained in place since 1999.
The 800-acre development is near the three mountains that stand at the gateway to Banff National Park, one of Canada’s most popular tourist attractions.
The massive project was selected for a 2025 CoStar Impact Award for commercial development of the year for Calgary, as judged by a panel of local real estate professionals knowledgeable about market.
About the project: The developers had to deal with political opposition from some residents of the area and also withstood legal action in order to proceed. TMSV responded by vowing to prioritize local labour and contractors in the multiphase build.
What the judges said: "A bold, decades-long development aimed at doubling the size of a unique Alberta town. Extensive environmental, legal and planning efforts have shaped this transformative project," said Gabriel Millard, managing partner, equity capital markets, Avenue Living.
"Gateway to the Rockies, this development will serve both the local community along with the increasing number of travelers staying for a visit or passing through," said Tracy Taylor, executive managing director and managing principal, Cushman & Wakefield.
"You have to admire the endurance of the developer to persevere against the headwinds of environmental, political and economic challenges," noted Michael Anderson, senior vice president, leasing and development, Centron Group.
They made it happen: The project is being led by Luke Simpson, president of CANA Group of Companies, and Edward Lazdowski, president, Edon Properties. Other key players in the development include David Leonard, managing principal of Metafor Architecture, and Dustin Walz, leasing manager.
CoStar Market Manager Amy Zhang contributed to this report.