1983, declining to just 17 by 1985. Carma was able to negotiate with the banks to keep certain assets to get rid of debt. They downsized, recapitalized, and under the direction of Murray Fox, who was hired in 1983 as chief financial officer, the company got back to the original business of developing residential land and again flourished despite the odds. By 1987, Brookfield Properties, headquartered in New York City, saw the potential in Carma and bought into the company. Today Brookfield owns 100% of it. Carma bought Nu-West's Canadian operations in 1989, and Carma's growth has been noteworthy ever since, with master-planned communities in every quadrant of the City of Calgary, offering parks, extensive residents' associations with amenities, commercial space, lakes, and shops within easy reach of neighbours. Bibliography Max Foran, Expansive Discourses: Urban Sprawl in Calgary, 1945-1978 (2008) Susan Goldenberg, Men of Property: The Canadian Developers who are Buying America (1981) Marie Morgan, From the Ground Up: A History of Carma Developers (1998) References Calgary Herald, 16 March 2009 San Marcos Record, 8 June 2006 HistoryLink.org: Colman Building (Seattle) External links Carma Website Real estate companies of Canada