The City of Calgary has unveiled details about nine new projects under its downtown office conversion initiative, resulting in nearly 1,000 residences and expanding the total projects to 21. These conversions were initially disclosed earlier this year as part of 10 newly approved projects, which included the transformation of the former Barclay Centre on Sixth Avenue.
Among the nine projects, eight will be converted into residential spaces across the Downtown Core, West End, and Beltline areas, while the ninth will become a hostel. One of the ongoing projects involves the conversion of the former TransAlta headquarters on 12th Avenue, where 153 residential units are being developed with plans for an additional tower to create a total of 488 homes.
These initiatives are supported by the Downtown Calgary Development Incentive Program, which offers financial assistance to property owners for converting vacant office spaces into residential and hospitality units. Mayor Jeromy Farkas emphasized the city’s commitment to transforming downtown areas into vibrant mixed-use neighborhoods during a recent press conference.
Crestpoint Real Estate Investments is spearheading the TransAlta conversion, with the company’s director of development, Ian Pinchin, highlighting the streamlined process facilitated by the incentive program, enabling them to undertake ambitious projects with reduced uncertainties.
The city aims to repurpose six million square feet of vacant office space by 2031 through this program, with the 21 projects collectively creating close to 3,000 homes. Despite facing high office vacancy rates following the 2014 oil market downturn, Calgary is optimistic about revitalizing its downtown core by repurposing underutilized office spaces.
As the program continues to attract investments and drive urban renewal, stakeholders like Ward 8 Coun. Nathaniel Schmidt stress the importance of enhancing housing accessibility and urban livability. Mark Garner from the Calgary Downtown Association echoes the sentiment, citing the need to follow successful models of downtown revitalization from other cities like Kitchener and Waterloo.
With a track record of over $200 million invested and returns exceeding $800 million from the private sector, the city plans to allocate an additional $40 million to the program, reflecting strong developer interest and ongoing opportunities for urban transformation.