City approves first project under Demolition Incentive Program
Land to be used for new residential tower offering approximately 340 purpose-built rental units and retail space
The City of Calgary is pleased to announce the approval of the first funding application under the Downtown Calgary Demolition Incentive Program. Joining other key incentive programs focused on the revitalization in the downtown core, the Demolition Incentive Program provides funding to support the removal of underused office buildings that aren’t suitable for conversion projects.
The approved application by Cantiro Group is for the demolition of three buildings along the south side of 4 Avenue S.W. between 5 and 6 Street. The buildings are currently vacant and have been boarded up for several years. A fourth building on the site, while also scheduled for demolition, is not part of the application under the incentive program.
The proposed redevelopment project will be the Edmonton based developer’s second project in Calgary and includes a 33-storey mixed-use tower consisting of approximately 340 purpose-built rental housing units including at least 50 affordable units as well as a two-storey retail podium designed to support a variety of commercial uses.
"The Demolition Incentive Program is one of four initiatives breathing new life into our downtown by reducing vacant office space, increasing economic activity, enhancing safety, and supporting the delivery of new housing projects as well as amenities for Calgarians. This incentive will enable $100 million in private investment to flow into our downtown through this project, clearly demonstrating that the Downtown Revitalization Strategy is working," says Calgary Mayor Jyoti Gondek.
The Demolition Incentive Program is intended to help with abatement and demolition costs, allowing that land to be better used for purposes that improve downtown vibrancy. The program provides a grant at 50 per cent of demolition costs not to exceed a rate of $15 per square foot based on the original gross floor area of existing office space that will be demolished. An additional $5 per square foot is available for projects requiring asbestos or hazardous material abatement.
Cantiro is thrilled to expand into the Calgary market and collaborate with the City of Calgary through the Downtown Calgary Demolition Incentive Program. “By breathing new life into this area, we will be enhancing community vibrancy, diversifying the tax base, and contributing to the continuing revitalization of downtown,” says Cantiro Chief Operating Officer Jodie Wacko.
Abatement work has been completed at the site and the demolition is set to begin in early September 2024. Cantiro plans to commence construction of the tower in Spring 2025.
About the City of Calgary’s Downtown Strategy: Downtown is the economic and cultural heart of Calgary. It’s our central hub for business, innovation, and creativity. Calgary needs a strong core to grow our economy, create jobs and fund the City services we rely on every day. We are working to address the challenges downtown is facing and transform vacancy to vibrancy.
About Cantiro: With more than 25 years of integrated real estate experience, Cantiro has established itself as a leader in the industry. Operating through four divisions – Homes, Communities, Commercial, and Residential Rentals – Cantiro places a strong emphasis on the customer experience, ensuring that every decision is made with their needs at the forefront. The company's mission is to create environments where amazing lives can happen.In addition to this project, Cantiro is actively developing a multifamily community in Arbour Lake and has joined the West Hawk builder group in Cochrane. Headquartered in Edmonton, Cantiro also extends its presence with projects in British Columbia and Ontario.