Downtown Calgary adds 10 new office conversions and more than 1,100 new homes to the core
The transformation of downtown Calgary is accelerating with the addition of 10 new City-supported office conversion projects that will house an estimated 2,000 Calgarians in 1,100 new homes and remove more than 1.1 million square feet of office space once complete.
Creating homes from underutilized office spaces and bringing new residents downtown improves housing availability and affordability, supports local businesses, and creates a more vibrant, safe and welcoming community for everyone.
“The positive impact of Calgary’s downtown office conversions cannot be understated,” says Mayor Jyoti Gondek. “We’re being recognized around the world for these programs that are building community and providing much-needed housing. At the same time, we are strengthening our tax base to keep life affordable for all Calgarians.”
The City’s contribution of $80.6 million, including $52.5 million from the Housing Accelerator Fund, towards these new developments will generate more than $357 million in private investment and improve property values, tax revenue, safety, and business opportunities in the area.
“With federal funding and leadership, we are changing how cities let housing get built in their municipalities. The conversion projects announced today, supported by the federal government’s Housing Accelerator Fund, will provide hundreds of families a new place to call home in Calgary’s downtown core,” says Corey Hogan, Member of Parliament for Calgary Confederation. “In total, the Government of Canada has provided $253.1 million through the Housing Accelerator Fund to support initiatives such as this across Calgary. Over 10 years, we estimate this funding will help incentivize the building of over 86,000 new units. By working with cities, mayors, and all levels of government we are helping to get more homes built for Canadians at prices they can afford.”
The City’s incentive programs demonstrate a commitment to continued strategic investment in initiatives that are creating a more vibrant and sustainable downtown.
“The office conversion incentive continues to be a success and we’re beginning to see the impact as some of our first projects are completing and welcoming residents,” says Thom Mahler, Director of Downtown Strategy. "Alongside exciting projects like the new Event Centre, the Glenbow, Arts Commons and Olympic Plaza transformations and many others, we’re seeing the revitalization and the future of downtown taking shape.”
With these new projects, the Downtown Calgary Development Incentive is now supporting a total of 21 office conversion projects that are transforming 2.68 million square feet of office space into 2,628 new homes, one hotel with 226 rooms, and a hostel.
The Downtown Calgary Development Incentive provides eligible projects with up to $75 per square foot of office space being converted, reducing the risk involved with complicated office conversion projects and encouraging redevelopment that benefits all of downtown. More information about the new conversions, including project details and locations, will be shared in the coming months.
The program is one of several City initiatives revitalizing Calgary’s downtown and supporting Home is Here: Calgary’s Housing Strategy. Learn more about how the Downtown Strategy incentive programs are building the future of our downtown at calgary.ca/DTS.
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.