Five more downtown office-to-residential conversion projects to receive City funding
The City of Calgary is pleased to announce that the Downtown Calgary Development Incentive Program has approved five new projects that will provide housing to more than 1,000 Calgarians and eliminate nearly 500,000 square feet of office space in Calgary’s downtown. These five projects will convert empty office space into new homes for future downtown residents. The five projects are:
- Taylor Building (805 8 Avenue SW) – Cressey Developments
- Petro Fina Building (736 8 Avenue SW) – People First Development Company
- Eau Claire Place I (525 3 Avenue SW) – Cidex Group of Companies
- Eau Claire Place II (521 3 Avenue SW) – Pacific Reach Properties
- The Loft (744 4 Avenue SW) – Institutional Mortgage Capital
"One of Calgary's biggest successes, and one that we are receiving international acclaim for, is our Downtown Calgary Development Incentive Program," said Mayor Jyoti Gondek. "This program is ensuring that nestled in the centre of our city, Calgarians and visitors can discover welcoming neighbourhoods, unique businesses and active streets. The five office-to-residential conversion projects announced today will be key to supporting this vision as well as expanding the economic engine of the city."
Supporting thriving communities in Downtown West and Eau Claire
Three of the five projects will bring new life to buildings in the west end of the Downtown Core – an area that has the greatest amount of empty office space. These projects complement three previously announced residential conversion projects in the area. To support current and future residents in this area, The City is making additional investments to improve public spaces and amenities, including redesigning Stephen Avenue and 8 Street SW, West Eau Claire Park and Eau Claire Promenade, and Century Gardens.
“Added vibrancy in west end of our downtown, an area that has considerable vacancy and that is traditionally dominated by office buildings, goes a long way in making Calgary safer for everyone at all hours of the day and enables our local businesses to thrive within complete communities,” said Sheryl McMullen, Manager, Investment & Marketing for The City’s Downtown Strategy. “These five projects, along with previously announced projects, will help transform the Downtown West and Eau Claire neighbourhoods into key destinations for Calgarians and visitors alike.”
Upon completion of construction, these five new projects will receive a combined ~$36.3 million, from the program. The estimated grant amounts are based on a rate of $75 per square foot of office space being converted to living space. Final amounts will be confirmed and disbursed at project completion.
Downtown Calgary Development Incentive Program approved projects
These 10 projects from the Downtown Calgary Development Incentive Program and two additional City-supported projects will remove ~1.35 million square feet of office space from the market and create ~1,420 homes.
Taylor Building (808 8 Avenue SW)
Strategically located on Stephen Avenue, the Taylor Building (known historically as the Petro Chemical Building) is listed on The City’s Inventory of Evaluated Historic Resources and is one of downtown’s last remaining buildings constructed in Alberta’s 1940s and 1950s oil boom. This project will convert approximately 64,000 square feet of office space to 85 homes and will include indoor and outdoor rooftop spaces, including a social lounge, dining room, barbeque area and fire pits.
Petro Fina Building (736 8 Avenue SW)
Strategically located on Stephen Avenue, the Petro Fina Building is also listed on The City’s Inventory of Evaluated Historic Resources and its original identity and characteristics will be preserved through this project. The project will convert approximately 130,000 square feet of office space to 105 homes. Almost half of the homes will be offered at below market rental rates. The building’s second floor will be converted to retail space to service resident of the buildings and Plus 15 users.
Eau Claire Place I (525 3 Avenue SW)
Eau Claire Place I will convert approximately 79,400 square feet of office space to 90 homes. The building is adjacent to the Eau Claire residential area and the Eau Claire Promenade, Eau Claire Plaza and Prince’s Island Park, providing an abundance of natural recreation opportunities in the surrounding neighbourhood. In addition, this project will include indoor and outdoor amenity spaces for residents, along with a gym.
Eau Claire Place II (521 3 Avenue SW)
Eau Claire Place II sits immediately adjacent to the Eau Claire Place I office conversion project and offers similar access to the Eau Claire neighbourhood and natural recreation opportunities along the Bow River. This project will convert approximately 158,000 square feet of office space to 195 homes. Indoor and outdoor amenity spaces for residents will include bicycle storage, electric vehicle charging stations, a gym and a rooftop patio.
The Loft (744 4 Avenue SW)
The Loft is a conversion of approximately 52,550 square feet of office space to 55 homes. Amenity spaces for residents that are being considered for this project are a gym and a rooftop greenhouse and patio. The building’s location provides easy access to Eau Claire Promenade, Peace Bridge, West Eau Claire Park and the 7 Street SW cycle track, providing an abundance of natural recreation opportunities right at the building’s doorstep.
Downtown Calgary Development Incentive Program – A major component of The City’s Downtown Strategy
The Downtown Calgary Development Incentive Program is one of The Downtown Strategy’s development incentive programs that support the revitalization of Calgary’s downtown and the goal of removing six million square feet of office space within 10 years. The Downtown Strategy’s three programs are:
- Downtown Calgary Development Incentive Program includes conversion projects for residential units, hotels, schools and performing arts spaces. These conversions will encourage a more diverse mix of amenities and services downtown that will make downtown more attractive to live in and visit.
- The Downtown Post-Secondary Institution Incentive Program provides financial incentives for post-secondary institutions to establish a greater presence downtown. This would bring an influx of students downtown, which would support downtown’s vibrancy during all hours of the day, support existing businesses and would encourage new business growth downtown.
- The Downtown Office Demolition Incentive Program incentivizes the demolition of buildings that are deemed ‘end-of-life’ and are not suitable for conversion or reuse. The program will support non-office redevelopment and the creation of new public amenity space.
- To learn more about the Downtown Development Incentive Programs and the work of The City’s Downtown Strategy please stop by our public open house today until April 21 from 11:00 am to 2:00 pm at 808 1 Street SW or visit Calgary.ca/downtownincentives.