Historic Petro Fina office building brings 103 new homes for Calgarians
A historic office building in the heart of the city has started its next chapter as the Petro Fina office–residential conversion with 103 new residential suites, including accessible, affordable and below market units.
“The Petro Fina conversion is a great example of how we can thoughtfully evolve downtown, celebrating the past and ensuring a future that serves all Calgarians,” says Mayor Jyoti Gondek. “Calgary needs housing, and this conversion improves supply and affordability in an area of downtown that is poised to become a vibrant, livable community for students and families.”
This conversion, located at 736 8 Ave S.W., has transformed 140,000 square feet. It is supported by the Downtown Calgary Development Incentive which offers eligible projects up to $75 per square foot converted, encouraging redevelopment that improves housing supply, property values, tax revenue and economic activity and supports a safer downtown community. The conversion process has also saved an estimated 9,000 tonnes of embodied carbon and improved energy efficiency for residents.
As a further example of the supports available from The City that encourages responsible development, the project has also received $700,000 in grant funding through The City’s Historic Resource Conservation Grant program. This grant, which was matched in full by the developer, supports the preservation of historic architectural elements citywide.
Some of the key architectural features that have been preserved include the light buff-colored brick exterior, vertical supports (pilasters) covered in terracotta tiles, green glazed terracotta panels set within the building’s structural framework, and the original windows, which follow a consistent pattern in their design and framing. At street level, there's a covered walkway (arcade) formed by granite-covered columns, along with a granite feature wall and storefronts that are set back from the main facade.
Purpose-built to be the headquarters of Canadian Fina Oil Ltd., the Canadian arm of Belgian company Financière Belge des Pétroles, the Petro Fina building is representative of the oil and gas boom Calgary experienced following the Second World War.
"The Petro-Fina building was designed by Rule Wynn & Rule Architects, an Alberta firm that played an important role in establishing modern architecture in Alberta,” said Erika Topola, Executive Director of Heritage Calgary. “Completed in 1960, this building is symbolic of Calgary’s development as Alberta’s oil and gas business hub. The use of materials – including masonry and tile – makes it stand out from the steel and glass towers that were popular at this time. Adapting heritage buildings such as Petro-Fina creates diverse housing options and contributes to overall neighborhood improvement. We are delighted that this historic building will find new life as a residential conversion."
The Petro Fina building’s local developer, Peoplefirst Developments, is working in partnership with the neighbouring City-supported University of Calgary office to post-secondary institution conversion at 801 7 Ave SW to provide housing for the new students. The University’s School of Architecture, Planning and Landscape is currently transforming nine floors of a vacant office building into a lively, urban learning campus for an estimated 1,200 students. Students are already planning to move into the Petro Fina building, benefitting from tailored rental packages, a direct Plus 15 connection to the school, and a program that provides roommate matching with fellow students.
"The University of Calgary’s School of Architecture, Planning and Landscape is excited to have the Petro Fina Building as our next-door neighbor,” says Dean John Brown. “With 13 units already leased to our students, we look forward to a creative collaboration in making the west end of downtown a great place to live and work.”
“What we continue to see in the downtown west end demonstrates the power of reimagining what already exists,” says Maxim Olshevsky, CEO of Astra Group and Peoplefirst Developments. “The Petro Fina building is part of a growing wave of conversions that are reshaping downtown into a more livable, connected and affordable place for Calgarians. We’re happy to contribute to this momentum, and the success is thanks to The City and all stakeholders working together. This project brings affordable homes for families, including larger three-bedroom units, while preserving a piece of Calgary’s heritage. Revitalization at its best is not just about buildings, it is about building community, and this conversion is another step toward a stronger, more livable downtown for all Calgarians.”
The Petro Fina conversion will be the fifth complete conversion supported by The City’s incentive program. The Downtown Calgary Development Incentive is supporting a total of 21 office conversion projects that are transforming over 2.68 million square feet of underutilized office space into 2,628 new homes, 226 hotel rooms, and a hostel. Learn more about how The City and its partners are shaping a greater downtown at calgary.ca/DTS.
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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 Heritage Planning at The City of Calgary: Heritage Planning is a specialized part of City Wide Policy, focused on achieving the goals of the Calgary Heritage Strategy and Municipal Development Plan. Where sites of historical significance have been identified by Heritage Calgary or other formal evaluation, Heritage Planning works with property owners to provide information, application review and policy support for conservation. They also offer a grant program and other community-specific benefits to eligible owners willing to legally protect their sites under the Historical Resources Act of Alberta.
Heritage Planning’s work with privately-owned property is part of The City’s overall approach to conserving our heritage. This approach includes the management of public heritage buildings through Facilities and cultural landscapes through Calgary Parks.
About Astra Group and Peoplefirst Developments: Astra Group and Peoplefirst Developments form a vertically integrated group of companies with expertise spanning development, construction, leasing, and operations. Focused on adaptive reuse and mixed-use revitalization, they are advancing more than 500,000 square feet of office-to-residential conversions in Calgary’s Downtown West End, including projects such as The Cornerstone, Place 800, and Petro Fina Residences. Their work emphasizes affordability, accessibility, and energy efficiency while strengthening the future of Calgary’s downtown communities.