City of Calgary Funding Office-to-Residential Conversion
The City of Calgary has announced funding for five more office-to-residential conversion projects in its downtown area, as part of its effort to revitalize the core of the city. The projects are expected to create over 550 new residential units in previously vacant or underutilized office spaces, as well as boost local economic activity by creating construction jobs and generating tax revenue from the new residential units.
The city’s funding will be provided through the Downtown Economic Incentive Program, which aims to encourage the conversion of underutilized office spaces into residential units in the downtown area. The program provides financial incentives to property owners who undertake such conversions, with the goal of creating a more vibrant and livable downtown that can attract more residents and businesses.
Five Downtown Calgary Office Conversion Projects
The following 5 projects were listed in The City of Calgary’s announcement:
1. 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. The building has Calgary’s first example of an all-glass curtainwall design, which will be preserved. 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.
2. 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.
3. 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.
4. 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.
3. 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.
How City Funding Works
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.
Next Drop – Petro Fina Building
The next drop coming to the addy platform is the Petro Fina Building mentioned above. Create an addy account to find out more about this opportunity.