Petro Fina Building in Calgary, AB
On Apr. 19, 2023 the city of Calgary announced that this building would be receiving incentives as a qualifying office-to-residential conversion project!
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 and is part of the Program Priority Area for the City of Calgary’s Downtown Development Incentive Program.
The proposed undertaking involves the acquisition and conversion of an office tower into residential units. The project will be executed in three phases, beginning with the creation of architectural plans and the acquisition of necessary development and building permits. This phase is expected to span throughout 2023. Presently, the building boasts a 45% vacancy rate, but existing tenancies will suffice in meeting ongoing expenses throughout the first project phase.
Construction, constituting the second phase, will commence early in 2024 and continue for a duration of roughly twelve months. Finally, a six-month stabilization and lease-up phase will follow the conclusion of construction.
Upon full occupancy and successful lease-up of all units, the property is expected to be valued at approximately $58M.
Invest in Calgary:
The Issuer:
The Dealer:
Purchases of the issuer’s equity securities will be conducted, where permitted, through a platform operated by Atlas One Securities Inc., an exempt market dealer (NRD#: 68420) in the provinces of British Columbia, Alberta, Saskatchewan and Ontario, which has been appointed as the issuer’s agent for this offering.
The offering in this blog post is available under National Instruments 45-110 Start up Crowdfunding and Prospectus Exemptions, and is provided by Atlas One Digital Securities as an Exempt Market Dealer registered in BC, AB, SK, and ON. The content contained in this post and available on the addy website or Atlas One website is for general informational purposes only and shall not be construed as an offer to sell or a solicitation of an offer to purchase any securities. This information is made available on an “as is and as available” basis. Nothing in this post or on the addy website or Atlas One website shall be construed as an offer to sell or a solicitation of an offer to buy any securities, liabilities or assets. Atlas One shall not be liable, under any circumstances for any direct, indirect, special, incidental, consequential or punitive damages, or any other damages whatsoever, including, without limitation, lost revenues, lost profits or loss of prospective economic advantage. The information provided in this post and on the addy website or Atlas One website is intended for informational purposes only and is not intended to constitute investment, financial, legal, tax or accounting advice. Many factors unknown to us may affect the applicability of any statement or comment made on this website for investment, financial, legal, tax or accounting advice. Atlas One is not acting in any fiduciary capacity in regards to this material.
Almost half of the homes will be offered at below market rental rates. If and how will this impact project profitability?
You can see more details in the offering document within your addy account, plus there are incentives that potentially will come from the City of Calgary.