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:
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.
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2 thoughts on “Peoplefirst Development launches the Petro Fina Building today!”
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.