Calgary reveals latest steps to revitalize vacant office space, address housing crisis
Global News
The City of Calgary has announced plans for several new residential developments that it claims will add more than 1,100 housing units in downtown Calgary.
The City of Calgary has announced the latest steps in its plan to address the city’s housing crisis while revitalizing some vacant downtown office space.
The plan includes the construction of three new residential developments and the conversion of two under-used office buildings to residential units.
At a Monday morning news conference, Mayor Jyoti Gondek said the projects will add 1,100 new homes, help revitalize Calgary’s downtown and generate more than $350 million in private investment.
The city contributed $20 million to the projects under its Downtown Development Incentive Program.
The new residential developments include:
The two office-to-residential conversions are:
“We all know that the 2014 oil crash left its mark on our downtown. Vacancy rates soared, buildings sat empty and we faced a choice: accept decline or take bold action,” Gondek said.
“For the past few years, we’ve been driving a major shift, turning our downtown from a 9-to-5 central business destination to a district that is lively 24 hours a day, seven days a week, a destination where people work and thrive — and today, we’re seeing that vision come to life.”
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