Calgary's 'The Cornerstone' office-to-residential building nears completion

A new office-to-residential building conversion is nearing completion on the west end of Downtown Calgary as its set to kick-start a new era of affordable housing opportunities.

A new office-to-residential building conversion is nearing completion on the west end of Downtown Calgary as its set to kick-start a new era of affordable housing opportunities.

Astra Living’s ‘The Cornerstone’ building located on 909 5 Avenue S.W., is scheduled to open its doors in the first quarter of 2024 when it will begin welcoming new tenants.

On Friday, CTV News was able to get a sneak peek of the 112,000 square foot building which formerly housed offices for SNC Lavalin. It features 112 total suites with balconies over 10 floors, of which 80 will be two-bedroom units and 32 will be three-bedroom units.

The conversion is partially funded by the city's Downtown Calgary Development Incentive Program. Under the program, People First Developments will be reimbursed $7.8 million upon completion of the project, with the total conversion budgeted to cost $38 million.

Maxim Olshevsky, managing director of People First Developments in the Astra Group of Companies says a large majority of the units will be sold below market costs.

The monthly rental price of a unit is starting at $1,600.

"So right now, a total of 40 per cent of the units will be 20 per cent below market rents in this building and this is the initiative we're planning to carry on with all of our other developments so we’re on track for that," he said.