Five more downtown Calgary office towers to be converted to residential homes
Global News
Close to 1.35 million square feet of office space is committed to be converted into 1,420 homes through the City of Calgary's Downtown Development Incentive Program.
Five more office buildings in downtown Calgary will soon be transformed into homes as part of the city’s strategy to revamp and revitalize the core.
The five projects will receive $36.3 million in funding through the city’s Downtown Development Incentive Program, which is one piece of the overall multi-pronged downtown strategy.
The program offers qualifying developers up to $75 per square foot for conversion projects, with a limit of $15 million per project, that will be paid out only when the project is completed.
The combined projects will eliminate nearly 500,000 square feet of office space in the core to make way for 530 new units.
Mayor Jyoti Gondek and the City of Calgary’s Downtown Strategy director Thom Mahler announced the latest round of conversion incentive recipients on Wednesday at a downtown revitalization open house on Stephen Avenue.
“Converting office space into homes is an absolutely bold move and a major show of confidence into the future of our downtown and the future of our city,” Gondek said.
The five projects announced Wednesday include:
Peoplefirst Developments is among the developers taking part in the latest round of conversion projects, which will mark its second office-to-residential conversion project in the city’s core as part of the incentive program.
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