The City of Calgary has named the first three successful applicants to the Downtown Calgary Development Incentive Program. These program is aimed at infusing life into largely empty or underutilized office buildings by converting empty office space to new residential units.
The first three approved projects are: Palliser One (125 9 Avenue SE) – Aspen Properties; HAT @ Arts Common (205 9 Avenue SE) – Cidex Group of Companies; and 909 5 Avenue SW – Peoplefirst Developments.
“Calgary’s success relies on our downtown shifting to a place where people want to live, and where businesses want to set up shop, now and for decades to come,” said Mayor Jyoti Gondek. “These three projects are supporting the shift to move beyond the traditional office-based central business district to becoming a dynamic centre of our city with welcoming neighbourhoods, active streets, and well-used public spaces.”
The three conversion projects have a mix of residential units ranging from studio suites to three bedroom, plus den suites, helping to diversify the residential stock in Calgary’s downtown.
These three projects are expected to remove approximately 414,000 square feet of office space from the market and create an estimated 401 homes. The estimated grant amounts are all based upon $75 per square foot of office space being converted to living space with final amounts to be confirmed and disbursed at project completion.
The Palliser One and HAT @ Arts Common projects are located across the street from each other, and will create the beginnings of a residential ‘hub’ at a critical intersection of 9 Avenue SE and 1 Street SE within the Civic District.
The 909 5 Avenue SW project will bring life to an office building, which has sat vacant for nearly 10 years. The project will provide attainable, family-oriented housing options in Calgary’s downtown core, with the majority of homes being two and three-bedroom layouts.
Two other projects are in the final stages of approval as part of the first round of applicants, and it is anticipated further announcements will be made in the coming weeks.