Dream Office REIT, with Dream Unlimited Corp as manager, is converting 135,000 square feet of unused office space into 166 homes in downtown Calgary, supported by the Downtown Calgary Development Incentive program. Formerly the Barclay Centre, 606 4 Street SW will soon become a modern residential building offering a mix of studio, one-bedroom, and two-bedroom rental suites.
“The momentum we’re seeing downtown is the result of years of strategic investment and collaboration,” said Mayor Jyoti Gondek. “This conversion is another example of how working with the private sector is reshaping our downtown while delivering housing, driving economic growth, and building the future for all Calgarians.”
Twenty-seven per cent of units will meet CMHC affordability standards, thanks to a partnership with CMHC that supports accessible housing and a diverse community in Calgary.
“Our government is committed to driving housing supply to bring housing costs down,” said Corey Hogan, Parliamentary Secretary on behalf of Gregor Robertson, Minister of Housing and Infrastructure. “This project will create more much-needed rental homes for the people living and working in Calgary, It’s an example of what’s possible when governments and the private sector work together. It’s also another step forward in our bold, ambitious plan to build Canada strong.”
Located near Courthouse Park and Harley Hotchkiss Gardens, and just steps away from two CTrain stations and the CORE Shopping Centre, the project highlights the walkable, connected urban lifestyle that is drawing more residents and investment into downtown Calgary. Meanwhile, on-site amenities will support an active, connected lifestyle; future residents will enjoy access to a spacious shared fitness facility, media and social lounges, coworking spaces, and a landscaped outdoor patio complete with barbecue areas.
“We are proud to partner with the CMHC and the City on this transformative project,” added Jay Jiang, Chief Financial Officer of Dream Office REIT. “It’s a powerful example of how public-private collaboration can creatively address housing needs while transforming underused office space into vibrant residential communities in the heart of downtown.”
The Downtown Calgary Development Incentive Program is a cornerstone of the broader Downtown Strategy. Since launching in 2021, it has led to three complete conversions—including the recently opened Element Calgary Downtown—with another four properties expected to open later this year.
To date, 21 office conversion projects have been approved in the downtown core, repurposing over 2.68 million square feet of vacant office space into 2,628 new homes and 226 hotel rooms.
Learn more about Calgary’s office conversion program here: Downtown office conversion programs
