Slate Canadian Real Estate Opportunity Fund is undertaking a major renovation of former Scotia Centre in downtown Calgary. The 40-storey tower at 700 2nd Street has been renamed Stephen Avenue Place.

The acquisition and renovation of Stephen Avenue Place is part of Slate’s growing investment in Calgary. In the past 18 months, Slate has increased its footprint in Calgary to 2.3 million square feet with the purchase of 21 office properties, including 12 downtown.

Designed by Zeidler Partnership Architects, the tower will undergo a significant renovation from its public-access ground floor to exclusive tenant amenities and top-floor restaurant. Stephen Avenue Place offers 620,000 square feet of rentable space and the renovations will reposition it as a modern hub for energy, innovation, business, dining and shopping. Renovations are scheduled for completion in early 2020.

“We are thrilled to acquire and develop such a high-quality property in downtown Calgary that offers businesses, diners and shoppers the very best in location, amenities and access,” said Slate founding partner Blair Welch. “Stephen Avenue Place will undergo an extensive renovation to fully reflect the way we work and live now, while respecting and celebrating its history and future as a Calgary landmark.”

Slate also announced that it has partnered with Oliver & Bonacini Hospitality and Concorde Entertainment Group to create three innovative and inspired dining destinations in Stephen Avenue Place; a world-class restaurant on the top floor, an eclectic food hall and a high-energy restaurant, bar and patio on the street level.

Stephen Avenue Place has direct connection to the Stephen Avenue Walk pedestrian thoroughfare, the Core Shopping Centre, the “Plus 15” system of pedestrian overpasses and is adjacent to Light Rail Transit. Amenities will include a club-quality fitness facility, an expansive conference centre, a tenant lounge and games lounge.