CALGARY, ALTA. – The City of Calgary is opening applications for downtown office and demolition funding after a previous program proved more successful than anticipated.
“The ultimate goal is to create a thriving community in our city’s core that is about more than office towers. It is about creating homes and amenities for Calgarians and visitors alike,” said Mayor Jyoti Gondek in a news release.
As a result of the program’s success, the city is implementing three new programs.
The Downtown Calgary Development Incentive Program allows for the conversion of office space into residential units, hotels, schools and performing art spaces.
The Downtown Post-Secondary Institution Incentive Program offers financial incentives for post-secondary institutions to grow their presence in the city’s downtown.
The Downtown Office Demolition Incentive Program offers financial incentive for the demolition of “end-of-life” buildings not suitable for continued use.
So far, 14 office-to-residential conversions are under consideration for funding. The combined 14 projects could remove two million square feet of empty office space from the downtown and create more than 2,000 homes, states the release.
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