CALGARY, ALTA. – The City of Calgary recently announced it has approved the first funding application under its Downtown Calgary Demolition Incentive Program which supports removal of underused office buildings unsuitable for conversion projects.
The approved application by Edmonton-based Cantiro Group is for the demolition of three buildings along the south side of 4 Avenue S.W. between 5 and 6 Street, a release said.
The buildings are currently vacant and have been boarded up for several years. A fourth building on the site, while also scheduled for demolition, is not part of the application under the incentive program.
“The Demolition Incentive Program is one of four initiatives breathing new life into our downtown by reducing vacant office space, increasing economic activity, enhancing safety, and supporting the delivery of new housing projects as well as amenities for Calgarians. This incentive will enable $100 million in private investment to flow into our downtown through this project, clearly demonstrating that the Downtown Revitalization Strategy is working,” Calgary Mayor Jyoti Gondek said in a statement.
The proposed redevelopment will be Cantiro Group’s second project in Calgary and includes a 33-storey mixed-use tower consisting of approximately 340 purpose-built rental housing units including at least 50 affordable units as well as a two-storey retail podium, the release said.
“By breathing new life into this area, we will be enhancing community vibrancy, diversifying the tax base, and contributing to the continuing revitalization of downtown,” Cantiro chief operating officer Jodie Wacko added.
The Demolition Incentive Program is intended to help with abatement and demolition costs and provides a grant at 50 per cent of demolition costs not to exceed a rate of $15 per square foot based on the original gross floor area of existing office space that will be demolished. An additional $5 per square foot is available for projects requiring asbestos or hazardous material abatement.
Abatement work has been completed at the site and the demolition is set to begin this month with construction of the tower planned for spring 2025.
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