CALGARY, ALTA. – The City of Calgary has re-opened its Downtown Development Incentive Program with an emphasis on converting vacant office spaces into housing.
Eligible developers can receive up to $75 per square foot for office to residential conversion projects, with a maximum of $15 million per property, a release said.
An additional $52.5 million from the Housing Accelerator Fund will be used to address Calgary’s need for housing and revitalize the downtown core.
“Transforming unused office space into homes for Calgarians is not only a practical solution but a transformative one. By partnering with the private sector, we’re boosting the number of downtown residents, energizing local businesses and enhancing public spaces. This initiative strengthens our economy, improves public safety and addresses the critical need for housing,” Calgary Mayor Jyoti Gondek said in a statement.
First launched in 2021, the Downtown Development Incentive Program implemented a temporary pause on applications as high demand exceeded available funding, the release said.
To date, 11 projects have been approved under the program, creating 1,500 new residential units downtown and the program’s first completed project, The Cornerstone, opened in April 2024 and delivered 112 rental units.
Applications for eligible projects will be accepted until Oct. 31 and developers and investors can visit calgary.ca/DTS for more information.
Recent Comments