CALGARY, ALTA. — Five new office-to-residential conversion projects have been approved in Calgary with the potential to create housing for 1,000 people.
The Downtown Calgary Development Incentive Program has approved projects at the Taylor Building, the Petro Fina Building, Eau Claire Place I, Eau Claire Place II and The Loft, according to a news release.
In total, these projects will eliminate roughly 500,000 square feet of unused office space in downtown Calgary.
Three of the projects are in the west end of the downtown core which has the largest amount of empty office space. The City of Calgary is investing in public spaces and amenities in the area in order to support growth.
Once completed, the projects will receive roughly $36.3 million combined from the incentive program at a rate of $75 per square foot of converted space.
Mayor Jyoti Gondek remarked the program is receiving international acclaim.
“This program is ensuring that nestled in the centre of our city, Calgarians and visitors can discover welcoming neighbourhoods, unique businesses and active streets,” Gondek said in the release.