Calgary Converts 5 More Office Towers to Residential
Calgary has just approved the conversion of five new downtown office towers into residential housing as part of the Downtown Development Incentive Programs. This program encourages the conversion of underused office space into residential units and incentivizes the demolition of end-of-life office buildings. It aims to remove six million square feet of office space from the downtown area by 2031, create a more diverse and vibrant downtown, and address commercial oversupply. They support the repurposing of office space and the removal of unsuitable buildings to create a dynamic and resilient downtown.
The new buildings approved for conversion are:
Taylor Building (805 Eighth Ave SW)
Petrofina Building (736 Eighth Ave SW)
Eau Claire Place 1 (525 Third Ave SW)
Eau Claire Place 2 (521 Third Ave SW)
The Loft (744 Fourth Ave SW)
Now I know you're going to say - isn't this going to flood the market with residential units? No, in fact, this is a very good thing from my perspective - this represents just 530 units and the benefits it will bring will far outweigh the extra supply: removing 500,000sf from the struggling commercial office sector, bringing over 500 new people to live downtown, more amenities, improvement to public spaces, more vibrant and active streetscapes, which will attract more businesses, and improve nightlife and entertainment which will attract more people which will then continue the cycle.
There have been very few pre-construction condo launches in downtown Calgary over the last 5 years and the ones that have launched have sold out quickly. FYI Broward Condos is now sold out!
INSIDER TIP - Truman Homes is launching a new building in downtown Calgary called "IMPERIA" on May 13 - get in touch if you are interested in learning more.