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Alberta & Prairies  + Canada + Cross Border News  + Office  | 
The City of Calgary is investing $50 million in the conversions of three downtown office properties into two rental-housing towers and a hotel.

Calgary Pauses Office Conversion Program

The City of Calgary has paused its highly successful and widely praised downtown office-conversion program after using up the budget for it.

“Existing applications to the program – approved and under review – exceed current available funding,” said the city in a news release.

The Downtown Development Incentive Program has rewarded developers that convert office space to residential, hotel, school and performing arts centre properties. The city said it has committed $153 million to DIP, approving 13 projects with four more in the review process.

If all are approved, they will create 2,300 homes for Calgarians, remove 2.3 million square feet of downtown office space and leverage $567 million of private investment..

Several other jurisdictions have looked to emulate DIP as they contemplate creating similar programs. DIP has helped reduce Calgary’s B and C class office vacancy, said Avison Young in a September report.

Sheryl McMullen, the program’s head, said officials will use the pause to better align DIP with the city’s commitment to accelerate more student, market and non-market housing development.


Inside The Story

Sheryl McMullenCity of Calgary

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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