The City of Calgary has added 10 office-to-residential conversions to the downtown core.

The conversion projects are part of the city’s widely acclaimed Downtown Development Incentives Program (DIP.) According to city news release, the projects will remove 1.1 million square feet of office space from the downtown inventory while housing an estimated 2,000 residents in 1,000 new multi-family rental suites.

Downtown office-to-residential conversions improve housing availability and affordability while supporting local businesses and creating a more vibrant, safe and welcoming community for everyone,” says the city.

Under DIP, the city invests $75 per square foot in qualified office-to-residential conversion projects.

“The positive impact of Calgary’s downtown office conversions cannot be understated,” says Mayor Jyoti Gondek. “We’re being recognized around the world for these programs that are building community and providing much-needed housing. At the same time, we are strengthening our tax base to keep life affordable for all Calgarians.”

The city says its contribution of $80.6 million, including $52.5 million from the federal Housing Accelerator Fund, towards the new developments will generate more than $357 million in private investment and improve property values, tax revenue, safety, and business opportunities in the downtown area. 

Thom Mahler, Calgary’s director of the downtown strategy, said the city is beginning to see the impact of the first conversion projects as residents move in.

With the new projects, DIP is not assisting 21 office-conversion projects that are transforming about 2.7 million sf of former offices into 2,628 new home, the recently opened Element-branded Westin hotel property owned by PBA Group and a hostel.

The city invests $60 per square foot in office-to-hotel conversions.

Pictured: Eau Claire Place II office-conversion project in downtown Calgary.

Image: NORR