The federal government and city are investing $75 million in a downtown Calgary office-conversion project.

Ottawa is providing $64.3 million to Dream Office REIT, the project’s developer, through Apartment Construction Loan Program. The low-interest loan is fully repayable. Meanwhile, the city is investing $10.5 million and Dream is furnishing $9 million through a subsidiary.

“Our government is committed to driving housing supply to bring housing costs down,” said Corey Hogan MP for Calgary-Confederation.

“This project will create more much-needed rental homes for the people living and working in Calgary.”

Plans call for the site formerly known as the Barclay Centre to comprise a 166-unit purpose-built apartment building. Located at 606 Fourth Street S.W., the revamped 55-year-old, 16-story structure will include studio one- and two-bedroom rental apartments.

The site is located across the street from Courthouse Park and Harley Hotchkiss Gardens, and within walking distance of two C-Train stations and the CORE Shopping Centre. The on-site amenities include 17 accessible units, a shared fitness centre, two common lounges for media and social functions, a co-working space and a shared exterior patio and barbecue.      

The city funds are coming from its Downtown Development Incentive Program (DIP), which provides $75 per square foot for office-to-residential conversion projects.

“The momentum we’re seeing downtown is the result of years of strategic investment and collaboration,” said Mayor Jyoti Gondek. “This conversion is another example of how working with the private sector is reshaping our downtown while delivering housing, driving economic growth, and building the future for all Calgarians.” 

The projected is slated for occupancy in late 2027.

Pictured: Future apartment building in downtown Calgary.