A second office-to-residential project has opened in downtown Calgary through the city’s Downtown Development Incentives Program (DIP.)

The highly acclaimed program provides funding to developers to help reduce the downtown area’s plethora of aging and obsolete office buildings.

The newly completed conversion, known as the Hat at Eau Claire Place, is located at 525 Third Ave. S.W. The rental-apartment building, developed by Cidex, comprises seven storeys and contains 87 units.

“More downtown residents mean stronger local businesses, greater vibrancy and enhanced public safety,” said the city in a news release.

The city said it is also providing support under DIP to Vancouver-based Pacific Reach’s conversion of Eau Claire Place II into 195 premium rental units. The project’s amenities will include a rooftop patio, modern gym and in-suite laundry, along with a connection to the Plus-15 walkway. Residents are slated to move in this summer.

Meanwhile, the city has unveiled three new downtown multi-family rental projects. The city said it is supporting the projects but did not provide details.

Cidex is redeveloping an underutilized site at 425 Fifth St. S.W. into a 234-unit apartment asset. The building is slated to open in 2028.

Cantiro is developing a 30-storey mixed-use tower at 410 Sixth St. S.W. The project with comprise 315 units and 10,000 square feet of commercial space, along with wellness amenities and connection to the Plus-15 walkway. Completion is slated for late 2027.

The project is part of Edmonton-based Cantiro’s expansion into Calgary.

And, a 268-unit mixed-use residential tower will be built at 526 Fourth Ave. S.W. The city did not identify the developer of the 32-storey project, but Skyrise Calgary reported that it the local LaCaille Group is constructing it.

All five projects will add about 1,100 multi-family rental units within two blocks in a bid to drive downtown revitalization, says the city. The projects will also generate about $350 million in private investment.

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

Image: Norr