6 days ago
$75M from federal government, City of Calgary for office-to-housing conversion project
Calgary Mayor Jyoti Gondek and Calgary Confederation MP Corey Hogan announced a new office-to-residential conversion project Wednesday morning as part of the city's downtown Calgary development incentive program.
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The program started in 2021 and has since approved 21 projects, with a goal of converting six million square feet of unused office space by 2031.
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Standing in the lobby of 606 Fourth, Hogan revealed that the federal government is contributing $64.3 million through the National Housing Strategy's apartment construction loan program, while the City of Calgary is providing $10.5 million to support the project.
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Owned by Dream Office REIT and developed by Dream Unlimited Corp., the project will convert underused office space into 166 rental housing units, including 45 affordable units.
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'Families are having a hard time finding homes that meet their needs and that they can afford.'
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The converted building will feature modern studio, one- and two-bedroom apartments — including 17 accessible units, co-working spaces, shared fitness facilities, common areas for residents and an outdoor patio and barbecue area.
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The building is also walkable for residents due to its proximity to two CTrain stations, and the downtown Core shopping centre.
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Currently, there is no finalized system for allocating leases for the high-demand affordable units, Gondek said, but the city is in the early stages of developing one.
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'We'll make sure that we're very public about how people can apply,' she added.
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Addressing concerns about possible strain on water and sewer infrastructure for the building, Gondek says that this is an example of why partnerships between the City, the federal government and private companies are important, to ensure that Calgary gets its 'fair share of tax dollars' to support its growth.
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'Council made the incredibly responsible decision last year during budget to reinvest in maintenance and upkeep, as well as replacement of major infrastructure — particularly when it comes to water,' she said.
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