6 days ago
New residential units in converted office building to include 27 per cent affordable units
More of Calgary's vacant office space is being converted into affordable housing units in downtown Calgary.
This latest project is located at 606 4th Street SW across from Harley Hotchkiss Garden, in the building formerly known as the Barclay Centre.
Upon completion in late 2027, just under one third (27 per cent) of the 166 new suites will be affordable units in a partnership with Canada Mortgage and Housing Corporation's (CMHC).
'I've been doing downtown planning since the early 2000s, and it literally always was 'the dream' to have residential right in the core, right by the shopping, right by the park,' said Thom Mahler, Calgary's director of downtown strategy.
The project is owned by Dream Office REIT with Dream Unlimited Corp. as development manager.
'We would be delighted to continue these conversations so that we can participate in the future growth and prosperity in Calgary,' said Dream Office REIT CFO Jay Jiang, in a media release.
The units will include studio, one-bedroom and two-bedroom suites, yet the building will also include amenities for fitness, lounging, and co-working spaces.
The City of Calgary has already spearheaded three downtown office conversions through the Downtown Calgary Development Incentive program.
Just under 30 per cent of Calgary office space sits vacant, according to a January report from commercial real estate company CBRE.
