Calgary’s first office-to-residential building conversion project under the city’s incentive program has opened to residents, providing some more options for renters in the downtown core.
The Cornerstone houses 112 units, with approximately 50 per cent now occupied. It was converted from vacant office space under one of the City of Calgary’s downtown office conversion programs.
Joshua LePage moved into the building two weeks ago and said the hundreds of new units being added to the Calgary rental market are “a renter’s dream.”
“Well, it’s everything, and if there’s anything that downtown Calgary can show you, it’s that we need more housing and affordability,” LePage said.
“I’d love to see more people with homes and less empty space and for-lease signs, and making use of our vertical space so we can maybe stop expanding so much outwards.”
The revamped building started advertising leasing opportunities in the fall, after standing vacant for eight years.
“Right from the start in the fall … we got a lot of interest and the lease up’s been going well, people are generally (giving) great feedback and excited to be here,” said Heather Weir, vice-president of Astra Group, which converted The Cornerstone.
The city said 12 projects were approved for funding agreements, including nine that are currently completed or under construction. More projects are currently under review.
“Our program has actually created a market for these vacant office buildings, which would otherwise be sitting empty,” said Thom Mahler, director of downtown strategy with the city.
While the new apartments help to fill vacant space in Calgary’s downtown, giving the buildings new life can also help revitalize businesses in the area – from construction through to completion.
“As the residents move into the buildings, it starts to create an ongoing demand for not only the businesses that were there, who were supporting largely office … now they can support a residential market and it creates more activity on the streets,” he said.
“It’s a program that helps us economically but it also helps revitalize our downtown.”
The city’s downtown office conversion programs aim to revitalize the downtown core by helping convert vacant office space into homes, post-secondary academic spaces, student housing, hotels and other uses.
The city’s goal is to remove six million square feet of vacant office space by 2031.
The Downtown Calgary Development Incentive Program offers funding for the conversion of office space to residential units, hotels, schools and performing arts centres.
The city has announced conversion plans for several other office buildings in downtown Calgary – including one that will become a new hotel.
With files from CTV News Calgary’s Jordan Kanygin