Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.
One of Calgary’s first office-to-residential projects, located on the west end of the city core, is being hailed as a success.
Announced in the spring of 2022, the project was one of three set to receive about $31 million when the transitions ended.
The Cornerstone (909 5 Avenue Southwest) in downtown Calgary is at 70 per cent capacity and has undergone a remarkable transformation in less than three years, said Heather Weir, vice president of Astra Group and chief financial officer of Peoplefirst Developments.
“When we looked at this building in the fall of 2021, there were almost empty streets and old, dusty office furniture.
“This building was mostly empty for almost a decade.”
Now it’s home to 112 two- and three-bedroom units, as well as retail and offices on the main floor and a second story dedicated to small office space for entrepreneurs in the beauty industry, Weir said.
“It not only helps residents, because they can live and work in this building, but small independent businesses. We offer lease flexibility, which makes it easy for them to right-size their businesses and grow.”
Breaking news from Canada and around the world delivered to your email, as it happens.
The developers also announced its second project under the City of Calgary’s Downtown Calgary Development Incentive Program.
The program provides grants to building owners who may want to turn their vacant offices into mixed-use spaces for residential, retail, entertainment, schools, hotels and performing arts.
The grants, which range from $10 million to $15 million, will help streamline the approval process for larger projects by eliminating the need for council approval.
The Petro Fina heritage building (708 8 Avenue Southwest) is officially under construction with 104 units on the market by the end of 2025.
A third project was also announced — Place 800 on 6 Avenue Southwest — with 204 units. All three buildings will have an affordable living component to ease Calgary’s growing crisis, said Logan Smith, Astra Group’s chief marketing officer.
“Affordability is built into all of our projects. That’s about 40 per cent of units offered at about 20 per cent below market rate.”
Mark Garner, executive director of the Calgary Downtown Association, said the developers have been the poster child of downtown conversion projects.
“The strength of this program is to allow another retail space or another business space in the building,” Garner said.
“It makes amenities for other establishments to move in, because it’s not just about residential – it’s about retail and the amenities that are needed in between as well.”
& copy 2024 Global News, a division of Corus Entertainment Inc.
(Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.)
source link https://globalnews.ca/news/10587356/downtown-calgary-development-incentive-program-success/
