Calgary’s Bold Plan to Tackle the Housing Crisis and Revitalize Downtown
The City of Calgary has unveiled an ambitious plan to address the city’s housing crisis while breathing new life into its downtown area. The initiative, announced by Mayor Jyoti Gondek at a press conference, involves the construction of three new residential developments and the conversion of two under-used office buildings into residential units. This project is expected to add 1,100 new homes to the city, revitalizing the downtown core and attracting significant private investment. The city has contributed $20 million to these projects through its Downtown Development Incentive Program, which aims to stimulate economic growth and urban renewal.
New Residential Developments: A Step Toward a Vibrant Downtown
The plan includes three major residential developments that promise to transform Calgary’s downtown landscape. The first project, led by Cidex Development, will be located at 425 5 St. S.W. and will feature a 234-unit residential community slated for completion in 2028. The second development, the Cantiro 4th Ave Tower at 410 6 St. S.W., will be a 30-story mixed-use tower offering 315 premium rental units and 10,000 square feet of commercial space, with an expected opening in late 2027. The third project, a mixed-use tower at 526 4 Ave. S.W., will include 268 residential units and is also set to be completed in 2028. These developments not only address the city’s housing shortage but also bring much-needed vibrancy to the downtown area.
Office-to-Residential Conversions: Repurposing Empty Spaces
In addition to the new constructions, the city is also focusing on repurposing under-used office buildings into residential units. Two notable projects include The HAT at Eau Claire Place and the Eau Claire Residences. The HAT, located at 525 3 Ave. S.W., is a seven-story upscale residential building with 87 new rental homes, which is now open to residents. The Eau Claire Residences at 521 3 Ave. S.W. will feature 330 rental units, including 195 premium units, and is scheduled to open this summer. These conversions are a creative solution to the problem of vacant office spaces, Turning them into vibrant residential communities that contribute to the city’s housing supply.
A Vision for a 24/7 Downtown: From Business Hub to Thriving Neighborhood
Mayor Jyoti Gondek emphasized the significance of this initiative, noting that the 2014 oil crash left a lasting impact on Calgary’s downtown, leading to high vacancy rates and a decline in economic activity. However, the city has chosen to take bold action rather than accept decline. Over the past few years, Calgary has been working to transform its downtown from a 9-to-5 business district into a lively, 24/7 neighborhood where people can live, work, and thrive. The current projects are a major step toward realizing this vision, bringing new energy and life to the area.
Investment and Incentives: A Public-Private Partnership
The success of these projects is largely due to the collaboration between the city and private investors. The city’s $20 million contribution through the Downtown Development Incentive Program has helped attract over $350 million in private investment. This public-private partnership is crucial for revitalizing the downtown area and ensuring the long-term sustainability of these developments. The program is designed to encourage developers to invest in projects that align with the city’s goals of creating a more dynamic and livable downtown.
Looking Ahead: A Bright Future for Calgary’s Downtown
The city’s efforts are already showing promising results, with three more projects expected to be completed in 2027 and 2028. These upcoming developments will convert additional vacant office spaces into 800 new housing units, further addressing the housing crisis and enhancing the downtown area. The Downtown Development Incentive Program continues to play a key role in this transformation, providing the necessary support and incentives to attract developers and investors. As Calgary moves forward with its vision of a vibrant, 24/7 downtown, the city is poised to emerge as a model for urban renewal and sustainable growth. For more information on the Downtown Development Incentive Program, visit calgary.ca/DTS.
