Five more office buildings to be converted into residential units yyc yyccc
The mayor said the city’s investment of $86 million into office conversions has generated an additional $189 million in private investment.The Petro-Fina Building at 736 8th Ave. S.W.Mayor Jyoti Gondek and business and project leaders pose in downtown Calgary on Wednesday.Among the developers taking part in this round is Peoplefirst Developments, which previously received funding for its Cornerstone project at 909 5th Ave. S.W.
“We immediately started to look for the next project because we were quite pleased with how the city helped us through the development stage to the permitting stage,” he said.Olshevsky said the financial support from the city is instrumental in making the projects viable, but it also helps reduce red tape and works with developers to make the projects a success.
The conversion has the added bonus of helping preserve one of the first oil and gas office buildings built in Calgary in the 1950s. It is listed on the city’s inventory of evaluated historic resources.
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