CALGARY, ALTA. \u2013 The City of Calgary has re-opened its Downtown Development Incentive Program with an emphasis on converting vacant office spaces into housing.<\/p>\n
Eligible developers can receive up to $75 per square foot for office to residential conversion projects, with a maximum of $15 million per property, a release said.<\/p>\n
An additional $52.5 million from the Housing Accelerator Fund will be used to address Calgary\u2019s need for housing and revitalize the downtown core.<\/p>\n
\u201cTransforming unused office space into homes for Calgarians is not only a practical solution but a transformative one. By partnering with the private sector, we\u2019re boosting the number of downtown residents, energizing local businesses and enhancing public spaces. This initiative strengthens our economy, improves public safety and addresses the critical need for housing,\u201d Calgary Mayor Jyoti Gondek said in a statement.<\/p>\n
First launched in 2021, the Downtown Development Incentive Program implemented a temporary pause on applications as high demand exceeded available funding, the release said.<\/p>\n
To date, 11 projects have been approved under the program, creating 1,500 new residential units downtown and the program\u2019s first completed project,\u00a0The Cornerstone<\/a>, opened in April 2024 and delivered 112 rental units.<\/p>\n Applications for eligible projects will be accepted until Oct. 31 and developers and investors can visit\u00a0calgary.ca\/DTS<\/a>\u00a0for more information.<\/p>\n