Calgary invests millions in a program to convert unoccupied offices into residences, aiming to reduce vacancy rates and boost vibrancy.
The program called the Downtown Calgary Incentive Program, provides $75/sq ft grants for approved office redevelopments.
The goal is to remove 6M sq ft of unused office space from downtown by 2031, stabilizing the commercial office market.
Successful conversions are expected to promote downtown living and stimulate economic activity in nearby businesses.
Increased residential buildings are expected to pull up property values in the surrounding neighborhoods, generating more taxes for the city.
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