A total of 166 new rental homes are on the way to Calgary, thanks to a project that will repurpose a vacant downtown office tower. The building at 606 4th Street SW will be transformed into modern apartments through $64.3 million in federal financing, up to $10.5 million from the City of Calgary's downtown incentive fund, and $9 million in equity from 606 Fourth Inc. The funding comes through the federal Apartment Construction Loan Program, which was recently expanded to make it easier for projects like this to move forward.

The city has been leaning heavily on office conversions as a way to bring more homes into the market while tackling Calgary's high downtown vacancy rate. Since 2021, 21 office buildings have been approved for conversion, a pipeline expected to create more than 2,600 new homes. Three of those projects, including the newly opened Element Calgary Downtown, are already complete, with several more scheduled to welcome residents next year.

Together, these efforts highlight how Calgary is tackling two challenges at once—revitalizing empty office towers while adding much-needed rental housing. For residents, it means more options for living downtown and the promise of a more vibrant, mixed-use core in the years ahead.