Calgary announced details of nine new office conversion projects last week, capping what officials are calling a transformative year for the downtown core. The projects add to growing momentum in the area, which has seen major developments including arts and culture expansions at The Werklund Centre, Glenbow and Contemporary Calgary, construction of Scotia Place, and the unveiling of new public spaces like Eau Claire Plaza.

Mayor Jeromy Farkas said the city has come a long way in a short time. "Just a few short years ago, downtown Calgary was in a tough spot," he said. "Today we are on the path for a strong recovery, spurred on by new investment, innovation, and a sense of optimism and collaboration." He noted that cities around the world are now looking to Calgary as an example of how to inspire strategic investment and meaningful revitalization.

The Downtown Development Incentive program now supports 21 office conversion projects representing $805 million in private investment. For every dollar of public investment, the program generates four dollars in private investment and seven dollars in overall economic impact. Six conversions are already complete, bringing 226 hotel rooms and 490 new homes to the core, including 170 below-market and affordable units.

The nine newly announced projects will convert 947,000 square feet of office space into 972 new homes. Combined with existing projects, the incentive program will ultimately transform over 2.68 million square feet of downtown office space into 2,655 homes. Several of the new conversions plan to offer accessible, below-market and affordable units, supporting what the city calls a diverse and sustainable downtown community.