Nine new office conversions build on a momentous year of downtown transformation

The momentum downtown is stronger than ever following a transformative year in our shared efforts to revitalize downtown Calgary, capped by the exciting announcement of the details of nine new office conversion projects.

2025 saw several major milestones achieved downtown – from the arts and culture evolutions at The Werklund Centre, Glenbow and Contemporary Calgary, to building the future of sports and entertainment at Scotia Place, to the unveiling of new parks and safer public spaces like the new Eau Claire Plaza, and revitalization projects bringing new life to Olympic Plaza, Stephen Avenue and 8 Street S.W. – all propelling the downtown core forward.

“Just a few short years ago, downtown Calgary was in a tough spot. Today we are on the path for a strong recovery, spurred on by new investment, innovation, and a sense of optimism and collaboration. Cities across the world are looking to Calgary's example of how to inspire strategic investment and meaningful revitalization. Most importantly, downtown is welcoming Calgarians to live in the heart of the city with thousands of new homes coming to the market.” - Mayor Jeromy Farkas

Driving Change Through Partnerships

The Downtown Development Incentive continues to drive revitalization and investment with $805 million in private investment supporting 21 office conversion projects in the program. Every $1 of public investment in these projects generates $4 in private investment and $7 in overall economic impact.

The program is also delivering results that benefit the entire city, removing vacant office space from the market, improving safety and business opportunities downtown, increasing property values and tax revenue, and delivering much-needed housing.

Impact by the Numbers

There are now six complete incentivized office conversions that have brought 226 new hotel rooms and 490 new homes into the heart of the city, including 170 below-market and affordable units that are improving housing availability and supporting a diverse and sustainable downtown community. These new downtown residents are increasing foot traffic and activity, supporting stronger local businesses, and creating a safer, more welcoming environment for everyone.

Earlier this year, The City announced funding of 10 conversion projects, including the 606 Fourth conversion and nine others. Several of these new conversions plan to offer accessible, below-market and affordable units.

With these new projects, the Downtown Calgary Development Incentive is now supporting a total of 21 office conversions that will transform over 2.68 million square feet of office space, creating 2,655 new homes for Calgarians and building a vibrant and livable community.

Downtown Calgary is evolving thanks to the continued support of public and private partners and their dedication to a shared vision for the future of the heart of our city.

New Conversion Projects:

Learn more about how we’re shaping a greater downtown at calgary.ca/DTS.

About The City of Calgary’s Downtown Strategy:

Downtown is the economic and cultural heart of Calgary. It’s our central hub for business, innovation, and creativity. Calgary needs a strong core to grow our economy, create jobs and fund the City services we rely on every day. We are working to address the challenges downtown is facing and transform vacancy to vibrancy.

Quotes:

“The transformation we’re seeing in downtown Calgary reflects what’s possible when the City, business community, and partners unite behind a shared vision. A continued commitment to our downtown is essential when building a vibrant, safe, and economically resilient city centre that Calgarians can be proud of.” - Mark Garner, Executive Director, Calgary Downtown Association

"CMLC is proud to be a partner to The City of Calgary's Downtown Strategy team in advancing our city's vision for a vibrant and connected downtown," said Kate Thompson, President and CEO of Calgary Municipal Land Corporation. "These investments build on the momentum underway in downtown through city-building projects like the Werklund Centre and Olympic Plaza Transformations, ongoing residential development throughout the core, and the many placemaking and programming initiatives that activate our city year-round." - Kate Thompson, President & CEO of Calgary Municipal Land Corporation

“The City’s vision for downtown is one of vibrancy, connection, and belonging. Glenbow is proud to contribute to this transformation through our revitalized home at the JR Shaw Centre for Arts & Culture—being reimagined as a truly public space with free general admission, designed for visitors to explore, learn, and gather. With the addition of new public spaces like our fifth-floor terrace, Glenbow will help bring more people downtown—strengthening community, connection, and economic vitality at the heart of our city.”

- Nicholas Bell, President & CEO, Glenbow

“Downtown Calgary is transforming before our eyes, and the progress we’ve made in the past year is only the beginning. From breaking ground on the Werklund Centre campus to the reimagining of the Glenbow Museum and the revitalization of Stephen Avenue, we’re seeing what’s possible when creativity and collaboration meet civic purpose. These public/private partnerships are reigniting our city’s core, and sustaining this momentum will be key to shaping a downtown that continues to inspire and unite our community.”

- Alex Sarian, President & CEO, Werklund Centre

“Across North America, cities are reimagining their cores through office conversions – and Calgary is setting the pace. These projects not only breathe new life into our downtown core, but send a clear signal to investors and talent that Calgary is investing in itself, committed to enhancing vibrancy and focused on creating a livable city for the people who power our economy.” - Brad Parry, President and CEO, Calgary Economic Development and CEO, Opportunity Calgary Investment Fund.

“Calgary is the envy of destinations across the country because of our bold investments in infrastructure, placemaking, and downtown vibrancy. Sustained investment in our core is essential to achieving our goal of growing tourism to $6 billion by 2035. We’ve built incredible momentum by creating meaningful places and experiences for people. To continue attracting national and international visitors year-round, we must commit to a long-term, future-focused approach to downtown investment that strengthens our city and our visitor economy.” - Alisha Reynolds, President & CEO of Tourism Calgary