Facing 12 million square feet of empty office space — more than 30 per cent of its total — Calgary developed a plan to convert half of that space to residential within 10 years.
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They opted to keep things simple: affordable housing, although a municipal priority, was not mandatory. It turns out they didn’t have to demand affordability. The program, which includes financial incentives — a recent $38 million conversion, for example, got nearly $8 million back from the city — and some flexibility on code requirements where it’s deemed safe, such as underground parking or stairwell dimensions, has created a lot of competition among developers, with many including affordable units or climate initiatives in the hope that their bids will be chosen.
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