One of Calgary’s first office-to-residential projects, located on the west end of the downtown core, is being hailed a success. Announced in the spring of 2022, the project was one of three set to receive about $31 million when the conversions were concluded. The Cornerstone (909 5 Avenue Southwest) in downtown Calgary is at 70 per cent capacity and has undergone a remarkable transformation in under three years says Heather Weir, vice president of Astra Group and chief financial officer of Peoplefirst Developments.
“When we looked at this building in the fall of 2021, streets were virtually empty and dusty old office furniture. “This building was mostly vacant for almost a decade.” Tweet This Click to share quote on Twitter: "This building was mostly vacant for almost a decade.
" Now it’s home to 112 two- and three-bedroom units, as well as retail and offices on the main floor and a second story dedicated to small office space for entrepreneurs in the beauty industry, Weir said. Story continues below advertisement “It not only helps residents, because they can live and work in this building, but independent small businesses. We offer lease flexibility, which makes it easy for them to right-size their businesses and grow.
” Breaking news from Canada and around the world sent to your email, as it happens. The developers also announced its second project under the City of Calgary’s Downtown Calgary Development Incentive Program . The program provide grants to build.
