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Office Space Conversion

Very interesting.... I know Strategic is also looking at their properties in Calgary for this. Strategic will be doing on in Edmonton (Harley Court), and have a couple in mind for Calgary, but they are tight lipped about which ones.

I'm writing another article on conversions right now, so the timing of this couldn't be better :)

Also right on the LRT. This is great.
 
 
So this is the one. A candidate IMO.

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darwink said:
First apartment on the plus 15. Big apartments likely, 1000+ square foot on average. Only 26 parking stalls.
http://www.artisreit.com/office/sierra-place/
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Depending on what you count as the plus 15. The first apartment I had in Calgary was in Mount Royal House, and there was a sketchy connection between its parkade and the Palliser parkade. Not very accessible (or even known) to the general public, but I could stay covered the whole way (I won't say indoors, given the exposed air to the outdoors in both parkades).
 
With a DP submitted I'm thinking they must be serious about this. This could be the litmus test for a whole new lease on life to DT Calgary.
 
I'm really excited about this, all that empty office space downtown,, so much potential. Does anyone know if Artis is partnering with any traditional condo developers?
 
I think it's a great idea, but I question whether it's truly feasible. There are a couple of thousand new condo units either ready to come onto the market or already on the market.
 
Even though lots of new apartment units are available and more to come, it comes down to whether converting an existing building is cheaper than building a new one. Given the fact that two different REITs have plans to do this, tells me it's feasible for some buildings. The buildings being converted must be a good fit, but my guess is many other buildings probably aren't the right fit - yet..
I know of at least one more building here in Calgary that is being looked at seriously, and I believe are in the process of submitting a permit. From what I've been told the REITs were holding out for an upswing, but now many have changed the outlook that even with an upswing these older buildings may sit empty for a long time.
BKha said:
I think it's a great idea, but I question whether it's truly feasible. There are a couple of thousand new condo units either ready to come onto the market or already on the market.
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Artis can't afford to sit on empty buildings. A lot of their inventory is in Calgary. They probably are already feeling the pinch.

Interesting. The building has two completion dates. It also looks like it had a vertical addition that double the original height. Does anyone know if that is the case?
 
Beltline_B said:
Even though lots of new apartment units are available and more to come, it comes down to whether converting an existing building is cheaper than building a new one. Given the fact that two different REITs have plans to do this, tells me it's feasible for some buildings. The buildings being converted must be a good fit, but my guess is many other buildings probably aren't the right fit - yet..
I know of at least one more building here in Calgary that is being looked at seriously, and I believe are in the process of submitting a permit. From what I've been told the REITs were holding out for an upswing, but now many have changed the outlook that even with an upswing these older buildings may sit empty for a long time.
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another building in Calgary? which one?
 
Silence&Motion said:
Globe and Mail: Calgary landlords converting office spaces for residential use
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This caught my eye right away.
The company, founded in 2003, also plans to reclassify a surplus office land site near Stampede Station to accommodate a 300-unit multifamily development.
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Also this. Glad to see the city move quickly on this.
The news follows a Land Use Bylaw amendment made by the city in June which makes it easier to attain permission to repurpose office spaces, giving landlords and developers greater flexibility with their assets while downtown-office vacancy soars to 25 per cent.

The amendment abolished the requirement for a development permit to convert an office to a residential building. Now, in most cases, only a building permit is required.
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