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Office Space Conversion

CalgaryTiger said:
I guess to get more high-level... what were the alternatives? Do nothing?
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Subsidize other things with similar money or more (but different) money which generates outcomes alongside reducing office inventory. Edit: I don't count adding market housing as an 'outcome' given the subsidy per square foot.
 
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I think they could reduce the subsidy amount from $75/sf to $50/sf and still get a lot of projects done. The subsidy is putting a floor on the value of vacant office buildings for conversion and the owners are reaping the reward by being able to sell the buildings to developers for more then they would have otherwise without the grant.
 
Once the first round of projects are done, and they can point to them as a success, they could lower the amount per square foot for the next round if there is one.
 
Additional funding available for affordable housing strategy including office conversions approved today.
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I know that during the provincial election there were musings about putting a new campus for the University of Calgary in unused office space in the downtown core. Has there been any mention of it since? Also I have noticed in Toronto that there are a lot of restaurants going into the bases of office towers in the Financial Core in a way that they never have before. Many of them are very large. Is the same thing happening in Calgary? Thanks
 
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rdaner said:
I know that during the provincial election there were musings about putting a new campus for the University of Calgary in unused office space in the downtown core.
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Here is the closest thing I can find:
The University of Calgary's School of Architecture, Planning and Landscape, which has operated some space in the Castell Building downtown, has examined increasing its presence - potentially tripling the size of the school to about 1,200 students within four years.

(The UCP government is holding talks with the university, but "they still need a few more months before their full proposal is ready," Advanced Education Minister Demetrios Nicolaides said in a statement.)
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This is likely large enough it will need to be in the budget in the spring if funded.

That being said: Calgary has another huge capital ask, the Science Hub Building. Right now it has about a third of its budget committed by the University itself ($130 million) and $5 million from the province. It was originally in the $250 million range, and I bet will grow back to be $300 million plus.

The university if given the choice would choose the Science Hub. In fact, they already have, prioritizing it for planning funds (the $5 million).
 
It's a good looking building. Major modifications would be tragic.

There may not be a need to bail out owners of vacant office buildings with the apartment condo market rejuvenating.
 
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