Calgary based Strategic Group has begun work on what will be one of the city's first office-to-residential space conversion. The building slated for conversion is Strategic's Stephenson building located at 1177 11 Ave SW in Calgary's Beltline neighborhood. Cube, the name given to the project will see the 7 storey, 62,000 square foot building converted into 65 one and two bedroom residential rental units.
Located on the southeast corner of 11th Ave SW and 11 St SW, it's an ideal location for tenants. It's situated across street from the Midtown COOP grocery store, 6 blocks from the popular 17 Ave SW entertainment district, and 4 blocks from the West Kerby CTrain Station. It's also a short walk to the downtown core.
The topic of office space conversion has been an active one ever since Calgary's commercial vacancy rate began to rise three years ago. SkyriseCities discussed this concept with Randy Ferguson, COO of Strategic Group back in July 2017, and now it seems the concept has become a reality.
When asked recently why Strategic decided to do the conversion from office space to residential space, Ferguson offered the following:
The reason for the re-purposing is two-fold: Firstly, our forward on office occupancy for Calgary indicates that substantial vacancy in B and C class assets will exist in the market for some years to come. Accordingly, as a very large owner of B and C class office space in the east and west edges of downtown and the Beltline, we have examined each of our properties from the perspective of highest and best use – placing a priority on those properties that would benefit from a re-purposing because their locations are so strong as residential rental sites when compared to the current market dynamisms of office rental"
CUBE is one of those properties. CUBE’s proximity to grocery, public transportation, entertainment districts, and large employment districts such as the Downtown Business Centre combine to make it a high-priority re-purposing.
The second reason for the re-purposing is our company’s business plan and vision to equally balance our asset classes between multi-family rental properties and B and C class office properties. The two ways we are achieving this is through organic development and re-purposing. We believe strongly in the urban centres in our two great Alberta cities. We want to be seen as leaders in the drive to provide quality housing in areas where our constituencies prefer to live, work, and play.
SkyriseCalgary will be sure to return to this project as progress continues. For more information, check out the associated Database file and Forum thread, and as always, feel free to join the conversation in the comments section below.
|Related Companies:||Strategic Group|