Dream Office REIT, Pomerleau Partner on $70M Calgary Office-to-Res Conversion
AI Article Summary
Dream Office REIT and Pomerleau are collaborating on a $70-million project to convert the former Barclay Centre in downtown Calgary into residential units. The development, part of Calgary's Downtown Development Incentive Program, will transform 135,000 square feet of underutilized office space into 166 rental homes, with 27% dedicated to affordable housing. The conversion is seen as a solution to Canada's housing shortage and is scheduled for occupancy in 2027. Pomerleau's subsidiary, ITC Construction, will handle the building work.
What This Means for Canadian Contractors
This project shows how underutilized commercial spaces can be effectively transformed into much-needed residential units, offering opportunities for Canadian builders to contribute to urban revitalization. For Canadian contractors, this means potential new business in metro areas where office conversion is incentivized, impacting permits and funding positively. Additionally, with a focus on affordable housing, it can set a precedent for integrating such components into future projects, with timelines requiring precise coordination due to mixed-use retrofitting challenges.
