Articles from Connect CRE

The Alberta government is aiming to attract $100 billion in data-centre investments over the next five years, as per technology and innovation minister Nate Glubish. This initiative is expected to generate substantial tax revenue for public services like schools and hospitals. The province's geographical and climatic advantages, along with existing intellectual infrastructure, position Alberta as an ideal location for AI data centres. More than 230 applications for data-centre developments have been received, according to the Alberta Electric System Operator.

Vesta Properties has unveiled its Broadway on 17th project, a multi-family mixed-use development in Calgary's Beltline district. The project includes a 47-storey condo tower, which will be the tallest residential building in the city, featuring 700 units. The development, set to be completed in phases by the mid-2030s, will also include two other towers, market-rental suites, affordable housing, and 70,000 square feet of commercial space. Despite challenges in Canada's condo market, Vesta remains optimistic about Alberta's growth and affordability.

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.

A new office-to-residential conversion project in downtown Calgary, known as Fina, has begun occupancy. The project is part of Calgary's initiative to revitalize its core by repurposing underused office buildings into housing. The Petro Fina building has been transformed into a 103-unit rental property, maintaining its historical façade, with significant funding from the city's development incentives. The project aims to address housing affordability and increase residential presence in the downtown area.

Vesta Properties' Aspen Village project in Calgary's Springbank Hill is advancing, with presales of condominium units in its first phase. The development will feature 1,200 residential units across 15 buildings, using a Scandinavian architectural design, and aims to be completed in five to seven years. The project includes both rental and owned condos, affordable housing components, and 60,000 square feet of retail space. Vesta has already started construction and plans for the first buildings to be completed in 18-24 months.

The Canada Infrastructure Bank is financing a $100 million loan to Cando Rail & Terminals for the expansion of the Sturgeon Terminal in Alberta's Industrial Heartland. This project, expected to be completed by late 2026, will double the terminal's capacity by adding 3,700 new railcar storage and staging spaces. It will create up to 50 local jobs and boost the region's GDP by more than $22 million annually. The expansion will enhance Western Canada's supply chain by improving market access through connections to major ports.

R2 Capital Partners has acquired two Class A office towers in Calgary's northwest for $160 per square foot, a 59% discount from their previous market value. The buildings, constructed in 2006, have a total of 119,030 square feet and are fully leased to 14 tenants, including government agencies and multinational corporations. This acquisition is part of R2 Capital's broader strategy for Calgary, with plans for further purchases in the area. The towers are considered suburban but are located close to downtown Calgary, providing a cap rate exceeding 12%.

Prime Minister Mark Carney has inaugurated the Major Projects Office (MPO) in Calgary, aimed at fast-tracking the approval and financing of national infrastructure projects. Under the Building Canada Act, this office will focus on ports, railways, energy corridors, clean energy, and mineral developments while ensuring environmental and Indigenous considerations. A new Indigenous advisory council will contribute to equitable opportunities in these projects. Dawn Farrell has been appointed as CEO to lead the efforts aimed at diversifying Canada's economic prospects.

Edmonton city council has approved a master agreement for a new event park in the Ice District, with a 9-4 vote. The $408.2-million project will include 2,500 housing units and the demolition of the old Coliseum. Funding will come from the City of Edmonton, the Alberta province, and the Oilers' ownership group. The project is part of the Capital City Downtown Community Revitalization Levy, a financing tool extended by the council to support infrastructure developments.

The federal government and the city of Calgary are investing $75 million in an office-to-residential conversion project in downtown Calgary. The federal contribution of $64.3 million comes as a low-interest loan to Dream Office REIT, while the city is adding $10.5 million through its Downtown Development Incentive Program. The project will transform the former Barclay Centre into a 166-unit apartment building with various on-site amenities. The development is expected to be ready for occupancy by late 2027.

Strategic Group is transforming the former Chevron office tower in downtown Calgary into a residential building with 332 units. The developer purchased the 25-storey tower for $17 million but is not using the city's Downtown Development Incentive Program for the conversion. Originally built by Chevron in 1982, the building offers strategic advantages for residential conversion due to its excellent floorplate and location near key transit lines. The conversion is part of a broader trend of energy firms downsizing and repurposing office spaces in response to economic shifts and the pandemic.

Equiton has acquired the Central Tower Apartments in south Edmonton, expanding its portfolio in Alberta to over 700 units. This acquisition adds to the Equiton Residential Income Fund Trust's geographic diversification, enhancing operational efficiencies. The newly constructed property, which features 175 upscale rental units, offers amenities such as a yoga room and cycling studio. Equiton now owns 43 multi-residential properties across Canada and continues to look for new opportunities in Alberta and Western Canada.