Articles tagged with "Commercial"

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.

The Calgary City Council has approved a redevelopment project in the Marda Loop area led by Calgary Co-op and Truman. The development will feature twin multi-residential towers, alongside a new grocery store, retail, and commercial spaces. The project, named Marc and Marda Block, will also integrate affordable housing options, reducing the original unit count and height plans to mitigate sunlight impact. This venture is seen as a significant urban development opportunity due to its inner-city location.

Truman and Marriott International have announced plans for two new hotel developments, the 69-storey W Calgary and the 62-storey JW Marriott Calgary, set to open by 2029 and 2030, respectively. These projects are part of Calgary's efforts to revitalize the Culture + Entertainment District and will be located on a site currently used as a parking lot. Together with a third, 13-storey hotel from the Autograph Collection, these developments will support over 9,100 construction jobs and create 2,000 ongoing jobs. The initiative will infuse over $1.47 billion in private investment into the area and contribute to local economic growth through increased tourism and spending.

Truman and Marriott International will develop three new hotels in Calgary as part of a $1.47 billion investment. The project includes W Calgary, JW Marriott Calgary, and an Autograph Collection Hotel at Stampede Park, expected to open by 2030. These hotels will enhance Calgary's hospitality landscape, create over 9,100 construction jobs, and provide more than 2,000 long-term positions. The initiative is predicted to significantly boost the local economy through increased tourism and visitor spending.

Truman, an Alberta-based developer, along with Marriott International, plans to construct three hotels in Calgary, including the W Calgary, JW Marriott Calgary, and an Autograph Collection Hotel at Stampede Park. These projects are part of a larger mixed-use development in the city's Culture + Entertainment District, expected to open between 2028 and 2030. The development aims to boost local employment, tourism, and the economy while transforming Calgary's skyline. The new hotels will offer luxurious accommodations, contributing significantly to the city's hospitality offerings.

Calgary has opened its first downtown office-to-hotel conversion, marking the transformation of a former Mount Royal University campus into the Element by Westin hotel. This project, developed by PBA Group of Companies and managed by Westin, is part of the city's Downtown Incentive Program (DIP) aimed at reducing obsolete office space. Notably, the hotel was opened in time for the Calgary Stampede, and developers received $60 per square foot in development incentives provided by the DIP.

GWL Realty Advisors commenced construction of a new 24-storey rental tower in Calgary's Beltline district. The project will deliver 219 rental units and 6,000 sq. ft. of retail space, enhancing the area's residential offerings and amenities. The development, managed by Axiom Builders and designed by Arcadis, aims for occupancy by mid-2028 and includes features such as modern layouts, a fitness center, and pet-friendly facilities. Calgary Mayor Jyoti Gondek expressed support for the development, highlighting its contribution to the city's urban core and livability goals.

The U.S. and Canadian leaders, Donald Trump and Prime Minister Mark Carney, are at odds over trade deal concepts, which could significantly impact Canadian commercial real estate. Differences in opinions revolve mainly around tariffs, with Trump favoring a straightforward tariff approach. Although differences remain, both leaders expressed optimism about reaching an agreement. The ongoing discussions could influence investment decisions, development projects, and leases across the Canadian CRE market.

Two businesses in the Belgravia neighborhood of Edmonton report a significant decline in sales, up to 50%, which they attribute to an apartment construction project taking place on their street. The construction is reportedly causing disruptions that affect customer access and visibility. Business owners are expressing frustration and concern over the impact on their livelihoods. They are seeking resolution or support to mitigate the economic strain caused by the ongoing construction.

Heidelberg Materials North America has acquired Concrete Crushers Inc. in Calgary, which is the largest concrete recycler in the region. This acquisition includes a recycled aggregates yard and a mobile contract crushing business. This move aims to enhance Heidelberg's market presence in Calgary and support its commitment to sustainable construction by expanding their recycled-concrete offerings. Financial terms of the deal were not disclosed.

The Calgary Municipal Land Corporation (CMLC) and the Calgary Stampede have partnered with Truman to develop a new hotel at Stampede Park, Calgary's Culture + Entertainment District. This 13-storey hotel, featuring 320 rooms and extensive amenities, is part of a broader effort to boost the area's appeal and address growing hotel demand due to increased visitors. The project represents a significant private investment in the area and reflects confidence in Calgary's development potential. Construction is expected to begin in late 2025 and complete in late 2028.

Beacon AI Centers has enlisted Stantec, an Edmonton-based consulting engineering firm, to design and engineer six AI data center campuses in Alberta to meet growing demand. Stantec will provide a range of services, including architectural and sustainability, across five municipalities. The projects will span hundreds of acres, with design and permitting starting in 2024 and construction commencing this year. Stantec aims to position Alberta as a key player in data-driven AI innovation.