Articles tagged with "Commercial"

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%.

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.

DIALOG is transforming the Community Centre for Wellbeing in Lethbridge into a medical education and clinical facility, part of a partnership between the University of Calgary and the University of Lethbridge. The project will include 5,000 square meters of purpose-designed space featuring teaching areas, an anatomy lab, and a new clinic. The design emphasizes flexibility, sustainability, and inclusion, incorporating Indigenous-informed elements. Construction is set to begin soon, with a planned opening in July 2027.

DIALOG and RPK Architects, two design firms with strong Edmonton roots, announced a merger to enhance their design expertise and improve community-focused projects in the region. RPK has a 50-year history of serving Western and northern Canada, focusing on health, housing, and public institutions. DIALOG is known for multidisciplinary projects across Canada and the U.S., emphasizing sustainability and well-being. Their collaboration includes significant projects like the Red Deer Regional Hospital Centre Redevelopment in Alberta.

RJC Engineers is undertaking the structural redesign of Calgary's Glenbow Museum to transform it into a welcoming, light-filled, and accessible space. The renovation includes replacing the museum's concrete exterior with a modern glass and tile façade, adding features such as a bay window and a skylight. Rather than a complete rebuild, RJC is working within the existing structure to preserve structural integrity. The museum will reopen next year with free admission, featuring numerous exhibitions over eight floors.

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.