Transforming Office Spaces into Homes in Calgary
Construction underway for 166 market and affordable housing units.
Dream Office REIT (TSX:D) and Pomerleau Capital have embarked on a groundbreaking $70 million initiative aimed at converting underutilized office space into vibrant residential units. This development, located at 606 4 Street SW, signifies an important shift in Calgary's urban landscape, as it marks the transformation of the former Barclay Centre into desirable living spaces.
A New Model of Urban Living
This project will repurpose approximately 135,000 square feet of office space, bringing 166 new homes to the downtown area. The designs include a mix of studio, one-bedroom, and two-bedroom apartments, catering to diverse housing needs. Importantly, 27% of these units will be designated as affordable housing, addressing critical requirements within the local community.
Meeting Calgary's Housing Demands
The construction's anticipated completion of the first units in 2027 will greatly enhance the livability of Calgary's downtown core. The initiative strategically underscores the importance of urban densification, aligning with municipal policies that call for adaptive reuse and environmental sustainability.
Pioneering Partnership
This collaboration showcases the synergy between Dream and Pomerleau Capital, both entities committed to advancing sustainable urban development. It marks Pomerleau Capital's inaugural venture into the office-to-residential conversion market, emphasizing their strategic approach towards investments that yield long-term community benefits.
Quality Construction by ITC Construction Group
The construction is spearheaded by ITC Construction Group, a key player in residential infrastructure in Western Canada and a subsidiary of Pomerleau. This partnership is indicative of Pomerleau’s robust operational capabilities and its commitment to efficient project delivery.
Voices of Commitment
“Through our collaboration with Pomerleau Capital, this project showcases how innovation in design and development can redefine urban living. By thoughtfully adapting existing spaces, we're creating distinctive homes that contribute to a more sustainable and connected downtown community,” said Jay Jiang, Chief Financial Officer of Dream Office REIT.
Philippe Adam, President and CEO of Pomerleau, added, “We all know that housing needs are significantly growing across Canada. This transformation of unused offices into market and affordable housing offers a practical solution to the housing challenges. We are proud to be part of a partnership that delivers real solutions for communities and look forward to future collaborations with Dream.”
Learn About Dream Office REIT
Dream Office REIT is an unincorporated, open-ended real estate investment trust and a premier office landlord with over 4.0 million square feet of properties managed in downtown Toronto. The REIT's portfolio is carefully curated to include high-quality assets located in one of the world’s foremost office markets, ensuring long-term value and sustainability.
About Pomerleau Capital
Pomerleau Capital serves as the financial arm focused on investments pertaining to infrastructure and building projects. It has successfully structured more than $5 billion in financing for intricate infrastructure undertakings, aspiring to create healthy communities through its investments.
About Pomerleau
Pomerleau ranks as one of Canada’s largest construction firms, generating around $6 billion in annual revenues. With a focus on innovative collaboration and sustainable construction practices, Pomerleau is dedicated to shaping the living environments for future generations. The company employs over 5,000 individuals across more than 200 sites throughout Canada.
Frequently Asked Questions
What is the purpose of the office-to-residential conversion project?
The project aims to transform underused office space into 166 housing units, including affordable options to meet community needs.
When will the first units be completed?
The first residential units are expected to be completed by 2027.
How many units will be designated as affordable housing?
27% of the units will be designated as affordable housing, directly addressing local housing needs.
Who is leading the construction?
ITC Construction Group, a subsidiary of Pomerleau, is responsible for the construction of this project.
What is the significance of this partnership?
This partnership represents a strategic move towards sustainable urban development, demonstrating a commitment to community impact and innovative housing solutions.
