Calgary’s skyline will soon include more than 160 office-to-residential units in the city’s downtown core. (Photo: Gelu Popa / iStock / Getty Images Plus via Getty Images)
Construction has started on a project that will convert 135,000 square feet of underused office space into 166 new homes in Calgary’s core. Partnering on the $70 million office-to-residential conversion project are Dream Office REIT and Pomerleau Capital, the financial arm and investment fund manager of Pomerleau.
The redevelopment of the former Barclay Centre, located at 606 4 Street SW in downtown Calgary, will include a mix of studios, one-bedroom and two-bedroom suites, with 27 per cent of the units designated as affordable housing, directly supporting Calgary’s housing needs and aligning with municipal policies promoting adaptive reuse and urban densification.
The project is the first collaboration between Dream and Pomerleau Capital and is also Pomerleau Capital’s first investment in an office-to-residential conversion. Construction is being led by ITC Construction Group, one of the largest residential construction companies in Western Canada and a wholly owned subsidiary of Pomerleau.
“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,” stated Jay Jiang, chief financial officer of Dream Office REIT.
“We all know that housing needs are significantly growing across Canada. This transformation of unused offices into market and affordable housing is precisely the type of project we’re eager to take part in, as it offers a practical solution to the housing challenges,” added Philippe Adam, president and CEO of Pomerleau. “We are proud to be part of a partnership that delivers real solutions for communities, and we look forward to future collaborations with Dream.”
The first units are expected to be completed in 2027.
