The city hopes that it can create new investments and lure cash from other orders of government in a $1 billion effort to transform downtown from a hollowed out core of office towers to a more vibrant community.
Calgary wants to spend $450 million to help downtown vacancy, but to what end?
As office tower vacancies in downtown Calgary exceed 30 per cent and the resulting hole in municipal tax revenues increases along with it, the city has formally outlined its vision for renewal and revitalization in the core.
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City wants to incentivize the owners of downtown towers to change, part of a plan to save hollowed out core
Posted: May 26, 2021 5:00 AM MT | Last Updated: May 26
Calgary was already suffering from high vacancies in downtown office towers before the pandemic, now the city is hoping to fund conversions to eliminate some of that excess space and bring life to the core. (Jim Brown/CBC)