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Thread: Downtown office towers converting to residential

  1. #1
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    Default Downtown office towers converting to residential

    Watch out condo owners, there's a new threat to the already saturated downtown housing market. Office tower convertion.

    First up, the former Dome Petroleum headquarters in the Sierra Place building.

    By the fall of 2022, the former oilpatch headquarters will contain a variety of one-, two- and three-bedroom units and be home to about 180 people, including families.
    https://calgaryherald.com/opinion/co...wntown-calgary

    Governments have strong incentive to subsidize these projects because they should increase the property tax, as well as reduce the amount of empty space in other buildings. Having another 500 or 1000 residents downtown, should greatly improve the "vibrancy" of the area too. Restaurants and shops can then get evening and weekend customers, not just m-f 7-7.

    Reason #673 why Calgary condos are a sketchy investment. If you own one, I advise you to sell.
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    I'd be lying if I said I didn't disagree.
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    His name isn't NICEramos.

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    Lol. Yes more affordable housing in downtown is suppose to revitalize the area? :/

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    Working from home, but still... Downtown. But... Working from home.. but still...

    *HeadExplodes

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    If this made anything resembling money a developer would be happy to do it without the city of Calgary’s slush fund.

    Just council burning money as per usual, this seems to be a theme across all governments in 2021
    Originally posted by Thales of Miletus

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    No +15 no care.

    Has Telus building residential and +15 access opened up yet? That's the dream, staying indoors 24/7. I believe International Hotel also has a few residential suites for rent now too. +15 access.
    Originally posted by SEANBANERJEE
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    Quote Originally Posted by rage2 View Post
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    No +15 no care.

    Has Telus building residential and +15 access opened up yet? That's the dream, staying indoors 24/7. I believe International Hotel also has a few residential suites for rent now too. +15 access.
    If that was the plan might as well move somewhere with worse weather than Calgary lol
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
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    Ah fuck

    I’ve been at least one of this conversion: the one across Midtown Coop got converted and then they’re building that giant multiplex near it too.

    FS 2022?


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    The benefit of masks is not known at this time. But we do know it is some non-trivial amount more than zero.

    We also know that the cost of mask use is, essentially, zero.

    So the cost:benefit of mask use is approaching infinity. I'll take that every time. And every time I see someone without a mask, I think they are stupid.

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    Quote Originally Posted by killramos View Post
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    If this made anything resembling money a developer would be happy to do it without the city of Calgary’s slush fund.

    Just council burning money as per usual, this seems to be a theme across all governments in 2021
    Oh yeah, this clearly is not profitable enough for a private company. It needs the magic paint of government to look reasonable.
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    His name isn't NICEramos.

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    Yikes.

    Something something, saturation.

    Our city council needs to get their heads out of their ass. No one wants to live in the core.
    We essentially have unlimited space to spread out, and lets face it, our DT core is garbage.

    Edit: Can't believe I lucked out and sold my DT condo when I did.

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    Quote Originally Posted by rage2 View Post
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    No +15 no care.
    Has Telus building residential and +15 access opened up yet? That's the dream, staying indoors 24/7.
    I think everyone knows this movie but want to watch again. Contest on who could live indoors the longest in Calgary's +15 network.

    Waydowntown


    Rumor has it, Home Oil Tower still has the same decor.

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    they've always been about density, also m-f 7-7, lol, that's a dream, most places are closed at 3, even pre pandemic.
    User title molested by Rage2.

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    Maybe a good place to stash a side piece

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    Quote Originally Posted by mr2mike View Post
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    I think everyone knows this movie but want to watch again. Contest on who could live indoors the longest in Calgary's +15 network.

    Waydowntown


    Rumor has it, Home Oil Tower still has the same decor.
    It played at the first Calgary International Film Fest

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    Watched it years ago in junior high before I worked downtown.
    I really need to rewatch it.

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    Loved the movie. Have a dvd copy of it from a beyonder years ago, still try to watch it regularly in my rewatch rotation. My parents had 3 photo stores in the mall in Lancaster, TD and Eaton center from the mid 80s till they retired, so I grew up and lived in what’s now the core. Learnt to skate in the Devonian gardens daily after school. Our first store in Lancaster was right beside @Justing jewellery store so our parents were friends back in the day too. So ya, I have a soft spot for wanting to live downtown indoors with a connection to the core.

    I was so happy when our office moved into a +15 building. Unfortunately that was Jan 2020 haha.
    Originally posted by SEANBANERJEE
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    Quote Originally Posted by Thaco View Post
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    they've always been about density, also m-f 7-7, lol, that's a dream, most places are closed at 3, even pre pandemic.
    Most places are closed early because there's no one around once the business day ends. Stock more people that live in the area and off-hours demand should go up.
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    Lots of places were open later, heck even Marcello's started being open on weekends.

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    I love how they've essentially taken the grant and are going above and beyond with a total exterior refresh.
    My question is how are they plumbing washrooms and kitchens into individual suites?
    I guess a coring company is going to hit the jackpot.

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    Quote Originally Posted by mr2mike View Post
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    My question is how are they plumbing washrooms and kitchens into individual suites?
    Very expensively.

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    Other factors, people need places to shop. Right now groceries are off the CTrain in Kensington from this location. Safeway is a good 15min walk one way.


    I worked very close to that spot for many years. No way would I live there after hours.

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