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Page 1 - Reimagining and Revitalizing Calgary’s Economic Engine Page 5 - Why BOMA
SPRING 2022
By Lloyd Suchet, Executive Director, BOMA Calgary
Reimagining and Revitalizing Calgary’s Economic Engine
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algary’s downtown has had its fair share of knocks over the years, but in case you haven’t been paying attention there is a positive buzz in the air that bodes well for the future. While its has been a sleepy two years at street level, behind the scenes there has been a flurry of activity to bring a new energy to the core. To start, the entire downtown community and the City came together last year on the visionary Greater Downtown Plan that makes strategic investments to revitalize the area. With an eye to removing vacant office space and increasing the number of downtown residents, the recent focus has been $45 million to incentivize office to residential conversion, as well as further incentives for new residential development. Focusing on residential conversions and development not only increases the vibrancy and economic activity throughout the day, but will also help establish a more sustainable tax base to the benefit of all quadrants of Calgary. But we also know that great public spaces and great neighbourhoods catalyze activity and create more desirable places for residents and visitors. That is why the Greater Downtown Plan has also dedicated $55 million for impactful capital projects like pathway improvements, improved parks and green spaces, and general beautification. Finally, the Greater Downtown Plan stakeholder work highlighted the impor-
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While its has been a sleepy two years at street level, behind the scenes there has been a flurry of activity to bring a new energy to the core. tant role played by arts and cultural institutions in the vibrancy and overall attractiveness of downtown. Particularly as Calgary focuses on growing a nascent tech sector, these types of cultural amenities play an oversized role in our competitiveness with other jurisdictions, and help attract the people and companies to drive that growth. This is why it is so exciting to projects like the $80 million Arts Commons Transformation, as well as funds dedicated to activating public spaces with festivals and events to further that vibrancy. With all these investments into the physical appearance, function and amenities of downtown, it is fitting that we are simultaneously implementing Calgary’s largest ever infrastructure project to help bring more people
