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BOMA Calgary News
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Page 1 - Reimagining and Revitalizing Calgary’s Economic Engine Page 5 - Why BOMA
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SPRING 2022
By Lloyd Suchet, Executive Director, BOMA Calgary
Calgary’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-
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
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BOMA Calgary News is a co-publication of BOMA Calgary and Business in Calgary.
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Executive Officers
CHAIR Richard Morden, QuadReal Property Group CHAIR-ELECT Rob Blackwell, Aspen Properties SECRETARY TREASURER Candace Walker, Triovest Realty Advisors PAST CHAIR Lee Thiessen, MNP LLP
Directors
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more downtown. The Green Line LRT project at $4.9 billion will connect the southeast and the north-central sectors of the city not only to downtown, but will provide seamless connections with existing C-Train and MAX BRT routes. Not only will this make it easier for more people to go downtown, but two new hubs of activity are being established at Green Line stations, with associated public realm improvements nearby in Eau Claire and 7th Avenue.
These large-scale public projects are further complimented by the private investments being made by the commercial real estate sector to upgrade properties and public plazas, as well as repositioning older properties through redevelopment or conversion.
Reimagining and revitalizing a downtown takes many years, but we are seeing some early signs of success that give some affirmation to the current approach. While the tech sector’s presence is estimated at about five per cent in downtown, we also know that this number is at least double what it was in 2018 and continues to grow at rate exceeding other sectors. Many of these are small firms that as they mature are employing more people, but we can also see how this momentum has caused firms outside of Calgary to take long look at our market.
These are positive stories that should serve to catalyze action and redouble our commitment to ensuring that downtown Calgary comes back stronger than before. It is the economic engine of our economy and the success of the city as a whole is tied to our downtown – so let’s seize the opportunity.
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