Calgary has announced a program to help property owners cover demolition costs for end-of-life downtown office buildings. cityofcalgary | realestate realestatenews Calgary office demolition
On Wednesday, the City of Calgary announced the creation of a new Downtown Office Demolition Incentive Program to assist property owners with the removal of office buildings that are deemed to be at the end of their lifespan and unsuitable for conversion.
The total grant will not exceed 50% of the total demolition costs, and the maximum grant is $3M per property, unless Council approves a greater amount for a project.that the City of Calgary also announced on Wednesday, the Downtown Strategy Team will conduct an initial evaluation of applications before forwarding a recommendation to the Incentives Approval Committee. If the application is seeking a grant over $3M, it will instead go to Council for a decision.
Establishing new public amenity spaces to support the growing downtown resident population and enhance vibrancy;Reducing the downtown office vacancy rate and supporting property values and the non-residential property tax assessment base.
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