More Calgarians will soon be able to make their home in the heart of downtown through the latest office-residential conversion supported by our Downtown Calgary Development Incentive program. The project, owned by Dream Office REIT with Dream Unlimited Corp as development manager, is transforming approximately 135,000 square feet of underused office space into 166 new homes and injecting new energy into the heart of the city.
“The momentum we’re seeing downtown is the result of years of strategic investment and collaboration,” says Mayor Jyoti Gondek. “This conversion is another example of how working with the private sector is reshaping our downtown while delivering housing, driving economic growth, and building the future for all Calgarians.”
Located at 606 4 Street SW, this 55-year-old building formerly known as the Barclay Centre, will be reimagined as a modern residential community featuring thoughtfully designed studio, one-bedroom and two-bedroom suites. The first units are expected to welcome residents in late 2027.
Reinforcing a shared commitment to housing affordability, 27 per cent of the units will be affordable as per Canada Mortgage and Housing Corporation’s (CMHC) guidelines. This initiative is made possible through a strategic partnership with CMHC. This partnership allows the creation of a more inclusive and diverse community and addresses the growing need for accessible housing options in Calgary.
“Our Government is committed to driving housing supply to bring housing costs down. This project will create more much-needed rental homes for the people living and working in Calgary. It’s an example of what’s possible when governments and the private sector work together. It’s also another step forward in our bold, ambitious plan to build Canada strong.” – Corey Hogan, Parliamentary Secretary, Member of Parliament for Calgary Confederation on behalf of The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada
With Courthouse Park and Harley Hotchkiss Gardens across the street, and just steps away from two CTrain stations and the CORE Shopping Centre, the project highlights the walkable, connected urban lifestyle that is drawing more residents and investment into downtown Calgary.
In addition to high-quality living spaces, the project will feature an array of amenities to support an active, connected lifestyle. Residents will enjoy access to a spacious shared fitness facility, media and social lounges, coworking spaces, and a landscaped outdoor patio complete with barbecue areas.
“We are proud to partner with the CMHC and the City on this transformative project. It’s a powerful example of how public-private collaboration can creatively address housing needs while transforming underused office space into vibrant residential communities in the heart of downtown.” – Jay Jiang, Chief Financial Officer of Dream Office REIT.
The Downtown Calgary Development Incentive Program is a cornerstone of the broader Downtown Strategy. Since launching in 2021, the program has generated $4 in private investment for every $1 of public funding that is building a downtown that serves Calgary today and in the future.
The program currently boasts three complete conversions, including the recently opened Element Calgary Downtown. Another four conversions are expected to open to residents in 2025, further advancing downtown as a vibrant, mixed-use community where Calgarians can live, work and play.
To date, 21 office conversion projects have been approved, repurposing over 2.68 million square feet of vacant office space into 2,628 new homes and 226 hotel rooms.
Learn more about how The City and our partners are shaping a greater downtown at calgary.ca/DTS.
About The City of Calgary’s Downtown Strategy: Downtown is the economic and cultural heart of Calgary. It’s our central hub for business, innovation, and creativity. Calgary needs a strong core to grow our economy, create jobs and fund the City services we rely on every day. We are working to address the challenges downtown is facing and transform vacancy to vibrancy.
About the Dream group of companies: Founded in 1996 with a vision to revolutionize the way people live and work, the Dream group of companies have become some of Canada’s leading real estate companies, with over $28 billion in assets under management across North America and Europe. The Dream group of companies includes: Dream Unlimited Corp., Dream Office REIT, Dream Industrial REIT, Dream Impact Trust and Dream Residential REIT. For more information, please visit our website at www.dream.ca.
