Downtown’s vibrancy continues to flourish as The Loft officially opens its doors, welcoming 90 new residents. Following the transformation of 55,000 square feet of vacant office space into 56 modern homes, The Loft becomes the fourth completed office conversion supported by The City’s Downtown Development Incentive Program.
Formerly known as the KJM Building, the newly curated space developed by Institutional Mortgage Capital (IMC) and P3 Properties offers a fresh wave of housing to the market with stylish studio, one- and two-bedroom rental units that range from 376 to 850+ square feet.
“The Loft embraces the spirit of urban living and brings more homes into the heart of our city, making downtown a place where people don’t just work, but live and connect,” says Thom Mahler, Director of The City’s Downtown Strategy. “As the fourth completed conversion, these new units will increase housing options, foster a sense of community, enhance livability and shape a more resilient city.”
Located at 744 4 Ave. S.W., residents will enjoy a dynamic community experience where they can build their lives and immerse themselves in the energy of downtown living with easy access to transit, amenities, entertainment and recreation with the river pathway, Prince’s Island Park and the newly reopened Eau Claire Plaza just blocks away. The building also has street-level retail space currently for lease that is suitable for a restaurant or café.
“The Lofts stands as a showcase of how Calgary’s public-policy incentives can unlock private investment and deliver lasting community benefits,” says Bob Fitzpatrick, Senior Managing Director, IMC. “We’re proud to preserve the building’s existing structure while re-envisioning the interior with reduced environmental impacts and accelerated project timelines to offer high-quality, move-in-ready homes.”
The opening of The Loft marks a significant milestone for the Downtown Calgary Development Incentive Program, with at least three more conversions expected to complete and welcome residents by the end of 2025. These conversions are revitalizing downtown Calgary by improving housing supply, affordability and safety, increasing property values and tax revenues, and boosting economic activity.
To date, the program is transforming more than 2.68 million square feet of underused office space into 2,628 new homes, through 21 approved office conversion projects – supporting a more vibrant, mixed-use downtown. 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.
Learn more about how The City and our partners are shaping a greater downtown at calgary.ca/DTS. For more information about rental units at The Loft, visit rentloftsyyc.com.
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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 Institutional Mortgage Capital and P3 Properties:
IMC and P3 Properties are real estate development and investment firms with strong roots in Calgary, Alberta. Their focus is on value-driven projects that enhance Calgary communities. With proven expertise in adaptive reuse, redevelopment and innovative asset management, IMC and P3 Properties deliver projects that balance design, sustainability and local demand.
