Calgary’s downtown development incentive program has marked a significant milestone, opening the doors to its first-ever office to hotel conversion.
Element Calgary Downtown, located at 833 4 Avenue SW, in the city’s downtown west-end, is 170,000 square feet of office space reimagined into 226 modern hotel suites and a new restaurant, Bow and Bend Rooftop Bar & Lounge.
The city’s incentive program, which offers eligible projects up to $60 per square foot for the conversion of unused office space for hotel use, shouldered the bill for the project.
“The Element Hotel is a powerful example of what downtown revitalization can look like,” said Mayor Jyoti Gondek. “As Calgary’s first office-to-hotel conversion, it reflects our commitment to breathing new life into the core and creating dynamic, mixed-use spaces that bring people and energy back downtown.”
The city says demand for centrally-located accommodations is growing, especially in support of major events, conferences, and tourism, and the new hotel adds to that supply.
“The opening of The Element Calgary Downtown is another exciting signal of the growth and momentum of the visitor economy in Calgary,” said Alisha Reynolds, President and CEO of Tourism Calgary. “This new hotel is a prime example of how sustainability is reshaping how we meet the increasing demand for high-quality travel accommodation. We’re thrilled to welcome this addition to Calgary’s vibrant hotel landscape right in the heart of our city.”
To date, the city initiative is supporting 21 office conversion projects, transforming more than 2.68 million square feet of underutilized office space into 2,628 new homes, 226 hotel rooms, and a hostel.