Downtown Calgary is really the heart and soul of the city and it appears that it’ll stay that way for years to come because officials have just announced that they’ll be investing a ton of money over the next decade in order to maintain its allure.
According to a press release sent out yesterday, councilors have pledged to put $200 million into everything from office culture to residential areas.
These projects will include:
- Financial incentives for office conversion, office replacement, and new residential development ($45 million)
- Financial incentives to offset +15 Fund contributions for residential development ($5 million)
- Creating Impactful capital projects to improve public spaces, improve the vibrancy and support complete neighborhoods ($55 million)
- Activating downtown public spaces with festivals, events, and community spaces to build vibrancy ($5 million)
- The Arts Commons Transformation Phase 1 ($80 million)
- Dedicating $10 million over four years for a City of Calgary Downtown team
Of course, if you think that that was all that they had planned for the next 10 years, you’d be sorely mistaken.
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The city’s gift of $200 million is actually just to get things started. By 2031 the city will invest even more, upgrading other neighborhoods like the Beltline, Chinatown, and Eau Claire among others.
You see, when all is said and done, the city is estimating that they will have spent nearly $400 million on office vacancy and $500 on infrastructure and amenities, bringing the total cost of the project closer to $1 Billion.
“We need to create an even-more thriving downtown community that moves beyond the traditional office-based downtown central business district and instead is a dynamic, vibrant 24/7 centre of our city,” said Mayor Naheed Nenshi.
“This means taking bold action and making intentional investments in public spaces, supporting vibrant neighborhoods, and ensuring we continue to create a downtown that people want to live and work in.”
So what do you think, Calgary? Do you think this will make a difference? Will you feel more inclined to visit the inner city if you don’t already live or work in the area? Let us know!
For more information on the Calgary ‘greater downtown plan’ visit the city’s website here.