White: Will the city’s incentive for downtown office to residential conversions work?

The City of Calgary recently announced it will grant the owners of downtown office buildings $75 per square foot, up to a maximum of $10 million per property, to convert them to residential. If you do the math that means to get the full $75 per square foot, the building size could only be up to 135,000 square feet. If the building is larger, say 250,000 square feet, the subsidy is only $38 per square foot, and it shrinks further as the building gets even larger.

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