Calgary-based real estate company, Strategic Group, redeveloped the seven-storey Stephenson Building into a residential rental space called Cube.
“We know that office-to-residential repurposing will help reinvigorate our economy and add vitality to our downtown community,” said chief executive officer of Strategic Group Riaz Mamdani, via calgaryeconomicdevelopment.com.
Located in Calgary’s Beltline community, the 65 one and two-bedroom residence offers contemporary designs and sleek finishes. The building is also within close proximity to public transit with the C-train just steps away, the cycle track right at its doorstep, and Uptown 17th down the street.
“What’s exciting about a project like this is that it acts as a virtuous cycle,” said Calgary Mayor Naheed Nenshi. “Having more people live in our downtown—on this previously quiet corner—supports more great business, which in turn draws more people. It’s a vibrancy and economic multiplier.”
According to calgaryeconomicdevelopment.com, the City of Calgary and Calgary Economic Development have taken steps to improve the downtown economy.
This includes the creation of a City Centre Enterprise Area, which was instrumental in expediting the Cube project, says Calgary Economic Development.
Calgary Economic Development further states that accelerating urbanization and enhancing livability in the downtown core is a key initiative in Calgary’s economic strategy.
“Cube is a tangible example of the economic strategy – Calgary in the New Economy – in action,” said Leslie Shier, director of client excellence at Calgary Economic Development. “When we talk about ‘Place’ as one of the four foundational pillars of the economic strategy it is about creating a city – and a downtown in particular – where people want to live, work and play. With Cube, Riaz and his team are helping create a more vibrant and active city centre.”