Vacant Chevron Plaza in Calgary will be transformed into 332 rental units by 2027 as part of the city’s growing office-to-residential conversion trend.
Calgary Tower to Transform into Residential Landmark
In a bold move reshaping Calgary’s downtown skyline, Strategic Group has acquired the vacant Chevron Plaza tower and will convert the 25-storey office building into 332 residential rental units. The project adds momentum to Calgary’s push for downtown revitalization amid high office vacancy rates and rising housing demand.
A Major Acquisition for Urban Housing
Chevron Plaza, located at 500 5th Avenue S.W., has stood empty since 2024 after Chevron vacated the premises. The acquisition by Calgary-based developer Strategic Group marks its latest foray into office-to-residential conversions — a strategy increasingly seen as vital to reenergizing underutilized urban spaces.
Timeline and Vision for the Redevelopment
Construction is set to begin later in 2025, with occupancy expected by 2027. The building’s central location, access to the CTrain, connection to the Plus-15 pedestrian network, and high walkability and bikeability scores made it an attractive choice for redevelopment.
“This is a phenomenal location,” said Riaz Mamdani, CEO of Strategic Group. “We’re proud to transform a vacant building into homes for people who want to live and work downtown.”
Affordability and Market Target
Strategic Group plans to offer units ranging from $1,700 to $2,800 per month, aimed at working professionals—not just executives—who are drawn to inner-city living. The development won’t rely on municipal grants, setting it apart from other city-supported conversions.
“It gives us a feeling of pride,” Mamdani said. “We’re creating places to live where there otherwise would be long-term vacancy.”
Part of a Broader Urban Strategy
While Chevron Plaza is not part of Calgary’s Downtown Development Incentive Program, the city is funding 21 similar projects. These include transitions to residential, hotels, and hostels, helping reshape downtown to meet changing economic and social needs.
“Calgary needs more homes in all shapes and sizes,” said Melinda Paplawski, city spokesperson. “We’re seeing a variety of unit types to meet the needs of different Calgarians.”
Experts Weigh In: A Smart Step, Not a Silver Bullet
Sasha Tsenkova, professor at the University of Calgary’s School of Architecture, Planning and Landscape, welcomed the project as a model for adaptive reuse. But she cautioned that while helpful, such projects alone won’t solve Calgary’s housing crisis.
“This is a step in the right direction,” she said. “But it needs to be curated carefully to avoid over-concentrating affordable housing in one area, which can lead to long-term social challenges.”
Calgary’s Downtown Future
With downtown vacancy rates still in the double digits, the Chevron Plaza conversion is one of many projects reshaping Calgary’s core. Strategic Group alone is managing eight more office-to-residential conversions over the next 18 months, including the historic Barron Building.
As cities around the world—from Berlin to New York—embrace the shift to adaptive reuse, Calgary’s latest project signals a continued evolution of how Canadians live and work in urban centres.
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