Calgary’s downtown is one of the most dynamic and fastest-growing areas in Canada. Alberta’s government is helping to create an investment-friendly environment in Calgary for job creators, and the businesses are coming. Add the success of Alberta is Calling, and there is an influx of new Albertans looking for places to meet their neighbours and enjoy their new home.
“The renewed Alberta Advantage continues to attract more companies to set up shop, which creates jobs and opportunities in our province. Through this funding, we are working with our partners to ensure Calgary’s downtown core continues to thrive as the economic and cultural heart of the city.”
For the first time in eight years, the value of Calgary’s downtown office buildings is on the rise. To build on this momentum, the Government of Alberta provided $5 million to the City of Calgary and the Calgary Downtown Association to support projects that will further revitalize the city’s downtown core as a destination to live, work and play while also addressing Calgarians’ concerns around safety in the area.
“Across Canada and the world, Calgary is being recognized as a place of economic opportunity and high quality of life, and people are moving here because of that. This kind of investment will help ensure Calgary continues to be one of the best places in the world to live, work and raise a family.”
“Downtown communities are often the beating heart of a city, and we continue to see a renewed interest from companies and investors in Calgary’s downtown core. This investment will help further revitalize and enhance the community, positively benefitting residents, businesses and our city as a whole.”
The City of Calgary received $4 million to assist with downtown revitalization. The funds will be used to invest in programming that provides gathering spaces for cultural activities and entertainment options, supports the recovery of the business community to promote Calgary as a destination city, and enhances safety and vibrancy to make downtown living more attractive.
"Building on the city's $425-million foundational investment in its downtown revitalization strategy, this funding from our provincial partners will expand our ability to create a safer, more engaged and connected community in the centre of our city."
The Calgary Downtown Association received $1 million to support projects that will improve the overall cleanliness and safety of the downtown core, including overnight street sweeping and seasonal beautification projects.
“We are grateful to the Government of Alberta for investing in our downtown. This partnership comes at a time when renewing consumer and community confidence in downtown, and enhancing the downtown experience, are critical for economic recovery.”
These positive signals for Calgary and the province show how government actions to strengthen Alberta’s economy and create jobs are making a difference. The government is committed to supporting prosperity in all regions of the province so all Albertans can find success from the renewed Alberta Advantage.
The Calgary downtown vacancy rate now sits at 32.6 per cent after the fourth quarter of 2022.
The fourth quarter was the most active in Calgary since 2014.
The Calgary Downtown Association funding will also support a gift card incentive program to encourage more support of high-street retail and put more spending in the local economy, as well as a project to help downtown businesses implement digital solutions.