Earlier this year, Council approved my motion to hold a Downtown Economic Summit. With a shift in the global economy and high office vacancy rates, we needed to explore ways to diversify and breathe new life into our Downtown.
One of the top outcomes from the Summit was the need for more residential buildings in the core. This will attract new industries to Calgary, create better all-day street life in a Downtown that is mostly 9-5, and help create a more resilient Downtown. That's why I'm very excited to see the announcement for our first office-to-residential conversion.
Projects like this one will help our Downtown recover better than before, which will bring benefits to all Calgarians. Whether directly or indirectly, big and small Calgary businesses depend on the revenue generated from a thriving Downtown. A strong Downtown is a strong Calgary.