We Can. We Will: Make Downtown THE Place to Live, Work and Play
June 15, 2021
In a nutshell: There’s a ton of empty downtown office space. Whether you work downtown or not, this issue has major implications for our City - and for your quality of life. A variety of spaces and experiences will help us make downtown THE place to live, work and play - moving the core from vacancy to vibrancy.
The backstory: Over the last five years, downtown property values have dropped by almost $18 billion dollars. When property values go down, tax revenues go down. Taxes generated on office space -- which have kept our city bustling for a long time - have evaporated, leaving a heavier burden on residential taxpayers like you and me.
That’s why I’ve helped initiate Calgary’s Downtown Strategy recovery plan.
On costs: The initial cost of the plan is around $200m:
- $80 million to expand Arts Commons.
- $55 million to create vibrancy projects downtown.
- $45 million to incentivize office space conversion to residential or post-secondary use.
The bottom line: A strong core helps build a strong city. The Downtown Strategy will help move the core from vacancy to vibrancy by attracting investment in residential, office, retail, entertainment, tourism, AND cultural spaces.
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