Calgary-based Strategic Group has launched an aggressive plan to re-purpose under-utilized office space in the city for residential use, as it sees future growth in this segment of its real estate portfolio.
CEO Riaz Mamdani says Strategic Group is very bullish on the residential market and is both re-purposing office space and building new rental units. Strategic Group has 2,438 residential units either under construction or planned — 995 currently being built and 1,443 to be built in coming years. The business plan involves purpose-built, multi-family rental buildings.
“New construction is a viable business today for us. It’s a good business and it’s a way that we’re going to continue to increase our residential portfolio,” Mamdani told RENX in an exclusive interview, “so that we continue to evolve and grow that side of the business for the next 10 to 12 years when we know that our office buildings are going to be flat. Our growth is going to come from our residential.”
“We’ll get stability from our retail, growth from our residential, and on the office we just have to maintain it and do the absolute best we can while we ride out a storm.”
Read more of the exclusive story at Real Estate News EXchange.